Silicon Photomultiplier Market to Reach US$ 274.4 Million by 2031 - Transparency Market Research, Inc.

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Nov 23, 2022, 07:30 ET

The increasing need for accurate diagnostics in the medical sector is boosting demand for silicon photomultipliers as they help in 3D ranging, recycling, and threat detection
Digital silicon photomultiplier segment earned 68.3% shares in 2021 and emerged dominant owing to high use in multiple imaging systems such as MRI machines, PET diagnostic systems, and X-rays

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.

Key Drivers

The increasing demand for accurate diagnosis is a prime factor aiding in expansion of the global silicon photomultiplier market share. Thus, there is high demand from healthcare industry for multiple applications such as medical imaging, threat detection, LiDAR, and recycling.
The launch of innovative silicon photomultipliers will also help boost the revenue generation for this market during the forecast period. For instance, the C-series of these sensors was launched by Onsemi in September 2021 for it offers an outstanding breakage voltage uniformity of 250mV and provides low dark count rates of 30kHz/mm2. Such initiatives will bode well for the market share in the future.
The rapidly growing rate of infrastructural development for radiation monitoring and detection purposes in seaports and along land borders will also help boost the future silicone photomultiplier industry share.

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Regional Growth Dynamics

Asia Pacific emerged dominant holding 35.6% share of the global market in 2021. This dominance is attributed to the high sales of motor vehicles in emerging economies such as China, India, and Japan, coupled with the presence of major automobile manufacturers in the region.
North America earned 28.4% silicon photomultiplier market share in 2021.The growing demand from the defense and aerospace industries are factors augmenting the growth of the future silicon photomultiplier market US.

Key Players

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

Type

NUV SiPMs
RGB SiPMs

Device Type

Analog SiPMs
Digital SiPMs

Application

LiDAR
Medical Imaging
Hazard & Threat Detection
Gamma Ray Spectroscopy
Handheld and Mobile Devices
Analytical Instrumentation
Others (Opting Sorting, Flow Cytometry, etc.)

Industry Vertical

Automotive
Healthcare
Consumer Electronics
Aerospace and Defense
Industrial
Others (IT & Telecommunication, Oil & Gas, etc.)

Regions

North Americas
Europe
Asia Pacific
Middle East and Africa
Latin America

Countries

U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
China
India
Japan
ASEAN
Brazil
Mexico
GCC
South Africa

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