Photonics Market - Technological Advancements Leading to New Innovative Avenues
The photonics market is projected to grow from USD 530.52 Billion in
2017 to USD 795.54 Billion by 2022, at a CAGR of 8.4%. The growth of this market is driven by the increased demand from
applications such as displays, information & communication technology,
photovoltaic, medical technology & life sciences, measurement &
automated vision, lighting, and production technology.
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Media,
broadcasting & telecommunication end-use industry segment is projected to
lead the photonics market from 2017 to 2022
Based on end-use industry, the media,
broadcasting & telecommunication segment accounted for the largest share of
the photonics market in 2016, and this trend is expected to continue during the
forecast period. Photonics is used in this end-use industry segment for
communication, data storage, and data sharing purposes. The use of photonics
products has significantly increased the speed of internet and the quality of
voice calling
Lasers, detectors, sensors, &
imaging devices product type segment of the photonics market is projected to
grow at the highest CAGR between 2017 and 2022
Based on product type, the lasers, detectors,
sensors, & imaging devices segment is projected to grow at the highest CAGR
between 2017 and 2022. The expected high growth is attributed to the increasing
demand for high operational efficiency, high sensitivity, precise measurement,
and high-quality imaging offered by these products.
Asia Pacific photonics market is
projected to grow at the highest CAGR between 2017 and 2022
The Asia Pacific region is projected to be the
fastest-growing market for photonics globally, due to the increasing adoption
of photonics products in application areas such as displays, lighting, and
information & communication technology. Moreover, increased government
spending on digitization and process improvement in the manufacturing sector
are also expected to fuel the growth of the photonics market in this region.
Key players
in photonics market include:
Philips
(Netherlands), Schott (Germany), Nikon (Japan), Shin-Etsu Chemical Company
(Japan), Hoya (Japan), Corning (US), Asahi Glass (Japan), II-VI Inc. (US),
Ohara (Japan), and American Elements (US).
These market players, with a strong foothold in the global
market, have adopted growth strategies such as new product launches,
expansions, and mergers & acquisitions to enhance their market shares and
expand their distribution networks across the globe. These companies are also
engaged in R&D activities to innovate and develop products that can open
avenues for new applications.
Key Target Audience:
- Suppliers
of Raw Materials
- Manufacturers
of Photonics
- Traders,
Distributors, and Suppliers of Photonics products & services
- Government & Regional Agencies, Research Organizations, and Investors related to Photonics
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