Photonic Sensor Market worth $8.17 Billion by 2016 Feb. 2014

Global Photonic Sensor Market worth $8.17 Billion by 2016

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)” published by MarketsandMarkets, the
total photonic sensors market is expected to reach $8.17 billion by 2016 at a CAGR of 16% from 2011 to
2016.
Browse 23 tables and in-depth TOC on 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).

http://www.marketsandmarkets.com/Market-Reports/photonics-sensor-market-427.html

Early buyers will receive 10% customization on this report.

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.
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.