Nanophotonics market to reach US$200bn by 2033 – reportCreated April 28, 2023
A new report from Persistence Market Research predicts the global market for nanophotonics is set to garner US$200 billion by 2033 from US$25 billion in 2023, expanding at 23.1% CAGR from 2023 to 2033. Regionally, the report finds that Asia Pacific is dominating the globally with a 47% share, and is estimated to continue during the study period. The analyst firm says South Korea and Japan are considerably assisting the market growth in Asia Pacific, with North America and Europe trailing the region.
The report finds that with the consumer electronics segment driving the market overall, numerous other product developments, such as the creation of atomic-thin metal halides and ultra-thin nanomaterials, are also operating as growth drivers. These nanomaterials are employed in sensitive optical sensors for gas detection in the environment. Other reasons, such as the general use of nanophotonics for biosensing, chemical, and IT and telecommunication applications, as well as intensive research and development, are accelerating the market growth.
Persistence Market Research says nanophotonics arose as a synthesis of three scientific fields: photonics, nanotechnology, and optoelectronics. Nanophotonics is the study of light contact with a nanometer-scale object. This technology is based on the principles of metal optics and Plasmonics. Metamaterials and near-field optics are two more principles on which this technology is based. It has numerous uses in science and technology, including solar energy, optical microscopy, bioimaging, and optical communication.
Nanowires, quantum dots, nanotubes, and photonic crystals are some examples of nanophotonics materials that are increasingly being employed to meet the requirements of creating electronic goods that provide improved functions in smaller sizes, faster data transmission, and longer battery life.
Extensive use of nanophotonics in electronics, defence, biotechnology, communication, and solar power conversion applications is driving the global market. In accordance with this, the increasing use of LED in consumer electronics is propelling market expansion. Nanophotonics provides solid-state illumination with excellent thermal conductivity and modulation rate, boosting device operational efficiency and light quality. Moreover, nanophotonic device manufacturers are merging small-scale power electronics and transistors on a single chip to achieve larger bandwidth and faster data transmission speed. This allows nanophotonic integrated circuits to interface with other devices directly through light.
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