Silicon Photomultiplier Market Expected to Reach US ~$232.38 Million and CAGR 7.9% by 2030 – Polaris Market Research
The global silicon photomultiplier market size is expected to reach USD 232.38 million by 2030, according to a new study by Polaris Market Research.
Growing demand for SiPMs in LiDAR and 3D mapping technology is the factor that is boosting the industry growth during the forecast period. In developed economies, there is a huge movement toward semi-autonomous vehicles. Several automakers, including Toyota, Volvo, Nissan, and Tesla, gradually adjusted their product portfolio toward semi-autonomous vehicles to meet changing market demand.
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For instance, in July 2020, Toshiba announced a new technology for use in solid-state light detection and ranging (LiDAR) systems. Toshiba’s silicon photomultiplier remains at the center of this innovative technology (SiPM). According to the researchers, the SiPM-based technology will eliminate the requirement for bulky machine elements in space-constrained LiDAR systems.
Further, LiDAR technology is also gaining traction in the aerospace industry. Large aerospace contractors like Lockheed Martin and Raytheon Technologies have pioneered LiDAR in their vehicles. Silicon photomultipliers are widely employed in LiDAR and mapping technology because of their great low-light sensitivity and ability to generate images with a wide depth of focus. The 3D images created are preferable to any other photosensitive device’s 2D images. As a result, as the need for LiDAR technology grows in these industries, the demand will increase.
Based on the type, the analog segment accounted for the leading share in the market in 2021. Analog silicon photomultipliers feature wide collection fields and sustained high detection efficiency, rendering them excellent for Cherenkov imaging and Near-Infrared Spectroscopy (NIRS). They are indeed employed in various other applications, including medical imaging and flow cytometry. Most photodetectors’ signal-to-noise ratio (SNR) is greater than that necessary for flow cytometry applications. This extra information can impede cell sorting throughout histogram processing.
Market players such as include Berkeley Nucleonics, Albis Optoelectronics, Broadcom Inc., Caen SPA, Cremat Inc., Excelitas Technologies Corporation, D-Tech Optoelectronics, GPD Optoelectronics, Hayasa Technologies, Hamamatsu Photonics K.K., John Caunt Scientific Ltd., Ketek GMBH, Lumentum, Menlo Systems, Laser Components GMBH, On Semiconductor, Picoquant, Phograin Technology (SHENZHEN), Radiation Monitoring Devices, Inc., and Saint Gobain Crystals are key players operating in the global market.
Several manufacturers often opt for varied marketing strategies to expand their business operations globally. In October 2021, Broadcom Inc. and KETEK GmbH executed a partnership through which Broadcom bought KETEK’s Silicon Photomultiplier (SiPM) capabilities. Broadcom would acquire all KETEK SiPM technologies, integrate the old KETEK SiPM products into the Broadcom SiPM range, and continue selling all SiPM devices. Thus, the primary player’s collaboration for the SiPM asset launches and investment boosts growth.
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Polaris Market research has segmented the Silicon Photomultiplier market report based on offering, type, application, end-user, and region:
Silicon Photomultiplier, Offering Outlook (Revenue – USD Million, 2018 – 2030)
- Near Ultraviolet
- Red, Green Blue
Silicon Photomultiplier, Type Outlook (Revenue – USD Million, 2018 – 2030)
- Analog
- Digital
Silicon Photomultiplier, Application Outlook (Revenue – USD Million, 2018 – 2030)
- LiDAR And 3D Ranging
- BioPhotonics and Medical Imaging
- High Energy Physics
- Radiation Detection & Monitoring
- Flow Cytometry
Silicon Photomultiplier, End-User Outlook (Revenue – USD Million, 2018 – 2030)
- Healthcare
- Automotive
- Consumer Electronics and Telecommunications
- Aerospace
- Oil & Gas
- Others
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