Product Developers in Photonics Market Tap into Emerging Demands in Healthcare and Energy Sectors, Market estimated to Clock CAGR of 8% during 2020-2030 - TMR

Energy efficiency of products key consumer proposition players target on all end-use industries, advances in manufacturing methods to support their efforts

Diverse range of applications of photonics drive growth prospects, applications in IT industry to rise at rapid pace

ALBANY, N.Y., May 19, 2021 /PRNewswire/ --

Overview of Photonics Market

The science behind photonics has progressed remarkably over the years. The trend is evident in the ubiquity of photonics-based sensors and detectors in diverse array of applications. Ranging from widespread use in fiber optic communications, the photonics technology is utilized profusely in large assortment of detection, imaging, and sensor industrial and commercial applications. Key of them are in healthcare industry in panoply of medical devices, and for lighting and displays. The commercial use of photonics technology in automotive, and agriculture industries is spurring the market growth.

The photonics market has thus evolved increasingly from the current and emerging state of research and development to meet applications that need precision in detection. Energy efficiency of the growing range of products has been a compelling value proposition for brands that are continuously harnessing optics.

The global worth of the photonics market is projected to exceed a whopping US$ 1.4 Trn in 2030. Rapid uptake in various end-use industries will spur the growth potential in the market.

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Key Findings of Study

• Healthcare Industry Contributes Vast Revenue Streams

The use of photonics technology has made transformative impact on the healthcare. Photonic-based devices have already been used widely in biology and medicine. In recent years, the market has found incredible avenues in meeting the need for advanced diagnostic and therapeutic approaches. Biophotonics are fast emerging as an interesting paradigm, and will gain strength from the efforts to make its use pervasive in optical medical procedures, such as for tumor treatment. Progress made in advanced materials and incorporation of nanotechnologies are opening up new vistas for market players. A recent case in point is the potential of photonics in helping the healthcare sector combat COVID-19 pandemic.

Explore 195 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Photonics Market (Product Type: LED, Laser, Sensor, Detectors & Imaging Devices, Optical Communication Systems & Components, and Others; Application: Measurement & Image Processing, Communication, Information Technology, Display, Lighting, Defense & Security, Optical Components & Systems, Photovoltaic, and Production Technology; and End-use Industry: Medical, Industrial, Defense, Consumer Electronics, Media & Telecommunication, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/photonics-market.html

• Need for Energy Efficient Products in IT Sector Underpins New Avenues

Worldwide, the need for energy-efficient electronics and other commercial products have become more stark than ever, the reason having to do with the groundswell of interest green IT has shown. New optics devices have shown a tall promise for meeting the propositions, thus paving the way for research and development in the photonics market. The expanding array of semiconductor photonic devices and high-end lasers have enriched the product development trends in this regard.  Next-gen photonics will also become a part of telecommunication for various commercial use, thereby shortening the return on investments timeframe. The expanding era of robotics and IIoT is broadening the innovation potential in the photonics market.

Analyze global photonics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

• Next-gen Lighting Technology to Integrate Advanced Photonics

The deployment of new automation technologies in manufacturing has increased over the years, thereby making room to commercialization of high-end products in the lighting industry. New OLED and LED designs have come to the fore with the help of new ways of fabricating photonics devices. Solid-state lighting is another key revenue generator for manufacturers of photonics devices. Rapidly growing penetration of solid-state lighting for general lighting applications around the world is boosting the use of photonics technology.

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Photonics Market: Key Driving Factors and Avenues

• Growing demand for energy-efficient lighting products is a key driver for development of photonics technology and expanding array of photonics-based devices
• Rise in demand for high-end consumer devices has also fueled the growth avenues
• Strides made in manufacturing technologies and production environments are engendering growth of the market
• Giant leaps made in IT sector in several developing and developed countries have boosted the demand

Photonics Market: Key Players

• AGC Inc.
• Shin-Etsu Chemical Co., Ltd.
• Nikon Corporation
• Schott AG
• Koninklijke Philips N.V.
• Corning, Inc.

Explore Transparency Market Research's award-winning coverage of the Global  Electronics and Semiconductors Industry:

Photonic Integrated Circuits [PIC] Market - The global photonic integrated circuits (PIC) market is broadly affected by several factors, including usage of photonic integrated circuits (PIC) in the optical communication sector and increasing application in the biophotonics sector. Thus, expanding applications of photonic integrated circuits (PIC) in different sectors is propelling the global market for photonic integrated circuits (PIC).

Biophotonics Market - TMR projects that the global biophotonics market is estimated to reach value of US$ 100.15 Bn by 2027. Among end-uses, the non-medical applications segment of the global market is expected to witness rapid growth during the forecast period. Among regions, North America is estimated to dominate the global biophotonics market during the forecast period.

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