Silicon Photomultiplier (SiPM) Market to Garner $221.0 million by 2030, Driven by Increase in Demand for Advanced Driver Assistance System

Global silicon photomultiplier market size was valued at $113.7 million in 2020, and is projected to reach $221.0 million by 2030, registering a CAGR of 6.8%. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by North America, and Europe.

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A silicon photomultiplier (SiPM) is a solid-state electronic sensor, which generates a current pulse in response to absorption of a photon. Therefore, a SiPM has a gain, which is comparable to that of a photomultiplier tube (PMT). There are few main parameters such as breakdown voltage, photon detection efficiency, gain versus overvoltage relation, dark count rate, afterpulsing probability, and crosstalk probability characterizing a SiPM. Also, photo detection efficiency of silicon photomultiplier ranges from 20 to 50%, depends on wavelength & device, which is similar to a traditional silicon PMT.

The global silicon photomultiplier market sales is anticipated to witness significant growth during the forecast period. Factors such as rise in need for accurate diagnosis in the healthcare industry and increase in demand for advanced driver assistance system drive the silicon photomultiplier market growth. In addition, silicon photomultipliers are extensively used for a range of applications, including threat detection, recycling, and 3D ranging. However, technological limits such as higher noise in silicon devices is a major restraint to global silicon photomultiplier industry. In addition, growing application in the healthcare sector is expected to create lucrative opportunities for silicon photomultiplier industry.

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Moreover, developing nations tend to witness high penetration of silicon photomultiplier products specially in the healthcare and automotive sectors. Factors such as increase in health awareness among users and rise in technological advancements fuel the growth of the market.

The global silicon photomultiplier market share is segmented on the basis of type, device type, application, industry vertical, and region.
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.

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.

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Region wise, the silicon photomultiplier market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific contributed maximum revenue in 2020. However, between 2020 and 2030, the market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea. The overall silicon photomultiplier market analysis is determined to understand the profitable trends to gain a stronger foothold.

The key players profiled in the report include AdvanSiD, Broadcom Inc., Cremat Inc, Excelitas Technologies Corporation, Hamamatsu Photonics K.K., Ketek GMBH, On Semiconductor, Philips, Radiation Monitoring Devices, Inc., and TE Connectivity. These players have adopted various strategies such as acquisition and product launch to expand their foothold in the industry.

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Key Findings Of The Study
• The automotive sector is projected to be the major industry share during the forecast period followed by healthcare. The rising demand for autonomous vehicle is anticipated to drive the demand in the future.
• Asia-Pacific and North America collectively accounted for more than 73% of the silicon photomultiplier market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America silicon photomultiplier market revenue, accounting for approximately 68% share in 2020.

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