New York, June 28, 2023 (GLOBE NEWSWIRE) -- Market Overview:
According to the DataM market research report, the Global Photonics Market size reached US$ 666.5 billion in 2022 and is expected to reach US$ 1,040 billion by 2030. The market is expected to exhibit a CAGR of 5.8% during the forecast period 2023-2030. The photonics market is experiencing substantial growth, offering various market trends and opportunities for different industries. The rising demand for optical communication, healthcare applications, and renewable energy solutions drives the market.
Further, on further analysis, data supports the growth of the photonics market, while recent product launch news highlights the industry's commitment to innovation. The production technology application dominated the application segment with over 26% of the market share. Further, North America occupied the largest of 24% in the regional segment as the photonics sector continues to evolve, creating opportunities that drive their growth and success.
The global photonics market is segmented based on application and region. The North American photonics market is thriving due to its dedication to technological progress. Specifically, the U.S. has been a leader in photonics research and development, with many universities, research institutions, and companies investing in state-of-the-art technologies.
The major global players include 3SP Technologies S.A.S, Corning Incorporated, Hamamatsu Photonics K.K, Hoya Photonics, Inc., II-VI Incorporated, Infinera Corporation, Innolume GmbH, IPG Photonics Corporation, Koninklijke Philips N.V., and TOPTICA Photonics AG.
Market Drivers:
The growing need for high-speed data communication and internet connectivity drives the global photonics market. According to government statistics, there has been a significant increase in data consumption worldwide. For example, the International Telecommunication Union reported an 82% growth in global internet usage from 2010 to 2020.
Advanced photonics technologies like fiber-optic networks and optical communication systems are needed to support this exponential growth in data consumption. Additionally, government investment in broadband infrastructure development contributes to the growth of the photonics market.
Market Restraints:
A significant challenge facing the global photonics market is the substantial initial investment needed for research, development, and infrastructure setup. Photonics technologies entail intricate processes that demand significant equipment, materials, and skilled personnel investments.
The high upfront cost is a significant obstacle, especially for small and medium-sized enterprises (SMEs) and emerging economies, which restricts their capacity to embrace and leverage photonics technologies fully.
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COVID-19 Impact Analysis:
The pandemic had a significant impact on the photonics market, disrupting global supply chains, manufacturing operations, and consumer demand across industries. The telecommunications sector, which is a major consumer of photonics technology, faced both challenges and opportunities due to the pandemic.
On the one hand, the surge in demand for internet connectivity and remote communication services put a strain on existing infrastructure and created a need for advanced photonics solutions.
Russia-Ukraine Conflict Analysis:
Photonics is an essential technology that utilizes light for a wide range of applications, and it has become a vital aspect of numerous industries, such as healthcare, manufacturing, defense, and telecommunications.
Unfortunately, the ongoing conflict between Russia and Ukraine has caused significant disruptions in the supply chain, altered market dynamics, and strained geopolitical relationships, all of which have had a noticeable impact on the global photonics market. One of the most significant effects of this conflict has been the disruption of the supply chain.
Ukraine is a major producer of specialized components required for photonics devices, including optical fibers, imaging sensors, and lasers. However, the conflict has destroyed infrastructure and disrupted production facilities, causing a shortage of these components and driving up prices. As a result, global photonics manufacturers that rely on Ukrainian suppliers are facing supply shortages, which in turn is making it challenging to meet customer demands.
Recent Developments in the Industry:
- In 2020, U.S.-based Thorlabs introduced a Micro-Electro-Mechanical System (MEMS) Vertical-Cavity Surface-Emitting Laser (VCSEL) Swept-Wavelength Laser. The product offers high-performance laser sources for applications such as optical coherence tomography (OCT) and swept-source imaging.
- Hamamatsu Photonics, a Japanese manufacturer of photonics instruments and products, launched the L11671 CMOS Linear Image Sensor in 2020. The respective high-sensitivity sensor is designed for applications requiring precise and fast image detection, such as industrial inspection, barcode scanning, and spectroscopy.
- Teledyne Imaging, an American manufacturer of advanced imaging solutions for aerospace, defense, industrial, scientific, and healthcare, launched the Zyla 4.2 PLUS sCMOS Camera in 2021. The aforementioned high-performance camera is designed for scientific research applications and offers low noise, high sensitivity, and fast frame rates.
Market Segmentation:
As per the research analysis, the global photonics market is segmented by application into production technology, measurement, medical technology, communication, lighting, information, display, photovoltaics, and others.
- Based on the application, the growth of production technology in the global photonics market is driven by the increasing demand for advanced manufacturing solutions across industries. Photonics-based production technologies offer significant advantages in terms of precision, efficiency, and flexibility, making them highly attractive to manufacturers globally.
Governments have recognized the potential of photonics and have implemented supportive policies to promote its adoption in production processes. Noteworthy product launches in the market further demonstrate the industry's commitment to innovation and pushing the boundaries of what is achievable. As the global photonics market continues to expand, driven by the growth of production technology, stakeholders are well-positioned to capitalize on the opportunities presented by this dynamic and rapidly evolving field.
Geographical Analysis:
The global photonics market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Photonics Market:
The North American photonics market is thriving due to its dedication to technological progress. Specifically, the U.S. has been a leader in photonics research and development, with many universities, research institutions, and companies investing in state-of-the-art technologies. This focus on innovation has resulted in the creation of advanced photonic devices, systems, and components that serve a variety of industries.
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Market KeyPlayers
The major global players include 3SP Technologies S.A.S, Corning Incorporated, Hamamatsu Photonics K.K, Hoya Photonics, Inc., II-VI Incorporated, Infinera Corporation, Innolume GmbH, IPG Photonics Corporation, Koninklijke Philips N.V., and TOPTICA Photonics AG.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data for 2021-2022, and verifiable projections about market size during the forecast period 2023-2030.
- Visualize the composition of the global photonics market segmentation by application, and region, highlighting the key commercial assets and players.
- By Application: Production Technology, Measurement, Medical Technology, Communication, Lighting, Information, Display, Photovoltaics and Others.
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global photonics market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter's five forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
- Excel data sheet with thousands of data points of global photonics market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
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- The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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