Photonics Market overview:
Thephotonics market is predicted to raise from $ 556.7 billion in the year 2020 to $ 780.1 billion by the end of the year 2025, with a current CAGR of 7.5 % from the year 2020 to 2025. Photonics is the science of light. It is a technology to control, detect and generate photons and light waves that are particles of light. Photonics is considered one of the Key Enabling Technologies (KETs) in the recent past, which has led to the development of new products and services with significant economic benefits. The great diversity of devices with photonic components is predicted to have a positive impact on worldwide call for this technology. Photonics is a technologically advanced field, which is at the forefront of innovation and R&D, and is therefore predicted to incorporate substantial expansion prospects during the foreseen period.
Impact of Covid 19 on the Photonics Market:
The pandemic has affected worldwide laser markets in many ways. While some sectors have suffered much more than others, overall expansion trends and revenue figures are not being affected as badly as feared - until now. The COVID-19 pandemic will be a boon for laser communications revenue. The virus has forced millions of workers from their work desks to their home offices, and for many of those workers the change will be permanent. Telecommunications companies are already beginning the monumental task of upgrading their networks for the new home topology job.
Market drivers and restraints:
The industry has significant expansion opportunities over the next eight years. The key impact of photonic technology on power delivery is presumed to provide increased photovoltaic efficiency in next-generation solar cells to make photovoltaics competitive with power generation from fossil fuels. Advanced products such as polysilicon photovoltaic, thin film photovoltaic, dye-sensitized photovoltaic and other new developments, such as the integration of nanoparticles in solar cells and nanostructure substrates, are predicted to drive the call for photonic components in energy sources. renewable energy above foreseen period. However, large initial investments and a lack of appropriate international standards in technology are predicted to challenge the expansion of the industry during the foreseen period. The high cost of the technology and the risk of thermal effect have led to a limited commercialization of this technology in the world. Furthermore, technological obsolescence and the growing presence of counterfeit technologies around the world are predicted to challenge the expansion of the industry in the near future. Displays are predicted to become a predominant application segment over the next eight years due to the escalating development of sharper, better color, energy efficient, cheaper and thinner displays. The escalating adoption of flexible displays, miniaturized displays, holographic displays, enhanced touchscreens, and motion feedback displays is predicted to lead to the development of new products and the improvement of existing products.
To know more, click on the link below:
Report segmented as:
By product type:
- LED and lasers
- Sensors and imaging devices
- production tech.
By end use industry:
- broadcasting and telecommunication
- consumer and business automation
APAC is the largest photonics market and this trend is predicted to continue through 2025. China was the largest market in the region, followed by Japan, South Korea, and India in 2020. Consumer electronics industries, retail, BFSI, healthcare, transportation and sports and entertainment contribute significantly to the expansion of the photonics market in the APAC region. These industries offer huge potential for the photonics market due to growing consumer awareness and escalating adoption of electronic devices in various industries, especially in countries such as China, India and South Korea. . Increased construction activity in the APAC region is contributing significantly to the expansion of the photonics market in the region. Asia Pacific (APAC) formed the largest photonics market in 2020, followed by North America, and furthermore, it is predicted to grow at the highest rate during the current foreseen period. China is predicted to be the largest photonics market in the APAC region by 2025, where India is also predicted to grow at a rapid pace. In North America, the United States will be the main market for photonics along with other developed and developing economies around the world, helping to increase the overall call for photonics.
Sample Copy of the with Latest Industry Trends:
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
Market Data Forecast