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.
According to the application, the displays category will grow at a CAGR of 5.7% throughout the assessment period, making it the most lucrative use of photonics.
The global photonics market is growing as a result of expanding uses for photonics-enabled products in industries like automotive, consumer electronics, medical technology, and defense.
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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 utilized 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 utilized 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 several other industries, as well as the expanding popularity of biophotonics in healthcare and defense.
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, the display 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.
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.
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
Table of Content
1. Executive Summary | Photonics Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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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 based on Source, Application, Sales Channel, and End Use over the next 10 years.
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