According to a research report available from MarketsandMarkets, the global photonics market is projected to grow from US$520.0 billion in 2017 to US$780.4 billion by 2023, at a CAGR of 7.0 % during the forecast period. The B2B research company says the growth of this market is driven by the increased demand from applications such as displays, information and communication technology, photovoltaic systems, medical technology and life sciences, measurement and automated vision, lighting, and production technology. It adds that there is also growing demand for technologically advanced products owing to digitalisation, development of smart infrastructures and adoption of smart manufacturing.
Based on end-use industry, the media, broadcasting and 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. Increasing digitalisation is the key driver for the growth of photonics in this segment
Based on product type, the lasers, detectors, sensors, and imaging devices segment is projected to grow at the highest CAGR between 2018 and 2023. 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. Adoption of smart manufacturing technologies is the key factor driving the products here.
MarketsandMarkets forecasts that the Asia Pacific region will 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 and communication technology. Moreover, increased government spending on digitisation and process improvement in the manufacturing sector are also expected to fuel the growth of the photonics market in this region.
Key companies profiled in this research report on the photonics market include: Signify (Netherlands); Schott (Germany); Nikon (Japan); Shin-Etsu Chemical Company (Japan); HOYA (Japan); Corning (USA); Asahi Glass (Japan); II-VI Inc.(USA); OHARA (Japan); and American Elements (USA).
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