Licorice Extract Market Report by Product Type (Food Grade, Feed Grade, Pharmaceutical Grade), Form (Block, Powder, Paste, and Others), Application (Food and Beverages, Pharmaceutical, Tobacco, and Others), and Region 2024-2032

Licorice Extract Market Report by Product Type (Food Grade, Feed Grade, Pharmaceutical Grade), Form (Block, Powder, Paste, and Others), Application (Food and Beverages, Pharmaceutical, Tobacco, and Others), and Region 2024-2032

The global silicon photomultiplier (SiPM) market size reached US$ 139.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 229.6 Million by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032.

The silicon photomultiplier (SiPM) refers to a solid-state photodetector device with single-photon sensitivity, photon counting capability, and quick response. It is a semiconductor device that generates an output current pulse in response to the absorption of a photon. It is widely used for sensing, timing, and quantifying low-light signals down to the single-photon level. It also offers advantages, such as low-voltage operation, excellent response uniformity, mechanical robustness, insensitivity to magnetic fields, high gain, and temperature stability. In recent years, SiPM has gained traction as an alternative to the traditional photomultiplier tube (PMT) due to its compact size and higher efficiency across numerous industries, including electronics, automotive, healthcare, IT and telecommunication, oil and gas, industrial, and aerospace.

Silicon Photomultiplier (SiPM) Market Trends:
SiPM is extensively employed in medical imaging, biophotonics, hazard and threat detection, high energy physics, light detection and ranging (LiDAR), and 3D mapping technology. As a result, the increasing product applications and significant growth in the end use sectors represent the primary factors driving the market growth. Additionally, the growing need for accurate diagnosis in the healthcare industry and the rising adoption of LiDAR technology in the aerospace and automotive sectors are augmenting the demand for silicon photomultiplier. Besides this, the widespread usage of the advanced driver assistance system (ADAS) and the surging sales of high-end vehicles are accelerating product adoption rates. Furthermore, the leading players are engaging in research and development (R&D) activities to launch innovative product variants to gain a competitive edge and expand their customer base. Other factors, including the shifting inclination toward semi-autonomous vehicles, the increasing number of nuclear power plants, the growing demand for product detection and imaging, and technological advancements, are also creating a positive market outlook.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global silicon photomultiplier (SiPM) market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, device type, application and industry vertical.

Breakup by Type:

NUV SiPM
RGB SiPM

Breakup by Device Type:

Analog SiPM
Digital SiPM

Breakup by Application:

LiDAR
Medical Imaging
High Energy Physics
Hazard and Threat Detection
Others

Breakup by Industry Vertical:

Automotive
Healthcare
IT and Telecommunication
Aerospace
Oil and Gas
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AdvanSiD, Berkeley Nucleonics Corporation, Broadcom Inc., Cremat Inc, Dynasil Corporation, Excelitas Technologies Corp., First Sensor AG (TE Connectivity), Hamamatsu Photonics K.K., John Caunt Scientific ltd., PicoQuant and Semiconductor Components Industries LLC.

Key Questions Answered in This Report

1. What was the size of the global silicon photomultiplier (SiPM) market in 2023?
2. What is the expected growth rate of the global silicon photomultiplier (SiPM) market during 2024-2032?
3. What are the key factors driving the global silicon photomultiplier (SiPM) market?
4. What has been the impact of COVID-19 on the global silicon photomultiplier (SiPM) market?
5. What is the breakup of the global silicon photomultiplier (SiPM) market based on the device type?
6. What is the breakup of the global silicon photomultiplier (SiPM) market based on the industry vertical?
7. What are the key regions in the global silicon photomultiplier (SiPM) market?
8. Who are the key players/companies in the global silicon photomultiplier (SiPM) market?