Photonics Market Size, Share, Price, Trends, Growth, Analysis, Report, Forecast 2023-2028
According to a new report by Expert Market Research titled, “Global Photonics Market Share, Size, Report and Forecast 2023-2028″, the global photonics market size is projected to grow at a CAGR of 7.5% between 2023 and 2028. Aided by the increasing demand for energy-efficient and high-speed data communication, along with the growing applications of photonics across a multitude of industries, the market is expected to grow significantly by 2028.
The study of creating, manipulating, and detecting photons, which are light particles—is known as photonics. It is essential to the processing of information, communication, lighting, metrology, spectroscopy, holography, biophotonics, and medical technology, among other fields. With its capabilities for energy-efficient and high-speed data exchange, photonics is quickly developing into a key technology in many fields, becoming an essential part of daily life.
The growth of the global photonics market is primarily driven by the increasing demand for energy-efficient and high-speed data communication solutions. The surge in data traffic, spurred by the proliferation of Internet of Things (IoT) devices and the advent of 5G technology, is creating a significant demand for high-bandwidth communication infrastructures. Photonics technology, with its inherent capabilities of providing high-speed and energy-efficient data transmission, is ideally suited to meet this increasing demand, thereby driving market growth.
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The importance of photonics has also expanded as a result of the growing trend of digitalisation and the development of smart cities, particularly in fields like sensor technology and LiFi (Light Fidelity), fuelling the photonics market expansion. With the expectation of faster speeds and greater effectiveness, LiFi, a wireless communication technology that uses light to transport data, is quickly becoming a serious rival to traditional WiFi. Similar to this, photonic sensors—known for their great accuracy and dependability—are finding extensive uses across a range of industries, including aerospace, defence, and healthcare.
The burgeoning applications of photonics in numerous industries also play a significant role in propelling the photonics market growth. In the healthcare industry, photonics is used in various diagnostic and therapeutic procedures, including endoscopy, laser surgeries, and photodynamic therapy. The automotive sector utilises photonics for developing advanced driver-assistance systems (ADAS), while the manufacturing industry leverages photonics-based machinery for precision machining and quality control.
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Market Segmentation
The market can be divided based on type, application, end use, and region.
Market Breakup by Type
• LED
• Laser, Detectors, and Sensors and Imaging Devices
• Optical Communication Systems and Components
• Consumer Electronics and Devices
• Others
Market Breakup by Application
• Surveying and Detection
• Production Technology
• Data Communication
• Image Capture and Display
• Medical Technology
• Lighting
• Others
Market Breakup by End Use
• Building and Construction
• Media, Broadcasting and Telecommunication
• Consumer and Business Automation
• Medical
• Security and Defence
• Industrial
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global photonics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Schott AG
• Nikon Corporation
• Hoya Corporation
• Corning Incorporated
• Intel Corporation
• Ohara Corporation
• Hamamatsu Photonics K.K.
• Others
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