According to the latest report by IMARC Group, titled "Photonics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global photonics market reached a value of US$
801.7 Billion in 2022. Photonics deals with the science behind light generation, detection, and manipulation. It refers to the creation, manipulation, and detection of light in practical applications wherein the particle character of light is essential. It was initially intended to describe a field where the aim was to use light to perform operations traditionally accomplished using electronics. The term became popular with the influx of fiber optic communications in the 1980s. It represents a lucrative opportunity for designing and producing devices, systems, and integrated circuits for high-speed data communications, advanced sensing, and imaging applications. Photonics is widely used in the telecommunication sector for fiber optic networks that greatly accelerate the capacity and speed of internet communications. Photonics-enabled devices are relatively cheap, extremely lightweight and compact, and offer a long service life.
Global Photonics Market Trends:
The global market is majorly driven by the increasing product demand in medical diagnostics and lasers due to their efficiency, low power consumption, and compact size. In line with this, the rising usage of photonics-enabled devices in communication networks and computing systems is significantly contributing to the market growth. Furthermore, the rapid advancements in photonic technologies for various applications, such as spintronics and sensing, are creating a positive outlook for the market. Apart from this, the widespread application of photonics-enabled products in the information and communication, and industrial manufacturing sectors is positively influencing the market. Moreover, the growing need for energy-efficient products is catalyzing the product adoption. Besides, rapid technological advancements, such as 3D printing, displays, green photonics, photodetectors, sensors, and imaging, are strengthening the market growth. Other factors, including the rising product usage in non-invasive healthcare and the escalating preference for faster and more efficient next-generation integrated electronics, are also providing a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$
1,143.7 Billion by 2028, exhibiting a CAGR of
5.9% during 2023-2028.
- On the basis of the type, the market has been segmented into LED, lasers, detectors, sensors and imaging devices, optical communication systems and components, and others.
- Based on the application, the market has been categorized into Surveying and Detection, Production Technology, Data Communication, Image Capture and Display, Medical Technology, Lighting, and others.
- Based on the end user, the market has been classified into building construction, media, broadcasting and telecommunication, consumer electronics, medical, safety and defense, and industrial.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include ams-OSRAM AG, Genia Photonics Inc., Hamamatsu Photonics, II-VI Incorporated, Infinera Corporation, Intel Corporation, IPG Photonics, Koninklijke Philips N.V., Ocean Insight (Halma plc) and Teem Photonics.
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