Global Photonics Market to Grow at a CAGR of 7.5% between 2024 and 2032

The global photonics market is driven by the increasing demand for energy-efficient products and the growing use of photonic products in several applications. The Asia Pacific region is the largest regional photonics market. Within the region, China is the largest photonics market, followed by Japan, South Korea, and India. The Asia Pacific region is driven by the consumer electronics, BFSI, retail, transportation, healthcare, and sports and entertainment industries; as a result, providing lucrative opportunities for the key players of the photonics market. The rising construction activities are supporting the market for photonics significantly.

Schott AG and Corning Incorporated (NYSE: GLW) are the major companies in the global photonics industry. In February 2021, Schott, the pioneer of optical glass, announced at the Photonics West 2021 that it has entered into a strategic partnership with WaveOptics, a leading manufacturer and designer of diffractive waveguides for Augmented Reality devices, where WaveOptics will exclusively use Schott’s RealView, one of the most advanced high index glass, for its next-generation technology.

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Market Analysis by Type, Application, End Use, and Region:

• Based on its types, the photonics market can be divided into LED, lasers, detectors, and sensors and imaging devices, optical communication systems and components, and consumer electronics and devices, among others.

• Photonics finds its application in surveying and detection, production technology, data communication, image capture and display, medical technology, and lighting, among others.

• On the basis of end use, the market is divided into building and construction, media, broadcasting, and telecommunication, consumer and business automation, medical, security and defence, and industrial, among others.

• Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

• The global photonics market is driven by the increasing application of the product in silicone-based photonics.

• The hybrid silicon lasers are used within telecommunications and data centres, further benefiting the centre with the luminous properties of III-V semiconductor materials, thus, enhancing the overall photonics market.

• The technological advancement within light-based technologies is stimulating a new wave of innovation by providing sustainable solutions to the global problems, further aiding the photonics market growth.

• Multiple initiatives like 5G public-private partnership (PPP) and the Future Hyper-connected sociality within the Horizon 2021 EU Research and innovation program are estimated to accelerate the data communication technology segment of the photonics market.

Key Offerings of the Report:

• The EMR report gives an overview of the global photonics market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, applications, end-uses, and regional markets of photonics.

• It analyses the market based on the SWOT and Porter’s Five Forces models.

Schott AG, Hamamatsu Photonics K.K., Nikon Corporation, Hoya Corporation, Corning Incorporated, Ohara Corporation, and Intel Corporation, among others, are the key players in the global photonics market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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