Photonics Market to Reach $750 Billion by 2023
July 19, 2019 | Business WireEstimated reading time: 1 minute
The photonics market is projected to grow from $556.4 billion in 2018 to$780.4 billion by 2023, at a CAGR of 7.0%.
The increased demand for photonics in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology is expected to drive the growth of the photonics market across the globe. Improved properties, such as better energy efficiency and longer lifespan, contribute to the increased demand for photonics.
Photonics is the science and technology of generating, controlling, and detecting photons that are particles of light. The main function of photonics is to obtain, convey, or process information through the use of light.
Photonics harnesses light and hence is used in lasers, optical fibers, and lighting systems. Lasers are an intense beam of monochromatic light generated by the stimulated emission of photons. They are used for non-invasive surgeries, welding & cutting in the automobile and manufacturing sectors, surveying & ranging applications in security & defense systems.
Optical fibers have applications in the transmission of communication signals over long distances; whereas lighting systems use photonics in the form of CFLs and LEDs that are commonly found in constructional lightings, displays, and screens. Market players are exploring more applications of photonics by focusing on continuous research & development (R&D). The media, broadcasting & telecommunication segment is the largest consumer of photonics. Photonics is also used in the building & construction, industrial, and security & defense sectors.
The increasing need for energy-efficient products and the rising adoption of photonics products in various applications are factors contributing to the growth of the photonics market. However, stringent environmental regulations on the use of some chemical substances are hampering the performance of photonics products, which is restraining the photonics market. Although photonics-enabled products and services cost high and there is intense competition in the market, technological advancements reducing the cost of photonics products and growing demand from emerging markets are expected to provide growth opportunities for the key market players.
The leading players in the market are Signify (the Netherlands), Schott (Germany), Nikon (Japan), Shin-Etsu Chemical Company (Japan), Hoya (Japan), Corning (US), Asahi Glass Company (Japan), II-VI (US), OHARA (Japan), and American Elements (US).
Suggested Items
Microsoft, Google Join as Sponsors for First-Ever AI Expo for National Competitiveness
04/19/2024 | SCSPThe Special Competitive Studies Project (SCSP), a non-partisan, non-profit project dedicated to strengthening America’s long-term competitiveness in artificial intelligence (AI), announced today two additional sponsors of the AI Expo for National Competitiveness.
IDTechEx Explores the Role of 3D Cu-Cu Hybrid Bonding in Powering Future HPC and AI Products
04/18/2024 | PRNewswireSemiconductor packaging has evolved from traditional 1D PCB levels to cutting-edge 3D hybrid bonding at the wafer level, achieving interconnecting pitches as small as single micrometers and over 1000 GB/s bandwidth. Key parameters, including Power, Performance, Area, and Cost, are crucial considerations
Intel Brings AI-Platform Innovation to Life at the Olympic Games
04/18/2024 | BUSINESS WIREIntel announced its plans for the Olympic and Paralympic Games Paris 2024. Bringing AI Everywhere, Intel will implement artificial intelligence technology powered by Intel processors on the world’s biggest stage.
Adura Solutions Exhibits at Del Mar 2024
04/18/2024 | Adura SolutionsSumit Tomar, CEO of Adura Solutions, has announced that his company will be exhibiting at this year's Del Mar Electronics and Manufacturing Show to be held at the Del Mar Fairgrounds, San Diego, California, April 24-25.
Australian Flow Batteries and The SCHMID Group Announce Groundbreaking Memorandum of Understanding
04/17/2024 | SCHMID GroupAustralian Flow Batteries Pty Ltd (AFB), a leader in innovative energy solutions and economical, safe, and reliable power storage, and SCHMID Energy Systems GmbH a company of the German SCHMID Group, a global technology leader with a rich history in delivering innovative solutions across multiple industries including Electronics, Renewables, and Energy Storage sectors, are thrilled to announce the signing of a Memorandum of Understanding (MoU)