Fort Collins, Colorado, Oct. 04, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Photonics Market Size, Growth, Share, Statistics Report, By Product (LEDs, Lasers, Sensors, Detectors & Imaging Devices, Optical Communication Systems & Components, and Others), By Application, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the photonics market size was valued at USD 771.2 Billion in 2022 and is anticipated to reach USD 1,449.5 Billion by 2032 with a CAGR of 6.6%.
The global report on the photonics market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities. In the coming years, it is expected to witness some remarkable growth in the industry, and the reason behind this is the incredible versatility of photonics. This field has medical sciences, jewelry, security, automotive, lighting, manufacturing, and information technology applications. Optics development has reached an unprecedented level, and highly advanced contemporary lasers are gradually replacing traditional electric bulbs and primitive lamps. The field of photonics has seen significant advancements in optics over the past few years, and it has opened up new technological horizons that were once thought impossible.
The semiconductors industry is undergoing a significant shift with the emergence of silicon photonics, poised to drive the market further. The latest technologies, such as 5G and the Internet of Things (IoT), are creating a growing need for high-speed internet. In this rapidly evolving landscape, photonics is playing a critical role by enabling the development of high-speed optical communication systems that can transmit data at lightning-fast speeds over long distances. Silicon photonics, in particular, is proving to be highly advantageous over electric conductors in the semiconductors space, providing a superior transmission speed of up to 100 Gbps. Major companies such as IBM, Intel, and Kothura are already adopting the technology. It is revolutionizing the semiconductor industry with its ability to facilitate fast data transfer and processing.
The advent of photonic-enabled connected services and products can revolutionize how organizations and consumers carry out their activities. With the widespread utilization of flat-screen displays and high-speed internet enabled by photonics, the market landscape is rapidly evolving. Photonics is a Key Enabling Technology within the Information and Communications and Technology sector, and its numerous benefits and economic growth potential make it a highly significant technology across a wide range of industries.
The photonics market is rising due to the growing demand for consumer electronics. This cutting-edge technology is crucial in developing displays for smartphones and other devices and advancing virtual and augmented reality technologies. Moreover, photonics is a primary component in fabricating solar cells and other renewable energy technologies, making it an essential player in the growth of renewable energy sources such as solar power. The market is also driven by the increasing demand for energy-efficient and eco-friendly lighting solutions and the technological advancements in LiDAR, OLEDs, and quantum cryptography. All these factors are expected to continue fueling the growth of the photonics market in the years to come.
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Segmentation Overview:
The photonics market has been segmented into product and application categories.
The photonics market dominates the LED segment, which is projected to continue leading in the upcoming years due to its easy availability, energy efficiency, and affordable prices. LED lighting is becoming increasingly popular in both consumer and commercial markets as an energy-efficient alternative to traditional lighting sources. LEDs are utilized in various applications, including automotive lighting, general lighting, and display backlighting. Lasers are another crucial product in the photonics market, playing a critical role in various industries such as telecommunications, manufacturing, and healthcare. These tools serve multiple purposes, including cutting, welding, and facilitating medical procedures like eye surgery.
The photonics industry has various applications, including consumer electronics, information and telecommunications, manufacturing, energy, healthcare, and safety and defense technology. In telecommunications, photonics is essential for transmitting large amounts of data over long distances at high speeds. Consumer electronics like displays, cameras, and sensors also rely on photonics. The manufacturing industry uses lasers and photonics technologies for cutting, welding, marking, drilling, quality control, and inspection. Photonics is vital in developing renewable energy sources such as solar power. Solar cells and other renewable energy technologies are developed using photonics technologies.
The North American market is a significant player in photonics, mainly because of the high demand for photonics in the telecommunications sector. Some of the most prominent photonics companies in the world, including Intel, IBM, and Corning, are situated in this region. Furthermore, the rise in demand for photonics in the healthcare and automotive industries is propelling the growth of the photonics market in North America.
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Key Developments in the Photonics Market:
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- The Patara-2 submarine cable system connecting islands in Indonesia is now operational. Telkom Indonesia, the largest digital telco company in the country, owns the cable and is dedicated to advancing Indonesia's digitalization efforts.
Photonics Market Report Highlights:
- The photonics market size is anticipated to reach USD 1,449.5 billion with a CAGR of 6.6% by 2032. Photonics is a versatile field with applications in various industries, including medical, automotive, and information technology. Silicon photonics is revolutionizing the semiconductor industry with its ability to facilitate fast data transfer and processing. Photonics is also essential in developing smartphone displays and advancing virtual and augmented reality technologies. Additionally, it plays a crucial role in fabricating solar cells and other renewable energy technologies. The photonics market is expected to grow with the increasing demand for energy-efficient and eco-friendly lighting solutions and technological advancements in LiDAR, OLEDs, and quantum cryptography.
- LEDs and lasers are key products in the photonics market. LEDs are popular for their energy efficiency and affordability, while lasers play critical roles in various industries like telecommunications and healthcare. Both have multiple applications, from automotive lighting to medical procedures.
- Photonics has applications in telecommunications, consumer electronics, manufacturing, energy, healthcare, and safety and defense technology. It is essential for transmitting data, powering displays and sensors, and developing renewable energy sources such as solar power.
- North America is a major player in photonics, driven by high demand in telecom. Prominent companies like Intel, IBM, and Corning are based here. Photonics is also growing in the healthcare and automotive industries.
- The major players in photonics market are Hamamatsu Photonics KK, Intel Corporation, Polatis Photonics Inc., Alcatel-Lucent SA, Molex Inc. (Koch Industries), Infinera Corporation, NEC Corporation, Innolume GmbH, Finisar Corporation, IPG Photonics, AMS OSRAM AG, Philips Photonics (Trumpf GmbH), LEA Photonics SAS, Schott AG, Carl Zeiss AG (Scantinel Photonics GmbH).
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Photonics Market Report Segmentation:
Photonics Market, By Product (2023-2032)
- LEDs
- Lasers
- Sensors
- Detectors & Imaging Devices
- Optical Communication Systems & Components
- Others
Photonics Market, By Application (2023-2032)
- Consumer Electronics
- Information & Telecommunications
- Manufacturing
- Energy
- Healthcare
- Safety & Defense Technology
Photonics Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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