The Europe Photonic Sensors Market would witness market growth of 14.3% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 43,024.2 thousand units, showcasing a growth of 15.6% (2019-2022).
The market's value chain comprises a diverse array of participants, including component manufacturers, semiconductor manufacturers, original equipment manufacturers, and service providers. Each of these participants contributes to the competitive value of the product by possessing a distinct value at their respective points of operation. Marketing strategies, aesthetic considerations, R&D initiatives, and innovations all contribute to the enhancement of the overall value attributed to the final products produced by each participant in the market.
Industry 4.0, which promises the combination of connectivity, flexibility, artificial intelligence, and speed necessary to deliver next-level industrial productivity, is emerging as a defining concept of the current era and exerts a substantial impact on the market. The future of photonics will be driven by the smart factories of the near future, which will feature feedback and intelligent decision-making enabled by machine vision systems and optical sensors, as well as high-speed optical data connections and the versatility of laser material processing.
European countries have been at the forefront of industrial automation and adopting Industry 4.0 principles. Photonic sensors are crucial in monitoring and controlling industrial processes, enhancing efficiency, and ensuring product quality. According to the International Trade Administration (ITA), the French aerospace sector in 2019 grew to €74.3 billion, a 13% increase over 2018. The aerospace and defense aerospace industry exported approximately 84% of its consolidated turnover. They are used in navigation and avionics systems, providing data for flight control, autopilots, and navigation equipment. These sensors are employed for atmospheric studies, remote sensing, and climate research. These factors will boost the market growth in this region.
The Germany region dominated the Europe Photonic Sensors Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,197.6 Million by 2030. The UK region is exhibiting a CAGR of 13.3% during (2023 - 2030). Additionally, The France region would experience a CAGR of 15.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Photonic Sensors Market will Hit $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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