In a new report titled “Photonic Sensors & Detectors Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” Future Market Insights provides key insights on the global photonic sensors and detectors market. The global photonic sensors and detectors market was worth $22.5 billion in 2015 and is expected to grow at a 7.2% CAGR during the forecast period (2016–2026).
According to Future Market Insights, rising investments in telecommunication infrastructure, as well as various government initiatives to implement fibre optic communication, are major factors driving the global photonic sensors and detectors market.
Other factors driving the growth of the global photonic sensors and detectors market include the increasing adoption of industrial automation solutions to address the global shortage of unskilled labour and reduce operating costs, as well as the continuous development and implementation of new technologies in medical devices.
“Leading players in the global photonic sensors and detectors market are confronted with significant challenges that force them to reduce profit margins on image sensors, affecting profitability.” A lengthy regulatory approval and technology assessment process for new product development is also expected to limit growth in the global photonic sensors and detectors market during the forecast period.” – Electronics and ICT Analyst, Future Market Insights
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Insights from vendors
The report profiles some of the most prominent companies in the global photonic sensors and detectors market. Hamamatsu Photonics K.K, OMRON Corporation, ON Semiconductor, SAMSUNG, Sony Corporation, KEYENCE CORPORATION, Pepperl+Fuchs GmbH, Prime Photonics, LC, Banpil Photonics, Inc., and NP Photonics, Inc. are among the key players profiled in the report. To increase their market share and customer base, leading companies in the global photonic sensors and detectors market are expanding their presence in emerging markets and diversifying their product portfolio.