Elettronica
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. 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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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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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.
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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