According to a research report "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" published by MarketsandMarkets, 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 market growth can be attributed to several factors, such as increasing demand for silicon photomultipliers in medical imaging and growing use of SiPMs in LiDAR and 3D mapping technology.

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Digital silicon photomultiplier segment to grow with the highest CAGR during the forecast period

Digital silicon photomultipliers are not easily available commercially. They are suited to niche applications, such as fluorescence lifetime imaging, nuclear physics, and 4D mapping, where there is less margin for crosstalk. Digital photomultipliers are also used for diffuse optical imaging (DOI) applications instead of conventional photomultiplier tubes and avalanche photodiodes. Since DOI applications require low-level light, DOI systems need high dynamic range (DR) image sensors. Digital SiPMs produce high contrast, distinct and crisp images.

BioPhotonics and Medical Imaging application to hold the largest share of the market during the forecast period

Medical Imaging is one the key functional areas that experienced a boom during the COVID-19 pandemic. Diagnostics based on medical imaging analyses helped immensely in dealing with the pandemic. Silicon photomultipliers are used extensively in medical devices such as PET scanners, CT scanners and MRI machines, which are indispensable medical imaging applications. Owing to their low-light sensitivity characteristics, silicon photomultipliers provide excellent images in low light conditions. This helps obtain sharp and distinct imaging of internal organs, thereby increasing the chances of an accurate diagnosis. Hence, there is an increasing demand for silicon photomultipliers in the healthcare industry.

North America is leading the silicon photomultiplier market in 2020

North America held the largest share in the silicon photomultiplier market in 2020. North America is expected to hold the biggest market share for silicon photomultipliers during the forecast period. The widespread availability of state-of-the-art medical imaging infrastructure in hospitals and the rapid penetration of LiDAR technology in the automotive and aerospace sectors in this region are responsible for the growth of the silicon photomultiplier market. The US has increased radiation detection infrastructure across its borders to guard against the illicit trade of nuclear materials; this is giving impetus to the growth of the silicon photomultiplier market in North America.

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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.