Photonics Devices Market Is Attributed to Grow Till 2028
The Emergence of Silicon based Photonics Applications is expected to drive the market of the Global Photonics Devices Market during the forecast period of 2024-2028.
According to TechSci Research report, Photonics Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the global photonics market is anticipated to register a robust growth during the forecast period, 2024-2028, the Global Photonics Devices Market is growing on account of increasing use of smart display devices in the industry and increasing adoption of photonics applications by various organization helps decrease power consumption, improve compatibility, and increase data transmission. Technology has become the key enabler of excellence and businesses are gradually becoming mobile as digitalization emerges, the increasing internet penetration are further enabling customers to adopt advance photonics solutions. Furthermore, photonics assists organizations in enhancing safety in combustible environments, increase bandwidth, cost-reduction capabilities, and analytical capabilities. The growing need for emerging applications of silicon photonics, rising demand for high-speed broadband services as well as the increase in demand for energy-efficient and green products are some of the key factors driving the growth of the global photonics devices market.
Moreover, the rising shift from Product-Centric to Customer-Centric Experience and increasing adoption of cognitive technology in the field of cloud computing are furthermore accelerating the expansion of the photonics devices market across the globe.
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The photonics devices market is segmented into product, application, end-user, and region. Based on product, the market is further divided into LED, lasers sensors detectors & imaging devices, optical communication systems & components, consumer electronics & devices and other. Based on application, the market is categorized into displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology, and others. The end-user segment is further divided into building & construction, media broadcasting & telecommunication, consumer & business automation, medical, security & defence, industrial and others.
Based on product, the LED segment is expected to dominate in the Global Photonics Devices Market during the forecast period as LED’s is gaining popularity as an alternative light source for fluorescence microscopy and has become possible due to high adoption of high-brightness LED’s that are revolutionizing the lighting sector. Moreover, the integration of LEDs in the display applications such as smart phones and televisions benefits are allowing more enterprises to adopt and implement advanced light-emitting diodes (LED) and organic light-emitting diodes (OLEDs) to improve the illumination, energy efficient as well as economical. Furthermore, the LED segment is also becoming an important entity for building displays such as billboards, road signs etc. for conveying signals and back & rear lights for automotive industries. Thus, the LED segment is growing, enabling the demand for photonics devices market during the forecast period.
On the bases of application segment, information & communication technology segment is expected to dominate in the global photonics market owing to factors such as the requirement for data generation, data acquisition, processing, utilization, storage, and retrieval have enabled the information & communication technology segment to concentrate more on photonics-based solutions in their business models. Moreover, the growing adoption of amplifier systems, light manipulation systems, fiber optic cables and data conversion devices and increasing competition in service providers that have shifted their focus from technology infrastructure to value added services and enhance customer experience. Furthermore, the increasing internet penetration rate and emerging technologies play a significant role in the information & communication technology services, enabling the adoption of photonics devices in the market.
Key market players in the global photonics devices market:
IPG Photonics
Innolume GmbH
Infinera Corporation
Hamamatsu Photonics
Finisar Corporation
Shin-Etsu Chemical Company
Nikon Corporation
Ohara Corporation
Signify Holding
Corning Inc.
Recent Development
On September 22, 2022: Rockley Photonics Holdings Limited announced the next-generation, higher-density laser spectrophotometer chip for wearable health monitoring. The company’s groundbreaking achievement aims to further increase the density and reduce the size of its high-density spectrophotometer chips while planning to reduce additional chip manufacturing costs.
On June 24, 2022: Hamamatsu Photonics K.K, Japanese developer of photoelectric devices and application products announced the acquisition of Danish fiber laser manufacturer “NKT Photonics. Both enterprises had signed an agreement with an aim to add their innovative technology and strong footprint in Northern Europe to the portfolio. The acquisition would help Hamamatsu Photonics K.K to expand its laser applications business in the future.
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“North America is estimated to hold the largest market share in the global photonics devices market owing to the increasing adoption of advance next-generation technologies in the United States and Canada. However, Asia Pacific has experienced significant growth for the photonics market throughout the forecast period. This is due to the presence of established companies such as Corning Inc, IPG Photonics, etc. that are focusing on offering advanced photonics solutions to improve business processes. Additionally, it is anticipated that the market for nanophotonics and biophotonics applications would rise as the region’s robust industrial infrastructure, investment in R&D facilities, and the presence of prominent players are increasingly adopting laser optics and photonics-enabled technologies. The need for high-speed transfer in data communication and centers for telecommunication, military, healthcare, space exploration and aviation and agriculture are anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Photonics Devices Market Segmented By Product (LED, Lasers Sensors Detectors & Imaging Devices, Optical Communication Systems & Components, Consumer Electronics & Devices and Others), By Application (Displays, Information & Communication Technology, Photovoltaic, Medical Technology & Life Sciences, Measurement & Automated Vision, Lighting, Production Technology and Others), By Industry Vertical (Building & Construction, Media Broadcasting & Telecommunication, Consumer & Business Automation, Medical, Security & Defence, Industrial and Others), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of Global Photonics Devices Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Photonics Devices Market.
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