The global photonic sensors market is expected to reach $18 Billion by 2021, at a CAGR of 17.7 per cent, according to a new market report from Allied Market Research.
The main factors driving growth in this market include the need for enhanced safety and security solutions, better alternatives for conventional technology, and increasing adoption of wireless sensing technology, it said in the report, titled World Photonic Sensors Market Opportunities and Forecasts, 2014-2021.
Currently, North America dominates the global photonic sensors market, according to the research, owing to wide-ranging applications of photonic sensors in the region. However, the report forecasts that Asia-Pacific will be the fastest growing region during 2016-2021, with Japan being the forerunner in the development of advanced photonic technology.
