Photonics Market: Global Industry Analysis and Forecast 2023-28

Stratview Research announces the launch of a new market research report on the Photonics Market by Product Type (LED, Lasers, Detectors, and Sensors & Imaging Devices, Optical Communication Systems & Components, Consumer Electronics & Devices, and Others), by Application Type (Display, Information & Communication Technology, Photovoltaic, Medical Technology & Life Sciences, Measurement & Automated Vision, Lighting, Production Technology, and Others), by End-Use Industry Type (Building & Construction, Media, Broadcasting & Telecommunication, Consumer & Business Automation, Medical, Security & Defense, Industrial, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Highlights
The photonics market was estimated at USD 659.28 billion in 2022 and is likely to grow at a CAGR of 7.05% during 2023-2028 to reach USD 993.56 billion in 2028.
The report primarily highlights the essential details of the sector based on the basic diagram of the Photonics Market network structure and depicts the competitive landscape, market expansion, manufacturing, generating cost structure, growth strategies, planning processes, and development.
This strategic assessment report, from Stratview Research, provides a wide-ranging analysis that throws light on the present Photonics Market realities and future market possibilities for the forecast period of 5 years. The report has been segmented in a way to provide a complete and accurate view of the market. The vital data/information provided in the report can help market participants and investors recognize low-hanging fruit in the market and develop growth strategies.
Market Dynamics
The photonics market is rapidly growing, and new applications are being developed all the time. There are several reasons behind the growth of the global photonics market. Here are some -
• Increased demand for high-speed data communication: Photonics is widely used in data transmission over optical fibers, which is considered the backbone of modern telecommunications networks. As the demand for high-speed data communication continues to grow, the demand for photonics is also expected to grow.
• Growing adoption of fiber optic sensors: Fiber optic sensors are used in a wide range of applications including telecommunications, the oil and gas industry, medical imaging, and manufacturing. As the adoption of fiber optic sensors grows, the demand for photonics is also expected to grow.
• Development of new photonic technologies: Quantum photonics, metamaterials, biophotonics, holographic imaging, etc. are just a few of the many new photonic technologies that are being developed. For instance, in June 2023, the University of Rochester launched a new tool for generating microwave signals that could help propel advances in wireless communications, photonic technology, and more. Frequency combs are photonic devices that produce many equally spaced laser lines, each locked to a specific frequency to produce a comb-like structure. Such technologies have the potential to revolutionize many industries, and as they mature, the photonics industry will grow concurrently.
• Advancements in applications of photonics: Photonics is being used in a variety of new applications, such as 3D printing, medical diagnostic and energy harvesting, etc. As these new applications upgrade, the demand for photonics is also expected to grow. For instance, in October 2022, Nanoscribe introduced its latest 3D printer ‘Quantum X shape’, an ultra-precise 3D printer that offers alignment accuracies down to 100nm enabling the printer to print freeform optical elements directly onto optical fibers, photonic chips, etc.
Scope of the Photonics market:
The regional and national analysis segment examines the Photonics industry minutely. The report also compares the size of the market in each landscape, and historical and projected growth in the market. It evaluates the aftereffects of the Covid-19 pandemic and its recovery path for all geographies, advanced economies, and transition economies.
The segment on developments and strategies examines how the Photonics Market is recovering from the global crisis and suggests ways for businesses to grow as the economy recovers.
Here are the key players: -
• AGC Inc.
• American Elements
• Corning Incorporated
• Hoya Corporation
• II-VI Incorporated
• Nikon Corporation
• Ohara Corporation
• Schott AG
• Shin-Etsu Chemical Company
• Signify Holding.
Segment Analysis
Based on the product type, the market is segmented as LED, lasers, detectors, and sensors & imaging devices, optical communication systems & components, consumer electronics & devices, and others. The consumer electronics & devices segment is expected to be the fastest-growing segment during the forecast period. Consumer electronics include products such as watches, holography, scanners, and optical computer devices such as optical mice. The increasing demand for these products, globally, is driving the growth of this segment.
Based on the application type, the market is segmented as display, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology, and others. The information & communication technology segment is expected to remain the dominant market during the forecast period due to the increasing number of internet users and increase in data usage. Technological advancements such as high-speed optical fiber internet connectivity and digitization are going to rise the demand for this segment.
Based on the end-use industry type, the market is segmented as building & construction, media, broadcasting & telecommunication, consumer & business automation, medical, security & defense, industrial, and others. The media, broadcasting & telecommunication segment leads the market owing to photonics being used in a wide range of applications such as display, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology, and others.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, owing to the increasing spending of government on digitization and increasing usage of photonic products in various applications such as lighting, information & communication technology, and displays.
Read More: https://www.stratviewresearch.com/1313/photonics-market.html
Why should one invest in the Photonics Market report?
- Analyze how the coronavirus is affecting the industry
- How it is likely to arise and develop when the virus's effect fades?
- Recognize investment options in growth areas.
- Outdo competitions by utilising future projections as well as growth drivers and patterns.
- Most recent market research data is provided that can help users gain a better understanding of the target audience.
- Clear comparison with the market competitors.
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