Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Photonics Market by Type (Consumer Electronics & Devices, Lasers, Detectors, Sensors, & Imaging devices, LED), Application (Displays, Information & Communication Technology, Lighting), End-Use Industry - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Photonics Market size was estimated at USD 520.96 billion in 2023, USD 563.37 billion in 2024, and is expected to grow at a CAGR of 8.57% to reach USD 926.59 billion by 2030.
The photonics industry has been experiencing significant growth in recent years, majorly due to increasing demand for high-speed internet and data transfer services. The emergence of 5G networks and expanding broadband infrastructure has intensified the need for advanced photonic devices capable of handling large bandwidths and providing faster communication speeds.
Moreover, government initiatives across the globe have played an important role in supporting the development of photonics technology. Various countries are implementing policies to promote R&D in this field, recognizing its potential applications in critical sectors such as telecommunications, healthcare, and defense. However, despite these positive drivers, the high cost of photonics devices and testing remains challenging for many organizations seeking to adopt this technology. Advanced systems require expensive components and specialized expertise for deployment and maintenance, hindering broader adoption. Notably, additive manufacturing has emerged coupled with sustainable technology integration in photonics manufacturing processes. This approach allows for rapid prototyping and customization while reducing waste materials, leading to cost savings for manufacturers and consumers.
Furthermore, rising R&D efforts and funding dedicated towards novel applications of photonics have driven continuous innovation within the sector. Universities, research institutions, and private companies are exploring new uses for photonic technologies across various industries, such as biophotonics, quantum computing, and automotive lighting systems.
Market Segmentation & Coverage
This research report categorizes the Photonics Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Consumer Electronics & Devices
- Lasers, Detectors, Sensors, & Imaging devices
- LED
- Optical Communication Systems & Components
- Application
- Displays
- Information & Communication Technology
- Lighting
- Measurement & Automated Vision
- Medical Technology & Life sciences (Biophotonics)
- Photovoltaic
- Production Technology
- End-Use Industry
- Building & Construction
- Consumer & Business Automation
- Industrial
- Media, Broadcasting & Telecommunication
- Medical
- Safety & Defense
- Region
Companies Mentioned
- Aiocore Co. , Ltd.
- American Elements
- Asahi India Glass Ltd.
- Carl Zeiss AG
- Coherent Corp.
- Corning Incorporated
- Hamamatsu Photonics K.K.
- Hoya Corporation
- Innolume GmbH
- Lumentum Operations LLC
- Nikon Corporation
- Ohara Inc.
- OSCPS Motion Sensing Inc.
- Ranovus Inc.
- Shin-Etsu Chemical Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vnk2p2
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