PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1064150
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1064150
According to Stratistics MRC, the Global Photonics Market is accounted for $657.75 billion in 2021 and is expected to reach $1196.95 billion by 2028 growing at a CAGR of 10.3% during the forecast period. Photonics is a technology for generating and harnessing the light and other forms of energy which has quantum structure of photon. Photonics technology is used for lasers, optics, fiber-optics, and electro-optical devices among others. Purposes such as modulation, transmission, signal processing, switching, amplification, and sensing can be done through photonics.
Rise in Energy-Efficient Products Demand
For development of energy-efficient products and processes, intensive R&D efforts are carried out. Photonics-enabled products and services are a viable replacement for traditional items. Increased acceptance of photonics-enabled products. Photonics-enabled products have become more popular around the world as a result of long-term benefits they provide. In comparison to other options, photonics-enabled devices offer advantages such as higher energy efficiency, longer product lifespan, better precision, and faster operation. As a result, consumers are turning to photonics-enabled devices.
Strict Environmental Laws
Performance of photonics goods is being hampered by strict environmental laws. Though most photonics products are ecologically safe, a few compounds used to improve performance are deemed toxic to the environment. Toxic chemicals like arsenic oxide and boron oxide are regulated by regulatory agencies like REACH and the RoHS. UV detectors, sensors, and other photonics products contain arsenic oxide thereby, hampering market growth.
Technology is evolving rapidly, technological advancements leading to new innovative avenues. Several new technological advancements have led to new areas of application, which widens the scope of it. Areas of advancement in technologies include 3D printing, displays, green photonics, photodetectors, sensors, and imaging. Shortwave-infrared radiation (SWIR) is used for the precise diagnosis of ear infections. It is now used for Covid-19 detection with minimal time.
Photonics products have gathered much attention because of their excellent performance and energy-saving capabilities. They are used extensively, and their markets are price-driven. However, photonics products are cost-effective in the long run due to their durability and energy-saving capabilities. There is a rising level of competition in the market owing to the presence of a large number of established players.
Information and Communication Technologies (ICTs) segment is expected to be the largest during the forecast period
The increasing number of internet users and increase of data usage, technological advancements such as high-speed optical fiber internet connectivity and digitization are going to raise the demand for this segment. In the information and communication technology application, Photonics technology is majorly used for data generation, transformation, data transmission and storage, data conversion, and data usage. Devices that are used in each of these processes are a part of the photonics materials & component industry. Also, there are services based on these processes that utilize photonics. The photonics materials & component industry includes devices used for data conversion, amplifier systems, light modulation systems (modulators, switches, and routers), and fiber optic cables.
The Light Emitting Diode (LED) segment is expected to have the highest CAGR during the forecast period
A light-emitting diode (LED) is a semiconductor light source that emits light when current flows through it. Electrons in the semiconductor recombine with electron holes, releasing energy in the form of photons. LED products are energy efficient and available at affordable prices-increasing usage of LED in lighting and display applications to drive its demand during the forecast period. Energy-saving measures drive the surge in demand from applications such as general lighting, automotive, and backlighting.
Region with highest share:
The Asia Pacific is projected to hold the highest market share, because of the presence of emerging economies such as China and India. The availability of a cheap workforce coupled with favourable government initiatives is driving the market growth. Currently, China is a leader in manufacturing smartphones and other consumer electronics, such as flat panel displays and, lighting products. Thus, through this initiative, China aims to become the world's "factory," and in return would have a positive impact on the market. Moreover, with the rising young workforce in countries such as India, there is an increase in disposable income which is another primary reason which is expected to drive the market. This is because the major vendors are expanding their footprint in the country through partnerships or mergers and acquisitions to gain a competitive advantage. Photonics technology is widely employed in manufacture of solar cells and solar modules, which are solar panels in their entirety in the region. PV panel costs are falling, and government is enacting more measures, which is helping country's PV industry to flourish.
Region with highest CAGR:
North America is projected to have the highest CAGR, owing to the growing demand for a high-speed connection and its increasing utilities in the business sector. Furthermore, the early adoption of advanced technologies in consumer electronics is expected to propel the market growth. The country is currently seeing an increase in photonic use for a variety of applications, including telecommunications, data centers, and healthcare. The market is dominated by the United States in the region. Excellent industrial infrastructure, investment in R&D facilities, and presence of major companies are all contributing towards region's success. Additionally, rise of hyper-scale data centers is hastening deployment of photonics technology.
Key players in the market:
Some of the key players profiled in the Photonics Market include Trumpf Group , Redfern Integrated Optics, Luxtera, Inc, IPG Photonics, Innolume GmbH, Infinera Corporation, Huawei Technologies, Hamamatsu Photonics, Genia Photonics, Inc, General Electric Company, Finisar Corporation, Emerson, Coherent Inc, Cisco Systems, 3SP Technologies, Signify N. V.
In March 2020: Hamamatsu Photonics KK announced that it had purchased a 55% stock share in Hamamatsu Photonics Korea Co. Ltd based out of Korea, which is a new company, where Hamamatsu Photonics shifted its local sales distributor activities. The new company is now a subsidiary in Korea, and it aims to further increase sales in Asia by strengthening the sales structure of the Measurement Instruments business...
In April 2019: Signify acquired WiZ Connected, the developers of the WiZ Wi-Fi-based connected lighting ecosystem. The addition of WiZ enables Signify to extend its leadership by stepping into the Wi-Fi-based smart lighting market.
In March 2020: Signify acquired Cooper Lighting Solutions from Eaton. The transaction will strengthen Signify's market position and better positions the company to capture growth in the North American lighting market.
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Table17 Global Photonics Market Outlook, By Displays (2020-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.