Silicon Photomultiplier Market to Reach US$ 274.4 Million by 2031 - Transparency Market Research, Inc.
WILMINGTON, Del., Nov. 23, 2022 /PRNewswire/ -- The global silicon photo multiplier market size is likely to rise at a CAGR of 8.3% during the forecast period, 2022 to 2031. These multipliers are capable of directly detecting light to near-infrared from near ultraviolet. Silicon photomultipliers are preferred for use in high precision applications such as medical imaging, handheld and mobile devices, LiDAR, hazard & threat detection, flow cytometry, among others.
As per the recent silicon photomultiplier industry analysis, numerous beneficial features will bode well for the growth of this market in the forecast period. These include high sensitivity, timing performance, immunity to magnetic field, and low voltage operation. The high demand from end user industries such as automotive, industrial, and consumer electronics are projected to aid in expansion of the global silicon photomultiplier market in the forecast period.
The global silicon photomultiplier market is projected to rise from revenue of US$123.7 Mn in 2021 to reach a value of US$ 274.4 Mn by the end of 2031. The increasing adoption of silicon photomultiplier for LiDAR applications in the automotive industry will boost growth of this market in the forecast period. LiDAR is used for Advanced Driver Assistance Systems or ADAS for ensuring driver's safety in automotive industry.
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Key Findings of Study
Rise in Demand for Product Detection will Augment Growth: With the increasing use in automotive industry, there is high demand for imaging and detecting applications in the automotive sector. Besides this, there is the need to check product in terms of technological incompatibility and this propels the demand for silicon photomultipliers in the market.
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Regional Growth Dynamics
Silicon photomultiplier market manufacturers are engaging in heavy investments on more secure and cost efficient solutions that are both technologically advanced, and will help attract higher revenues in the coming years. There is high demand from both the automotive and healthcare sectors and this will further serve as the key objective of all players.
Some of the key players of the global silicon photomultiplier market include TE Connectivity, Philips, Onsemi, Hamamatsu Photonics K.K., Fraunhofer IM, Excelitas Technologies Corp., Cremat Inc., CAEN S.p.A., Broadcom Inc., AdvanSiD., and others.
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Silicon Photomultiplier Market Segmentation
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