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%. Increasing demand for silicon photomultipliers in medical imaging and growing use of SiPMs in LiDAR and 3D mapping technology —are the key factors driving the silicon photomultiplier market.
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Based on the offering, the silicon photomultiplier market has been divided into Near ultraviolet (NUV) silicon photomultipliers, and Red, green blue (RGB) silicon photomultipliers. the RGB silicon photomultiplier segment held the highest share in 2020. Factors responsible for the growth of the RGB silicon photomultiplier segment include applications such as high energy physics and radiation detection and monitoring. Installation of radiation detection infrastructure across country borders by NATO allied nations is responsible for increasing demand for RGB silicon photomultipliers.
On the basis of end user, the market is categorized into healthcare, automotive, consumer electronics and telecommunications, aerospace, oil & gas, and others. In 2020, the healthcare segment accounted for the largest share of the silicon photomultiplier market. Growth in the healthcare segment can be attributed to increasing demand for SiPMs for diagnostic medical imaging and nuclear medicine imaging.
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Among all regions, APAC is expected to register the highest growth in the silicon photomultiplier market during the forecast period. The market in APAC is expected to record the highest CAGR during the forecast period. China, Japan, and South Korea are expected to be the major countries driving the silicon photomultiplier market in APAC. Improving healthcare infrastructure in hospitals and investments in radiation detection infrastructure at borders are expected to boost the demand for silicon photomultipliers in this region.