Photonics Market

NEW YORK, April 6, 2020 /PRNewswire/ -- Photonics Market Research Report: By Product Type (LED, Laser, Sensor & Detector, Optical Component & System), Application (Display, IT, PV, Communication, Medical Technology & Life Science, Measurement & Image Processing, Lighting, Production Technology), End User (Industrial, Telecommunication, Consumer Electronics, Medical, Defense & Security) - Global Industry Size, Share and Growth Forecast to 2030

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The demand for energy-efficient products is rising across the world, as these products work efficiently for long operating hours and have low maintenance costs. The governments of different countries are also launching several renewable energy programs for reducing greenhouse gas emissions from various sectors such as industrial, transport, and construction. Attributed to these factors, energy efficiency has become an important parameter for designing different products including high-performance computing systems. Furthermore, the companies are increasingly making use of energy-efficient solutions such as organic light emitting diodes (OLED) and light emitting diodes (LED) that consume less power in order to comply with the government regulations.
Solutions such as OLED and LED are also referred to as photonics products. Photonics is the science of photon generation, detection, and manipulation via emission, transmission, sensing, switching, signal processing, modulation, and amplification. As per a report , in 2019, the global photonics market generated a revenue of $576.8 billion and is projected to reach a value of $1,214.5 billion by 2030, registering a 6.9% CAGR during the forecast period (2020-2030). Other than LEDs, lasers, optical components & systems, and sensors & detectors are the product types of photonics. Among all these, the largest demand is predicted to be created for optical components & systems during the forecast period.
There are several applications of photonics, namely information technology (IT), communication, measurement & image processing, production technology, display, photovoltaic, medical technology & life science, and lighting. Some other applications include holography and terahertz imaging. The highest demand for photonics products was created for production technology applications during 2014-2019 and the situation is expected to remain the same during the forecast period as well. This is because of the large adoption of lithographic manufacturing processes and laser materials processing. The fastest growth in demand for photonics products is predicted to be generated for lighting applications in the coming years.
The different end users of photonics products are defense & security, industrial, consumer electronics, telecommunication, and medical. Some other industries which make use of these products are entertainment and aerospace. Among all these, the industrial category made the most use of photonics products during 2014-2019 and is further expected to create the largest demand for these devices during the forecast period. This is because of the large deployment of photonics lasers in different manufacturing industries such as automotive and oil & gas. These industries use lasers for several applications including laser marketing, cutting, welding, and drilling. The fastest growth in demand for photonics products is projected to be created by the consumer electronics industry.
The rising adoption of photonics products in communication applications is a key driving factor of the photonics market. Photonics is utilized in communications applications for transferring data. Photonics contains light source as a medium that enables faster way of transferring data than electricity. These days data centers deliver millions of services, processing terabytes of data per second around the world. Due to the growing connectivity of internet, data centers are in need of adding a greater number of servers and fiber optic interconnects for delivering services at a faster rat

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