Photonics Market Dynamics: Navigating Innovations, Trends, and Opportunities for Sustainable Growth

Photonics continues to play an imperative role in accelerating innovations in broad spectrum of industries. The widening applications of photonics, including lighting & displays, optical data transmission, and imaging across several end-use industries such as healthcare, security & safety, agriculture, etc., is a critical factor that is expected to drive the global photonics market during the forecast period.

In terms of revenue, the global photonics market is expected to exceed value of US$ 1.4 Trn by 2030, expanding at a CAGR of 8% during the forecast period.

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Increasing emphasis on leveraging advancements in technology to improve quality and performance of modern-day photonics is one of the most essential factors likely to fuel the growth of the global photonics market during the assessment period. The number of numerical and experimental investigations pertaining to photonics has increased and the trend is set to continue during the forecast period. In the wake of the increasing demand for energy-efficient products, the photonics market is slated to witness growth, owing to its clean and green characteristics.

Competition Landscape:

American Elements,Asahi Glass Company,Corning, Inc.,Hoya Corporation,II-VI Inc.,Koninklijke Philips N.V.,Nikon Corporation,Ohara Corporation,Schott AG,Shin-Etsu Chemical Co., Ltd.

Photonics Market – Segmentation

Product Type

• LED
• Laser, Sensor, Detectors & Imaging Devices
• Optical Communication Systems & Components
• Others

Application

• Measurement & Image Processing
• Communication
• Information Technology
• Display
• Lighting
• Defense & Security
• Optical Components & Systems
• Photovoltaic
• Production Technology

End-use Industry

• Medical
• Industrial
• Defense
• Consumer Electronics
• Media & Telecommunication
• Others

Region

• North America
• South America
• Europe
• Asia Pacific
• Middle East & Africa

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Key Industry Developments:

• January 2021 – Machine learning benefits from development in light-carrying chips. Researchers at the University of Münster are developing innovative methodologies and process architectures to deal with these challenges in a highly efficient manner, in collaboration with an international team. They have now demonstrated that so-called photonic processors, in which data is processed using light, may process information even faster and in parallel, something that electronic chips are incapable of achieving.
• April 2019 – TRUMPF completed the acquisition of Philips' photonics division, which it announced in December 2018. Laser diodes from Philips Photonics are utilized in smartphones, digital data transmission applications, and sensors for autonomous driving. TRUMPF Photonics Components has been formed as a result of the acquisition. TRUMPF will get access to a new market segment as a result of the acquisition, which will complement its current high-power diode laser business.

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