Pune, India, Dec. 21, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, 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. These insights are 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.
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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.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 6.7 % |
| 2028 Value Projection | USD 1267.3 Billion |
| Base Year | 2021 |
| Photonics Market Size in 2021 | USD 802.5 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 120 |
| Segments Covered | By Type, End-user, and Regional Insights |
| Photonics Industry Growth Drivers | Bullish Demand from Additive Manufacturing to Spur Growth Potentials |
| Asia Pacific to Provide Promising Opportunities with Rising Investments in R&D |
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.
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, telephone conversations, and questionnaires. The secondary sources referred are press releases, SEC filings, and websites.
Major Players Profiled in the Photonics Market Report:
- 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)
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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 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.
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.
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 light to enhance high-speed data processing and operate at ambient temperature.
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 government policies will bode well for regional growth.
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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.
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 taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Photonics Industry Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Value)
- Displays
- Information
- Photovoltaics
- Measure and Machine Vision
- Medical Technology
- Production Technology
- Lighting
- Communication
- Defence and Security
- Optical Component
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Application (Value)
Toc Continued…
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