Global Photonics Devices Market is Attributed to Grow During the Forecast Period Owing to its Low Energy Consumption Feature
The Emergence of Silicon based
Photonics Applications is expected to drive the market of the Global Photonics Devices
Market during the forecast period of 2024-2028.
According to
TechSci Research report, Photonics Devices Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the global photonics
market is anticipated to register a robust growth during the forecast period,
2024-2028, the Global Photonics Devices Market is growing on account of
increasing use of smart display devices in the industry and increasing adoption
of photonics applications by various organization helps decrease power
consumption, improve compatibility, and increase data transmission. Technology
has become the key enabler of excellence and businesses are gradually becoming
mobile as digitalization emerges, the increasing internet penetration are
further enabling customers to adopt advance photonics solutions.
Furthermore, photonics assists organizations in enhancing safety in combustible
environments, increase bandwidth, cost-reduction capabilities, and analytical
capabilities. The growing need for emerging applications of silicon photonics, rising
demand for high-speed broadband services as well as the increase in demand for energy-efficient
and green products are some of the key factors driving the growth of the global
photonics devices market.
Moreover,
the rising shift from Product-Centric to Customer-Centric Experience and increasing
adoption of cognitive technology in the field of cloud computing are
furthermore accelerating the expansion of the photonics devices market across
the globe.
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XX market data Figures spread through XX Pages and an in-depth TOC on "Photonics Devices Market”
The
photonics devices market is segmented into product, application, end-user, and
region. Based on product, the market is further divided into LED, lasers
sensors detectors & imaging devices, optical communication systems &
components, consumer electronics & devices and other. Based on application,
the market is categorized into displays, information & communication
technology, photovoltaic, medical technology & life sciences, measurement
& automated vision, lighting, production technology, and others. The
end-user segment is further divided into building & construction, media
broadcasting & telecommunication, consumer & business automation,
medical, security & defence, industrial and others.
Based
on product, the LED segment is expected to dominate in the Global Photonics Devices
Market during the forecast period as LED’s is gaining popularity as an
alternative light source for fluorescence microscopy and has become possible
due to high adoption of high-brightness LED’s that are revolutionizing the lighting
sector. Moreover, the integration of LEDs in the display applications such as
smart phones and televisions benefits are allowing more enterprises to adopt and
implement advanced light-emitting diodes (LED) and organic light-emitting
diodes (OLEDs) to improve the illumination, energy efficient as well as
economical. Furthermore, the LED segment is also becoming an important entity
for building displays such as billboards, road signs etc. for conveying signals
and back & rear lights for automotive industries. Thus, the LED segment is
growing, enabling the demand for photonics devices market during the forecast
period.
On the
bases of application segment, information & communication technology segment
is expected to dominate in the global photonics market owing to factors such as
the requirement for data generation, data acquisition, processing, utilization,
storage, and retrieval have enabled the information & communication
technology segment to concentrate more on photonics-based solutions in their business
models. Moreover, the growing adoption of amplifier systems, light manipulation
systems, fiber optic cables and data conversion devices and increasing competition
in service providers that have shifted their focus from technology
infrastructure to value added services and enhance customer experience.
Furthermore, the increasing internet penetration rate and emerging technologies
play a significant role in the information & communication technology services,
enabling the adoption of photonics devices in the market.
Key
market players in the global photonics
devices market:
- IPG
Photonics
- Innolume GmbH
- Infinera Corporation
- Hamamatsu Photonics
- Finisar Corporation
- Shin-Etsu Chemical Company
- Nikon Corporation
- Ohara Corporation
- Signify Holding
- Corning Inc.
Recent
Development
On September 22, 2022: Rockley
Photonics Holdings Limited announced the next-generation, higher-density laser spectrophotometer
chip for wearable health monitoring. The
company’s groundbreaking
achievement aims to further increase the density and reduce the size of its
high-density spectrophotometer chips while planning to reduce additional chip
manufacturing costs.
On June 24, 2022: Hamamatsu
Photonics K.K, Japanese developer of photoelectric devices and application
products announced the acquisition of Danish fiber laser manufacturer “NKT
Photonics. Both enterprises had signed an agreement with an aim to add their
innovative technology and strong footprint in Northern Europe to the portfolio.
The acquisition would help Hamamatsu Photonics K.K to expand its laser
applications business in the future.
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“North America is estimated to hold the
largest market share in the global photonics devices market owing to the increasing
adoption of advance next-generation technologies in the United States and
Canada. However, Asia Pacific has experienced significant growth for the photonics
market throughout the forecast period. This is due to the presence of
established companies such as Corning Inc, IPG Photonics, etc. that are
focusing on offering advanced photonics solutions to improve business processes.
Additionally, it is anticipated that the market for nanophotonics and
biophotonics applications would rise as the region’s robust industrial
infrastructure, investment in R&D facilities, and the presence of prominent
players are increasingly adopting laser optics and photonics-enabled
technologies. The need for high-speed transfer in data communication and
centers for telecommunication, military, healthcare, space exploration and aviation and agriculture are
anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Global Photonics Devices Market Segmented By
Product (LED, Lasers Sensors Detectors & Imaging Devices, Optical
Communication Systems & Components, Consumer Electronics & Devices and
Others), By Application (Displays, Information & Communication Technology,
Photovoltaic, Medical Technology & Life Sciences, Measurement &
Automated Vision, Lighting, Production Technology and Others), By Industry
Vertical (Building & Construction, Media Broadcasting &
Telecommunication, Consumer & Business Automation, Medical, Security &
Defence, Industrial and Others), By
Region, Competition, Forecast & Opportunities” has
evaluated the future growth potential of Global Photonics Devices Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Photonics Devices Market.
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