The Silicon Photomultiplier Market includes major Tier I and II players like ON Semiconductor (US), Broadcom (US), Hamamatsu Photonics (Japan), First Sensor (Germany),KETEK GmbH (Germany)and others. These players have a strong market presence for silicon photomultiplier products and solutions across various countries in North America, Europe, APAC, and RoW.
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Growing use of SiPMs in LiDAR and 3D mapping technology
LiDAR’s technology is also becoming increasingly popular in the aerospace sector. Big aerospace contractors such as Lockheed Martin, and Raytheon Technologies have been pioneering the use of LiDAR in their aircraft. Silicon photomultipliers are used extensively in LiDAR and mapping technology, as they have excellent low light sensitivity and can produce images with high depth of field. The 3D images thus produced are superior to 2D images produced by any other photosensitive devices. Hence, as the demand for LiDAR technology increases in these sectors, the demand for silicon photomultipliers will also rise significantly
Analog silicon photomultiplier segmentis expected to hold the highest market share during the forecast period
Recent trends have shown that there is an increasing demand for semi-autonomous vehicles around the world. A majority of automotive manufacturers such as Toyota, Nissan, Ford, and Volvo have started shifting towards production of semi-autonomous vehicles. Tesla Motors (US) has been pioneering the development of self-driven cars for some years and has garnered market acceptance worldwide. LiDAR’s technology is a major component of these autonomous vehicles. Analog silicon photomultipliers are major components of LiDAR and 3D mapping systems. Therefore, as the demand for semi-autonomous vehicles is increasing at a rapid pace, the demand for analog silicon photomultipliers is also growing exponentially.
Healthcaresectorto hold the largest market share of silicon photomultiplier market during the forecast period
Medical imaging is an important operational area within the healthcare sector that has been experiencing considerable growth even before the onset of the COVID-19 pandemic. This growth increased manifold during the pandemic, when the increased demand for diagnostic imaging saw a surge in the requirement for medical imaging devices such PET scanners, X-ray machines, and MRI machines. Silicon photomultipliers are fundamental components of these imaging devices
Silicon photomultiplier marketin North America to hold the highest market share during the forecast period
North America is expected to hold the largest market share for silicon photomultipliers during the forecast period. The widespread availability of state-of-the-art medical imaging infrastructure in hospitals and the rapid penetration of LiDAR technology in the automotive and aerospace sectors in this region are responsible for the growth of the silicon photomultiplier market. The US has increased radiation detection infrastructure across its borders to guard against the illicit trade of nuclear materials; this is giving impetus to the growth of the silicon photomultiplier market in North America
Key players in the silicon photomultiplier market are ON Semiconductor (US), Broadcom (US), Hamamatsu Photonics (Japan), First Sensor (Germany), KETEK GmbH (Germany), AdvanSiD (Italy), Cremat (US), Excelitas Technologies (US), and others.
MarketsandMarkets: The silicon photomultiplier market was valued at USD 120 million in 2021; it is expected to reach USD 173 million by 2026, growing at a CAGR of 7.6% from 2021 to 2026.
The market growth can be attributed to several factors, such as increasing demand for silicon photomultipliers in medical imaging and growing use of SiPMs in LiDAR and 3D mapping technology.
Study Coverage:
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the silicon photomultiplier market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; products; and key strategiesassociated with the silicon photomultiplier market.
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