Photonics Market Overview:
The latest research study “Photonics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global photonics market size reached US$ 801.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,143.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
What are Photonics:
Photonics represents a technology or an area of study that deals with the science of generating, detecting, controlling, and manipulating photons, radiant energies, light, etc. It is considered a subset of various optic disciplines, including geometrical, physical, quantum, etc. In line with this, photonics includes a light-emitting diode (LED), imaging devices, lasers, sensors, and detectors as standard product types. These photonics-enabled equipment offer higher energy efficiency, a longer life span, better accuracy, and faster operations than their counterparts. It ensures data transmission, generates less heat, minimizes energy consumption cost-effectively, etc. Consequently, photonics finds extensive applications in displays, photovoltaics, machine vision, image processing, optical components, medical technologies, etc.
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What are the growth prospects and trends in the Photonics Industry:
The rising utilization of additive manufacturing (AM) to produce complex components and prototype tools is primarily driving the photonics market. Furthermore, continuous enhancements in the healthcare infrastructures and the escalating demand for non-invasive disease detection that have facilitated the uptake of photonics in imaging techniques and point-of-care technologies are acting as significant growth-inducing factors.
Apart from this, the widespread adoption of these solutions in medical and biological research for drug development, medical imaging, laser beam diagnostics, optical coherence tomography (OCT) scanning, etc., to detect health conditions is also positively influencing the global market. Moreover, the inflating need for photonic-enabled connected services is further augmenting the market growth. Besides this, the introduction of residential security systems, amplifiers, switches, light modulation devices, light detection and ranging (LiDAR), and the increasing integration of the Internet of Things (IoT) solutions are expected to fuel the photonics market over the forecasted period.
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Photonics Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ams-OSRAM AG, Genia Photonics Inc., Hamamatsu Photonics, II-VI Incorporated, Infinera Corporation, Intel Corporation, IPG Photonics, Koninklijke Philips N.V., Ocean Insight (Halma plc) and Teem Photonics.
The report has been segmented the market into following categories:
Breakup by Type:
- Lasers, Detectors, Sensors and Imaging Devices
- Optical Communication Systems and Components
Breakup by Application:
- Surveying and Detection
- Production Technology
- Data Communication
- Image Capture and Display
- Medical Technology
Breakup by End User:
- Building Construction
- Media, Broadcasting and Telecommunication
- Consumer Electronics
- Safety and Defense
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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