According to BlueWeave Consulting, The Global Photonics Market is projected to reach the valuation of USD 591 billion in 2019 and expected to reach USD 812 billion by the year 2026 with growing at a CAGR of 4.68 % during the forecast period 2020- 2026. The market is growing owing to various factors.
Global photonics market growth is driven primarily by increased demand from applications such as displays, the need for energy-efficient products, and increased adoption in numerous applications of photonics products. Increasing use of photonics has also fueled market growth in medical technology and life sciences, information and communication technology. Moreover, continuous R&D, coupled with technological advancement and photonics used in consumer electronics manufacturing, is expected to generate multiple market growth opportunities in the near future.
For the production of energy-efficient goods and processes, extensive R&D activities are carried out. Products and services allowed by photonics serve as an acceptable substitute for conventionally used products. Solar energy is seen as an essential alternative for generating electricity using traditional fuel such as coal and oil & gas. The use of photonics products in lighting and displays, in addition to generating energy, also provides a significant reduction in energy consumption. The use of LED over conventionally used lighting such as incandescent and CFL has led to a substantial decrease in energy consumption.
Silicon photonics is an emerging photonics branch that provides a clear advantage over the electrical conductors used in semiconductors that are used in high-speed transmission systems. This technology is tempted to push up to 100 Gbps of transmission speed. The market is expected to invest heavily in this technology’s mass adoption, and to be a key aspect in developing high-performance computing, increasing performance and efficiency. Therefore, the advent of silicon-based photonics drives the market growth.
By geography, the global Photonics Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is anticipated to dominate the global photonics market due to the presence of emerging economies like China and India. The global photonics market is driven by the availability of a cheap workforce combined with favorable government initiatives.
The major market players in the Global Photonics are Signify, SCHOTT, Nikon, Shin-Etsu Chemical Company, HOYA, Corning, Asahi Glass, II-VI Inc., OHARA, American Elements, Hamamatsu Photonics KK, Intel Corporation, Alcatel-Lucent SA, Infinera Corporation, NEC Corporation, Coherent, Inc, IPG Photonics, Finisar Corporation, Hamamatsu Photonics, Lumentum, NeoPhotonics, Luxtera, Inc, ,3SP Technologies, Innolume GmbH ,Genia Photonics, Inc, Redfern Integrated Optics, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.