Photonics Market to Reach US$ 1391.4 Million by 2030, Says Coherent Market Insights, Inc

Burlingame, July 06, 2023 (GLOBE NEWSWIRE) -- The report "Photonics Market is estimated to be US$ 757.3 million in 2020 and is projected to reach US$ 1391.4 million by 2030, at a CAGR of 7.9% between 2023 to 2030, as per the recent study by Coherent Market Insights, Inc. Photonics is the science and technology of light. It deals with the science behind the generation, detection, and manipulation of the light. Photonics involves the proper use of light as a tool for the benefit of humans. Most photonics applications, even though they cover all technical applications over the entire electromagnetic spectrum, range from the near-infrared light to visible region. Right now, research is ongoing in new sectors. These new developments will help further revolutionise the world of photonics. The evolvement of photonics has also resulted in a steady increase in the performance of both OLED and OPV technologies.  

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Key Trends and Analysis of the Global Photonics Market:

Growing use of optical networks or solutions is one of the key trends expected to propel the growth of the photonics market. For instance, currently, telephone companies use optical fiber throughout their systems as the backbone architecture and a long-distance connection between the city phone systems. Thus, with the growing use of optical solutions in communication technologies, such as optical broadband, the demand for photonics is also increasing. Moreover, with the growing usage of optical networks, as part of the infrastructure, the demand for the technology is also increasing, as telecom companies are investing increasingly to enhance their legacy networks. This trend is expected to continue over the forecast period.

Global Photonics Market – Drivers

Increasing adoption of photonics to propel market growth

Increasing adoption of photonics-enabled products, due to the long-term benefits of photonics, the adoption of photonics products has increased worldwide. In December 2022, delivering new levels of performance and scalability to accelerate the design of photonic integrated circuits for datacom applications, OpenLight launched its 800G DR8 PIC design targeted at data center interconnects. OpenLight has fabricated and tested these wafers using open silicon photonics foundry platform. The design provides users with easy-to-use, validated design approach, offering a scalability with high-speed performance and cost at scale to tackle complex designs.

Photonics Market Report Coverage

Increasing research and development to boost market growth

Market players are increasingly establishing pilot production facilities for research institutes and industries to work on the development of novel photonics-based component production processes. In December 2021, Intel Labs opened the Intel Research Center for Integrated Photonics for Data Center Interconnects. The vision is to explore a path that satisfies energy efficiency and bandwidth performance requirements. The mission is to accelerate optical input/output technology innovation in performance scaling and integration with a specific focus on photonics technology and devices, CMOS circuits and link architecture, and package integration and fiber coupling.

Global Photonics Market – Restrain

High cost of photonics-enabled products and stringent rules and regulation are expected to hamper the growth of the photonics market. For instance, high cost of photonics-enabled products/devices compared to traditional products/devices is hampering the use and/or adoption of this technology in many other fields. The technology offers high efficiency and performance, however, photonics-enabled products are still inaccessible to most small and medium-sized end users in various sectors due the high cost of the technology.

Moreover, some of the chemicals used in photonics-enabled products/devices are hazardous to the environment, and thus manufacturers are required to comply with rules and regulations laid down by regulatory bodies. Thus, players in the market are focusing on developing and launching novel, eco-friendly products/devices in the market.

Global Photonics Market – Opportunities

Growing advancements in communication technology and rapid growth of the telecommunication industry are expected to offer significant growth opportunities for players in the global photonics market. For instance, in February 2023, Nokia announced the launch of its sixth-generation super-coherent photonic service engine, the PSE-6s, capable of reducing network power consumption by 60%. In addition to improving energy efficiency, PSE-6s supports the efficient delivery of high-speed services including 800 Gigabit Ethernet (GE), over distances of 2,000km and beyond. Nokia PSE-6s support a unique chip-to-chip interface that enables them to be deployed in pairs to power the industry’s first 2.4Tb/s coherent transport solution. This allows network operators to efficiently transport any combination of high-speed client services including 400 and 800GE.

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Global Photonics Market - Key Developments

In June 2022, addressing the growing silicon photonics market needs for improved performance, power efficiency, and reliability, OpenLight announced the launch of the world's first open silicon photonics platform with integrated lasers.

In May 2022, ams OSRAM AG announced the launch of the OSLON Optimal family of LEDs for horticulture lighting, based on the latest ams OSRAM 1mm2 chip, which offers an outstanding combination of high efficiency, reliable performance, and great value.

Key Market Takeaways:

Global photonics market is expected to exhibit a CAGR of XXX% during the forecast period. The market is growing rapidly in response to the increasing focus on high performance and eco-friendly solutions and emergence of silicon-based photonics applications.

On the basis of Application, Data Communication Segment is expected to dominate the global photonics market over the forecast period and this is attributed to the rapid growth of the telecommunication industry and growing advancements in communication technology.

On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to increasing adoption of photonics-enabled products and increasing usage of photonics in various end-use industries in the region.

Competitive Landscape:

Key players operating in the global photonics market include Hamamatsu Photonics KK, Carl Zeiss AG (Scantinel Photonics GmbH), Schott AG, Photonics SAS (Keopsys), Alcatel-Lucent SA, Philips Photonics (Trumpf GmbH), Polatis Photonics Inc., Intel Corporation, Osram Licht AG, Molex Inc. (Koch Industries), Infinera Corporation, IPG Photonics, Finisar Corporation, Innolume GmbH, and NEC Corporation, among others.

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Detailed Segmentation:

Global Photonics Market, By Application

• Surveying and Detection
• Production Technology
• Data Communication
• Image Capture and Display
• Medical Technology
• Lighting
• Other Applications (Traffic and Research)
  

Global Photonics Market, By Region

• North America
  • By Country:
    • U.S.
    • Canada
• Latin America
  • By Country:
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
• Europe
  • By Country:
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
• Asia Pacific
  • By Country
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
• Middle East
  • By Country:
    • GCC Countries
    • Israel
    • Rest of Middle East
• Africa
  • By Country/Region:
    • South Africa
    • Central Africa
    • North Africa

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