The silicon photomultiplier market is expected to grow from USD 120 million in 2021 to USD 173 million by 2026, at a CAGR of 7.6%. The factors such as increasing demand for silicon photomultipliers in medical imaging and growing use of SiPMs in LiDAR and 3D mapping technology—are driving the silicon photomultiplier market.
Rising demand for SiPMs for radiation detection & monitoring purposes and ability of SiPMs to replace existing technologies are creating opportunities for the silicon photomultiplier market. Some of the key companies operating in the market are ON Semiconductor (US), Broadcom (US), Hamamatsu Photonics (Japan), First Sensor (Germany), KETEK GmbH (Germany), AdvanSiD (Italy), Cremat (US), Excelitas Technologies (US), and so on.
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ON Semiconductor (US) ranked first in the silicon photomultiplier market in 2020. The company’s key strengths lie in its core competencies, including leading-edge fabrication technologies, micro packaging expertise, breadth of product line and IP portfolio, high-quality products, cost-effective manufacturing and efficient supply chain management to ensure a steady supply of products to its customers. The company seeks continual innovation that allows it to provide a broader range of semiconductor solutions to customers who differentiate products based on key performance characteristics like power density and power efficiency.
Broadcom (US) ranked second in the silicon photomultiplier market in 2020. To serve customers around the world, Broadcom has strategically developed relationships with large global electronic component distributors, and a number of regional distributors. Over the years, Broadcom has forged strong customer relationships, leading to collaborative product development. This has enabled the company to build an extensive IP portfolio and develop critical expertise based on customer requirements, including substantial system-level knowledge. Various collaborations have provided the company with key insights into customers' businesses and enabled it to be more efficient and productive.
Hamamatsu Photonics (Japan) ranked third in the silicon photomultiplier market in 2020. Hamamatsu Photonics is among the major companies in the silicon photomultiplier market. The company has a vast portfolio of silicon photomultipliers which are introduced in the market through the Opto-semiconductor segment. The products cater to wide-range of fields including medical care, scientific measurement, communications, consumer electronics, and vehicle on-board electronics.
Silicon Photomultiplier Market with COVID-19 Impact Analysis, by Offering (NUV, RGB), Type (Analog, Digital), Application (LiDAR and 3D Ranging, BioPhotonics & Medical Imaging, High energy Physics), End User, and Geography - Global Forecast to 2026
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