Photonics refers to a key enabling technology employed in smart systems that utilize energy without compromising the system’s efficiency.
Triton’s report infers that the global photonics market is estimated to grow at a CAGR of 8.15%, acquiring revenue worth 921.66 billion by 2028.
Factors such as bandwidth requirement for huge data transfer and the rise in investments in the silicon photonics industry are motivating the growth of the photonics market. For instance, several companies have increased funding for the research and development of silicon photonics technology. This is mainly owing to its high technical ability over traditional data communication methods. However, the high cost of photonics-based products and stringent government regulations are obstructing the development of the photonics market.
The photonic market is broadly divided into product and application. Based on product, it is segmented into optical interconnects, optical modulators, waveguides, LED, wavelength division multiplexer (WDM) filters, lasers, amplifiers, photodetectors, and other product types. Similarly, the application section is branched into production technology; medical technology; security, surveying, & detection, image capture & display; lighting; data communication; photovoltaic; and other applications (traffic, research).
Globally, the Asia-Pacific is leading in the photonics market. Numerous companies have introduced training programs to encourage the adoption of photonics technology. Furthermore, the high demand for construction, driven mainly by China, and the rising affordability of silicon photonics technology increase the demand for photonics technology. Along with this, government efforts to enable widespread adoption of photonics are adding to the growth of the photonics market across the APAC region.
Key players
Hamamatsu Photonics KK, International Business Machines Corporation (IBM), 3S Photonics, IPG Photonics Corporation, Intel Corporation, Osram Licht AG, NEC Corporation, Huber+Suhner Polatis Photonics Inc, Finisar Corporation (II-VI Incorporated), Innolume GmbH, Carl Zeiss AG, Infinera Corporation, Schott AG, Koninklijke Philips NV, and Molex LLC.
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