IMARC Group, a leading market research company, has recently releases report titled “Silicon Photomultiplier (SiPM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global silicon photomultiplier market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Silicon Photomultiplier Market?
The global silicon photomultiplier market size reached US$ 130.8 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 190.5 Million by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.
What is Silicon Photomultiplier?
A silicon photomultiplier (SiPM) is a solid-state and high-gain radiation detector that produces an output current pulse upon absorption of a photon. It comprises P-N junction-based sensors with single-photon sensitivity that can detect light wavelengths from near-ultraviolet (UV) to near-infrared (IR). It consists of an array of hundreds or thousands of self-quenched and single-photon avalanche photodiodes (SAPDs), also referred to as pixels or microcells. It relies on numerous intrinsic parameters, such as gain fluctuation, after pulsing, excess noise, dark count rate, prompt and delayed optical crosstalk, single photon time resolution (SPTR), and photon detection efficiency (PDE). It is a compact device with the ability to withstand mechanical shocks and considered suitable for a wide range of photometry applications, especially in situations wherein precise timing is necessary. It offers an alternative to the traditional readout of scintillators with photomultiplier tubes (PMTs). It provides various benefits, such as high gain, low voltage operation, enhanced timing performance, high sensitivity, and immunity to magnetic fields. It is widely employed in time-of-flight positron emission tomography (TOF-PET), lifetime fluorescence spectroscopy, astrophysics, and quantum cryptography. SiPM also finds applications in biophotonics, light detection and ranging (LiDAR) and 3D ranging, high-energy physics, aero particle physics, sorting and recycling, hazard and threat detection, fluorescence spectroscopy, scintillators, and medical imaging.
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What are the growth prospects and trends in the silicon photomultiplier industry?
At present, there is a rise in the demand for SiPM as a better substitute for a photomultiplier tube that combines the low-light recognition capabilities of the photomultiplier tube with all the benefits of a solid-state sensor. This, along with the increasing demand for SiPM to encounter the issue of timing, sensing, and quantifying low-light signals into the single-photon level, represents one of the key factors supporting the growth of the market. In addition, the growing awareness about the benefits of SiPM among the masses, such as low-voltage operation, mechanical strength, and exceptional uniformity of response, is offering a favorable market outlook.
Moreover, there is an increase in the utilization of SiPM in the healthcare industry for accurate diagnosis across the globe. This, coupled with the rising employment of SiPM in threat detection, recycling, and 3D ranging, is offering lucrative growth opportunities to industry investors. In line with this, the increasing demand for SiPM in medical imaging devices, as it operates in low light and significantly less amount of Gaussian or white noise compared to traditional photomultipliers and photodiodes, is strengthening the growth of the market.
Besides this, the growing application of advanced driver assistance systems (ADASs) in the automotive industry to assist drivers with safety-critical functionality for reducing car accidents and saving lives is catalyzing the demand for SiPM.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- NUV SiPM
- RGB SiPM
Breakup by Device Type:
- Analog SiPM
- Digital SiPM
Breakup by Application:
- LiDAR
- Medical Imaging
- High Energy Physics
- Hazard and Threat Detection
- Others
Breakup by Industry Vertical:
- Automotive
- Healthcare
- IT and Telecommunication
- Aerospace
- Oil and Gas
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AdvanSiD, Berkeley Nucleonics Corporation, Broadcom Inc., Cremat Inc, Dynasil Corporation, Excelitas Technologies Corp., First Sensor AG (TE Connectivity), Hamamatsu Photonics K.K., John Caunt Scientific ltd., PicoQuant and Semiconductor Components Industries LLC.
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