NEWARK, Del, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to the latest analysis by Future Market Insights, the global photonics market is set to be valued at US$ 911.5 billion in 2023 and rise at 5.8% CAGR during the projection period. By 2033, total market size of photonics is forecast to reach US$ 1.6 trillion by the end of 2033.
Based on application, displays segment will expand at 5.7% CAGR during the assessment period, making it the most remunerative application of photonics.
Rising applications of photonics-enabled devices across sectors such as automotive, consumer electronics, medical devices, and defense is providing stimulus for the development of the global photonics market.
Photonics plays a key role in triggering innovations across various fields. From lighting and displays to optical data communications and life science, the application area of photonics continues to expand rapidly.
Advancements in photonics have paved way for the development of photonic devices which are used in light emitting diodes, displays, laser devices, displays, photovoltaic cells, and optical amplifiers.
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Displays made using photonics technology are used in advanced electrical vehicles for infotainment purposes. Companies such as Lockheed Martin, General Atomic, and Boeing use photonics technology to manufacture high-energy lasers.
This growing usage of photonics technology making various highly efficient devices and systems is expected to boost the global photonic industry during the assessment period.
Subsequently, growing popularity of biophotonics in healthcare and defense and increasing usage of photonics-enable products in telecommunication, industrial manufacturing, and several other industries will expand the market.
“Widening application area of photonics coupled with increasing investments in research and development could potentially change the course of market dynamics during the next ten years,” said an analyst at FMI.
Key Takeaways from Photonics Market Study
- The global photonics market is forecast to reach a massive valuation of US$ 1.6 trillion by the end of 2033.
- Photonics demand is anticipated to surge at 8% CAGR during the assessment period.
- By application, displays segment is likely to expand at 7% CAGR between 2023 and 2033.
- The United States photonics market is set to accelerate at 2% CAGR throughout the projection period.
- China’s photonics market is forecast to exhibit a CAGR of 3% over the next ten years.
- The overall market size of photonics in Japan is anticipated to reach US$ 253.9 billion by 2033.
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Who is Winning?
Players in the photonics market are investing in research and development to advance in photonics. Besides this, they are introducing new products and forming partnerships and alliances to gain a competitive edge in the market.
Recent Developments:
- In December 2022, Scantinel Photonics, a photonics-based Lidar manufacturer and supplier announced that they have raised EUR 10 million to develop FMCW Lidar. These LiDAR drones to be produced by the company are expected to be cheaper, faster, and easier to produce.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Photonics market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study reveals extensive growth in Photonics in terms of application (displays, information, photovoltaics, measure and machine vision, medical technology, production technology, lighting, communication, defense and security, and optical component) across several regions.
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Global Photonics Industry Segmentation
By Application:
- Displays
- Information
- Photovoltaics
- Machine and Measure Vision
- Medical Technology
- Production Technology
- Lighting
- Communication
- Defense and Security
- Optical Components
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Content
1. Executive Summary | Photonics Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
TOC continued..!
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