Transparency Market Research delivers key insights on the global photonics market. In terms of revenue, the global photonics market is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global photonics market.
The global photonics market is broadly affected by several factors, including usage of photonics in the information technology sector and increasing applications in the consumer electronics sector. Thus, expanding applications of photonics in different sectors is propelling the global market for photonics.
Photonics Market: Dynamics
Photonics is the science of generating, controlling, and detecting photons, which are particles of light. Photonics application use the photon in the same way that electronic applications use the electron. Thus, devices that run on light have a number of advantages over those that use electricity, as light travels at about 10 times the speed that electricity does. Thus, data transmitted via photonics technology can travel long distances in a fraction of the time. On the basis of product type, the photonics market is segmented into LED; laser, sensor, detectors & imaging devices; optical communication systems & components; and others. In the photonics market, demand for optical communication systems & components is on the rise around the globe due to its increasing use in consumer electronics, and media & telecommunication industry.
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Photonics are extensively used in the consumer electronics industry, as it transmits the signals 10 times faster than electrical signals. The demand for handheld devices (smartphones, tablets, and others) have resulted in widespread usage of photonic devices in the consumer electronics industry, owing to this factor. Photonics are also used in information technology applications to increase the speed of communication network. Additionally, photonics are prominently used in optical components & systems applications to transmit the data through fiber optics at high speed. Among applications, information technology is anticipated to reach value of US$ 349.83 Bn by 2030 at the highest CAGR of 8.33% during the forecast period.
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Photonics Market: Prominent Regions
The photonics market in Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and growth of information technology and communication applications in the region. The photonics market in Asia Pacific is projected to witness favorable growth during the forecast period, due to significant rise in information technology applications for greater bandwidth and faster Internet services in the region, which is projected to reach value of US$ 149.15 Bn by 2030. The Asia Pacific photonics market is likely to expand at the highest CAGR of 8.28% during the forecast period, owing to the presence of a large number of players manufacturing photonics. The photonics market in North America is anticipated to reach value of US$ 454.99 Bn in 2030 at a CAGR of 7.76% during the forecast period.
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Photonics Market: Key Players
Key players operating in the global photonics market are American Elements, Asahi Glass Company, Corning, Inc., Hoya Corporation, II-VI Inc., Koninklijke Philips N.V., Nikon Corporation, Ohara Corporation, Schott AG, and Shin-Etsu Chemical Co., Ltd.
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