The North America Photonic Sensors Market would witness market growth of 13.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 62025.3 thousand units, showcasing a growth of 14.9% (2019-2022).
Photonics, an emerging technology, has garnered recognition for its profound implications, foundational role, and wide-ranging applicability across diverse industrial sectors such as aerospace, security, healthcare, telecommunications, manufacturing, environment, and biotechnology. Photonic sensing activity can be detected in these industries by employing light intelligently instead of conventional methods, such as incandescent lamp illumination and signage, or in an innovative setting, including advanced photodynamic medical treatment. It is anticipated that these sensors, which provide enhanced detecting and sensing capabilities, will yield a substantial return on investment over time.
Ongoing advancements in photonic sensor technology have led to improved performance, lower costs, and greater reliability. These developments have expanded the potential applications of these sensors. With the growing adoption of the Internet of Things (IoT), there is an increasing demand for sensors that can provide real-time data and connectivity. These sensors are well-suited for IoT applications due to their accuracy and reliability. They are used in environmental monitoring applications such as detecting and monitoring air quality, water quality, and climate change-related parameters. The defense and aerospace industries utilize them for applications like aircraft structural health monitoring, navigation, and communication.
In North America, the demand for high-speed data transmission and internet connectivity continues to grow. According to the National Institutes of Standards and Technology, in 2021, manufacturing contributed $2.3 trillion to U.S. GDP, amounting to 12.0 % of total U.S. GDP. Including direct and indirect (i.e., purchases from other industries) value-added, manufacturing contributed an estimated 24 % of GDP. They are used for quality control and inspection processes in manufacturing. They can detect defects, measure dimensions, and ensure product quality, reducing waste and improving overall production efficiency. The factors mentioned above will propel the market growth in this region.
The US region dominated the North America Photonic Sensors Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $19.6 Billion by 2030. The Canada region is experiencing a CAGR of 16.3% during (2023 - 2030). Additionally, The Mexico region would exhibit a CAGR of 15.3% during (2023 - 2030).
Based on Product, the market is segmented into Fiber Optic Sensor, Image Sensor, Biophotonic Sensor, and Others. Based on Application, the market is segmented into Safety & Security, Automotive & Transportation, Industrial, Healthcare, Oil & Gas, Energy & Infrastructure and Others. Based on Technology, the market is segmented into Fiber Optic Technology, Laser Technology, and Biophotonic Technology. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Photonic Sensors Market is Predict to reach $80.5 Billion by 2030, at a CAGR of 14.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baumer Holding AG, Banner Engineering Corporation, Honeywell International, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Toshiba Corporation, Fujifilm Holdings Corporation, Motorola Solutions, Inc., General Electric Company, BAE Systems PLC and General Dynamics Corporation.
By Product (Volume, Thousand Unit, USD Billion, 2019-30)
By Application (Volume, Thousand Unit, USD Billion, 2019-30)
By Technology (Volume, Thousand Unit, USD Billion, 2019-30)
By Country (Volume, Thousand Unit, USD Billion, 2019-30)
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