The global photonics market is anticipated to reach US$ 911.5 billion in 2023 and grow at a 5.8% CAGR during the projected period, according to Future Market Insights’ most recent report. The photonics market is expected to grow to a total of US$ 1.6 trillion by the year 2033.
Based on application, displays segment will expand at 5.7% CAGR during the assessment period, making it the most remunerative application of photonics.
Rising applications of photonics-enabled devices across sectors such as automotive, consumer electronics, medical devices, and defines is providing stimulus for the development of the global photonics market.
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Innovation in a wide range of fields is greatly aided by photonics. The application space for photonics is expanding quickly and includes anything from lighting and displays to optical data transmission and life science.
The creation of photonic devices, which are utilised in light-emitting diodes, displays, lasers, photovoltaic cells, and optical amplifiers, has been made possible by advances in photonics.
Informational displays produced with photonics technology are utilised in high-tech electrical vehicles. Photonics technology is used by businesses like Lockheed Martin, General Atomic, and Boeing to create high-energy lasers.
The worldwide photonic sector is anticipated to increase during the assessment period as a result of the increasing use of photonics technology in a variety of highly efficient devices and systems.
The market will thereafter rise due to the rising use of photonics-enabled products in communications, industrial manufacturing, and a number of other industries, as well as the expanding popularity of biophotonics in healthcare and defence.
Key Takeaways from Photonics Market Study
The global photonics market is forecast to reach a massive valuation of US$ 1.6 trillion by the end of 2033.
Photonics demand is anticipated to surge at 8% CAGR during the assessment period.
By application, displays segment is likely to expand at 7% CAGR between 2023 and 2033.
The United States photonics market is set to accelerate at 2% CAGR throughout the projection period.
China’s photonics market is forecast to exhibit a CAGR of 3% over the next ten years.
The overall market size of photonics in Japan is anticipated to reach US$ 253.9 billion by 2033.
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Who is Winning?
Players in the photonics market are investing in research and development to advance in photonics. Besides this, they are introducing new products and forming partnerships and alliances to gain a competitive edge in the market.
Recent Developments:
In December 2022, Scantinel Photonics , a photonics-based Lidar manufacturer and supplier announced that they have raised EUR 10 million to develop FMCW Lidar. These LiDAR drones to be produced by the company are expected to be cheaper, faster, and easier to produce.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Photonics market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study reveals extensive growth in Photonics in terms of application (displays, information, photovoltaics, measure and machine vision, medical technology, production technology, lighting, communication, defense and security, and optical component) across several regions.
Global Photonics Industry Segmentation
By Application:
Displays
Information
Photovoltaics
Machine and Measure Vision
Medical Technology
Production Technology
Lighting
Communication
Defense and Security
Optical Components
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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