Silicon Photomultiplier (SiPM) Market to Hit $221.0 Mn, Globally, by 2030 at 6.8% CAGR: AMR
Rise in use in the automotive industry and surge in demand for detection and imaging application drive the global silicon photomultiplier market
PORTLAND, Ore., July 26, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Silicon Photomultiplier (SiPM) Market by Type (NUV SiPMs and RGB SiPMs), Device Type (Analog SiPMs and Digital SiPMs), Application (LiDAR, Medical Imaging, High Energy Physics, Hazard & Threat Detection, and Others), and Industry Vertical (Automotive, Healthcare, IT & Telecommunication, Aerospace, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global silicon photomultiplier (SiPM) industry was pegged at $113.7 million in 2020, and is projected to reach $221.0 million by 2030, growing at a CAGR of 6.8% from 2021 to 2030.
Major determinants of the market growth
Rise in use in the automotive industry and surge in demand for detection and imaging application drive the global silicon photomultiplier market. However, technological incompatibility of SiPMs hampers the market growth. On the contrary, high demand from the Asia-Pacific region is expected to open up new opportunities for the market players in the future.
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The NUV SiPM segment held the lion's share
By type, the NUV SiPM segment held the largest share in 2020, accounting for nearly two-thirds of the global silicon photomultiplier market, due to its benefits such as high gain, extremely good timing performance, and low operating voltage. However, the RGB SiPM segment is projected to register the highest CAGR of 7.7% during the forecast period, as they are insensitive to the magnetic field, and have high integration level.
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The medical imaging segment to manifest the highest CAGR through 2030
By application, the medical imaging segment is estimated to portray the highest CAGR of 8.5% during the forecast period, due to adoption of photonics in life science research. However, the LiDAR segment held the largest share in 2020, contributing to around one-third of the global silicon photomultiplier market, owing to rise in use of LiDAR in the automotive industry for ADAS application with silicon photomultipliers.
Asia-Pacific held the largest share, North America to grow steadily
By region, the market across Asia-Pacific dominated in 2020, accounting for nearly half of the market. Moreover, the region is projected to manifest the highest CAGR of 7.9% during the forecast period, due to growing economy and advancements in regulatory framework of sensors. The global silicon photomultiplier market across North America is expected to register a CAGR of 5.0% from 2021 to 2030.
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Major market players
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