Global Photonic Sensors Market set to reach $18 Billion by 2021

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.

source : http://www.electrooptics.com/news/news_story.php?news_id=2519

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.

World Photonic Sensors Market is Expected to Reach $18 Billion by 2021

According to a report published by Allied Market Research, titled "World Photonic Sensors - Market Opportunities and Forecasts, 2014-2021”, the World photonic sensors market, is expected to garner revenue of $18 billion by 2021, registering a CAGR of 17.7% during the forecast period (2016 - 2021). The need for enhanced safety and security solutions, better alternatives for conventional technology and increasing adoption of wireless sensing technology are factors that drive the photonic sensor market. Presently, North America dominates the world photonic sensors market owing to wide-ranging applications of photonic sensors in the region. Asia-Pacific is expected to be the fastest growing region in the world photonic sensors market, with Japan being the forerunner in the development of advanced photonic technology.