Photonic Sensor Market Segmentation by Type, Application is Expected to Reach $8.17 Billion by 2016 – New Report by MarketsandMarkets
(PRWEB) March 17, 2014 -- According to a new market research report “Photonic Sensor Market (2011 - 2016): Global Forecast - By Type (Laser, Biophotonic, Fiber Optic) & Application (Oil & Gas, Military & Aerospace, Energy & Infrastructure, Industrial Automation, Medical and Others)”, the total photonic sensors market is expected to reach $8.17 billion by 2016 at a CAGR of 16% from 2011 to 2016.
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Photonic sensors have evolved rapidly since their introduction. The first optical sensor was described by Bergman in 1968 to detect oxygen-based fluorescence quenching. During the last decades, light sources and photo detectors have been developed to cover a wide range of wavelengths from ultraviolet (UV) to visible to infrared (IR). This opens a new set of sensor applications.
The photonic sensors market has gained market reach in the last couple of years. With the number of innovations taking place in the technology of photonic sensors, the market is expected to grow exponentially in the next five years at a considerable compound annual growth rate. The demand for products that use photonic sensors is on the rise.
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Increasing number of applications in the industrial segment such as smart structures, oil & gas, and border security are the major drivers for the photonic sensors market. Most of the drivers under the photonic sensors are based on unique properties such as distributed sensing, and immunity to EMI; which are specific to particular industrial applications. The restraining factor for the photonic sensor market is high cost and lack of standards; which ultimately results in lack of awareness and adaptability by the customers. Also, the market is quite segregated with long R&D and NPI (Need Product Inhibition) cycles.
The opportunities in the photonic sensors market are mostly application driven. A gamut of applications is expected to arise in the coming five years due to the increased usage of sensors. The use of fiber optic sensors would be gaining significance in the areas of oil & gas exploration, civil engineering majorly including border security and fencing. Biophotonic sensors will emerge in the field of new medical applications and research laboratory.
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