Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "United States Photonics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive analysis reveals that the United States Photonics market is on an upward trajectory, with expectations to expand from USD 111.07 billion to an impressive USD 159.83 billion over the next five years, growing at a CAGR of 6.86%. This growth is spurred by the increasing application of photonics across multiple sectors, including healthcare, automotive, and data communication—the latter anticipated to retain a significant market share due to high demand for enhanced network infrastructures.
The utilization of photonics technology to achieve high efficiency without compromising on energy usage is widely recognized, with the market growth driven by substantial investments from diverse verticals. Silicon photonics, an emerging sector within the field, is anticipated to be particularly influential due to breakthroughs enabling data transmission speeds up to 100Gbps by industry heavyweights.
Advancements in LiDAR and its penetration in various industries, from automotive to mining, further elevate the scope of photonics applications, alluding to the market's burgeoning expansion. The convergence of major technology firms, including leaders in online services and social media, and the need to optimize data transmission processes contribute considerably to the United States market dominance. Notwithstanding, high initial costs present a barrier to broader adoption among SMEs with restrained financial resources.
The pandemic momentarily impacted the semiconductor and photonics industry; however, government efforts to stabilize key sectors have set a trajectory of recovery and growth. Investments in the telecommunications infrastructure and the launch of federal initiatives, such as the Public Wireless Supply Chain Innovation Fund, underscore the prioritization of technological advancement in the country.
Silicon-based Photonics Applications Catalyzing Market Advancement
- With a significant push towards higher data transfer and processing speeds, silicon photonics is revolutionizing the semiconductor industry and increasing energy efficiency for critical applications, such as in data centers.
- The escalating demand for higher-bandwidth communication infrastructures is being met by transitioning from conventional copper and multimode fiber solutions to single-mode fiber-optic alternatives.
- Emerging applications in medical equipment manufacturing are attracting new entrants, leveraging silicon-integrated optics to innovate within the space.
Data Communication Segment Maintains a Robust Market Presence
- Optical solutions in communication technologies are heightening demand within the photonics market, accompanied by continued investments from telecommunication firms in upgrading existing network frameworks.
- With an upsurge in video content consumption via the Internet, the need for robust and extensive broadband infrastructure, including submarine fiber optics cables, is more pressing than ever.
- Government support for faster 5G deployment in the region further cements the segment's significant market position.
The United States photonics industry encompasses a competitive landscape with key players such as Finisar Corporation, Intel Corporation, NeoPhotonics Corporation, and others driving the market. Recent launches, including ams OSRAM's intelligent LED for the automotive sector and Hamamatsu Photonics' new InAsSb photovoltaic detector, underscore the continuous innovations shaping the industry.
This comprehensive market analysis promises to be an invaluable resource for stakeholders, investors, and participants looking to navigate the expansive and dynamic realm of the United States Photonics market.
A selection of companies mentioned in this report includes
- Intel Corporation
- Neophotonics Corporation (lumentum Holdings)
- Infinera Corporation
- Molex Inc.
- Hamamatsu Photonics KK
- IPG Photonics
- Coherent, Inc. (Coherent Corp.)
- Vescent Photonics LLC
- Photonic Systems Inc.
- Thorlabs Inc.
- NEC Corporation
- ams OSRAM AG
- Trumpf Group
- Polatis Incorporated (huber+suhner)
- Alcatel-lucent SA (Nokia Corporation)
For more information about this report visit https://www.researchandmarkets.com/r/bhbzno
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