Pune, India, March 24, 2022 (GLOBE NEWSWIRE) -- The global photonics market size was valued at USD 750.2 billion in 2020. The market is estimated to rise from USD 802.5 billion in 2021 to USD 1267.3 billion by 2028 at a 6.7% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report titled, “Photonics Market, 2021-2028.”
According to an analysis, the demand for photonics-enabled devices will be noticeable across information and communication, healthcare, and industrial production sectors. Lately, light-based technology has become sought-after across North America, Europe, and the Asia Pacific. Besides, the COVID-19 pandemic accelerated the need for technology.
COVID-19 Impact
Exponential Demand from Healthcare Sector to Augur Well
Although the pandemic had a pressing impact on major industries, the healthcare sector emerged as a lucrative end-user of photonics. Unprecedented demand for RT-PCR tests fueled the penetration of the light wave. Moreover, the growing footfall of 3D printing amidst the pandemic encouraged industry players to inject funds into the landscape.
Get a Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/photonics-market-106525
Fortune Business Insights™ lists out all the photonics market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- TRUMPF (Ditzingen, Germany)
- Hamamatsu Photonics K.K. (Hamamatsu-city, Japan)
- IPG Photonics Corporation (Massachusetts, U.S.)
- Molex (Illinois, U.S.)
- Innolume (Dortmund, Germany)
- II-VI Incorporated (Pennsylvania, U.S.)
- NeoPhotonics Corporation (California, U.S.)
- One Silicon Chip Photonics Inc. (Montreal, Canada)
- NKT Photonics A/S (Birkerød, Denmark)
- AIO CORE (Tokyo, Japan)
- SICOYA GMBH (Berlin, Germany)
- RANOVUS (Ontario, Canada)
Report Coverage
The report emphasizes quantitative and qualitative assessments to offer a holistic view of the global market. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. Further, a host of primary interviews has been conducted with opinion leaders, suppliers, and other stakeholders. Primary data has been collated through emails, telephonic conversations, and questionnaires. The secondary sources referred are press releases, SEC filings, and websites.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/photonics-market-106525
Drivers and Restraints
Bullish Demand from Additive Manufacturing to Spur Growth Potentials
Stakeholders expect the photonics market share to gain traction from the expanding penetration of additive manufacturing across the end-use sectors. Prominently, automotive and chemical plant manufacturers have become the major recipients of the technology. With the emergence of Industry 4.0, sensor-monitored mechanical parts became trendier across the emerging and advanced economies. Furthermore, the rising footprint of laser beam diagnostics and precise performance measures will solidify the position of leading companies vying to expand their penetration.
However, rigorous environmental regulations from watchdogs, such as REACH, could dent the industry's growth. Notably, RoHS limits the use of cadmium, mercury, flame retardants polybrominated biphenyls (PBB), and chromium VI in electrical and electronic equipment.
Segments
In terms of application, the market is segmented into information, displays, photovoltaics, medical technology, measure and machine vision, production technology, communication, lighting, optical component, and defense and security.
Based on region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Regional Insights
Asia Pacific to Provide Promising Opportunities with Rising Investments in R&D
Burgeoning industrialization, along with the expansion of the healthcare sector, is expected to fuel the position of Asia Pacific in the global market. Notably, emerging economies, such as China, have upped investments in photonics technology. With an uptick in production technology and investments in communication applications, industry players will continue to invest in the region.
Stakeholders anticipate the U.S. and Canada to witness investment galore owing to the presence of leading companies. The North American photonics market growth will witness an appreciable gain during the forecast period. The trend is mainly attributed to the innate ability of the light to enhance high-speed data processing and operate at ambient temperature.
The Europe industry outlook will be strong on the back of investments in photonic devices across the U.K., France, Germany, and Italy. To illustrate, in June 2021, the European Photonics Industry Consortium and nonprofit industry association rolled out some of the most significant EU acceleration initiatives in a host of application areas, including automotive and architectural lighting. Strong demand from defense and security and robust governments policies will bode well for the regional growth.
Competitive Landscape
Stakeholders to Emphasize Collaborations to Gain Competitive Edge
Industry players are poised to focus on product launches, technological advancements, mergers & acquisitions, and R&D activities during the assessment period. Current dynamics indicate industry participants will invest in geographical expansion.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/photonics-market-106525
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Application Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Photonics Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
Key Industry Development:
- March 2021 – Rockley Photonics and SkyWater Technology have expanded their collaboration to include wafer back-end-of-line processing for Rockley's spectrophotometer-on-a-chip health monitoring solution. The improved collaboration with SkyWater, which is part of Rockley's multi-sourcing activities will improve the dependability and scalability of the production network.
Have a Look at Related Research Insights:
Fire Resistant Coatings Market Size, Share & Industry Analysis, By Type ( liquid fire resistant coatings, Powder fire resistant coatings, Others ), By Application ( Building & construction, Oil & gas, Automotive, Aerospace, Marine, Electrical & electronics, Furniture, Textiles ) and regional forecast 2022-2029
Silicon Photonics Market Size, Share & Industry Analysis, By Components (Active, Passive), By Product (Transceivers, Active Optical Cables, Optical Multiplexers, Variable Optical Attenuators, Optical Engines, RF Circuits), By End-User (Healthcare, Consumer Electronics, Defense, Telecom, Data Communication, Others) and Regional Forecast, 2022-2029
Fire Protection System Market Size, Share & Industry Analysis, By Product Type (Fire Detection, Fire Suppression, Fire Response, Alarms and Notification Systems, Fire Sprinkler System), By Services (Installations & Replacements, System Inspections & Maintenance, Fire Alarm & Fire Sprinkler Monitoring, Fire Extinguisher Training), By End-User (Residential, Commercial, Industrial) And Regional Forecast 2022-2029
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
