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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Market for RGB silicon photomultiplier to account for the largest market share during the forecast period

Around the world, nuclear power is being increasingly being used for purposes such as defense & homeland security as well as power generation. The US and most other developed nations are deploying radiation detection and monitoring infrastructure around their borders due to increasing threat from terrorist activities and the illicit nuclear arms race. The increase in demand for radiation detectors is expected to result in an equally huge demand for RGB silicon photomultipliers. Berkeley Nucleonics (US) has developed MetRad 1, a dual-function scanner with full metal and radiation detection functionality, featuring silicon photomultipliers.

Digital silicon photomultiplier market to hold the highest CAGR from 2021 to 2026

Digital silicon photomultipliers are essential to various imaging devices such as PET scanners, X-ray and MRI machines. As the medical imaging infrastructure around the world is getting more robust, a growth in demand for silicon photomultipliers may also be experienced. Many medical and biotechnology companies around the world are exploring the use of digital silicon photomultipliers to further improve the medical imaging process.

Silicon photomultiplier market for consumer electronic is sector to hold the highest CAGR during the forecast period

The consumer electronics and telecommunication sector has been growing rapidly over the last few years. In telecommunications, silicon photomultipliers are used in submarine optical fiber cables. Emerging maritime applications resulting from the continued expansion of the marine economy necessitate the use of high data rate underwater wireless links. Underwater wireless optical communication is a promising technology for data transmission over short-to-medium ranges. Silicon photomultipliers (SiPMs) have recently emerged as photodetection solutions with high receiver (Rx) sensitivity and operational flexibility and can help to increase transmission range. Hence, as the underwater optical communication technology grows further, the demand for silicon photomultipliers will also increase.

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Silicon photomultiplier market in Asia Pacific to hold the highest CAGR from 2021 to 2026

APAC is expected to grow at the highest rate in the silicon photomultiplier market during the forecast period. Growth in medical infrastructure across various countries in this region is expected to propel the growth of silicon photomultipliers. China, India, South Korea, and Japan ramped up the availability of various medical imaging devices in hospitals and clinics to effectively deal with the COVID-19 pandemic. Therefore, as the demand for these imaging devices went up, the demand for silicon photomultipliers also increased manifold.