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Photonics technology incorporates the capture, emission, transportation and utilization of light energy. Photonics products are widely used across several end-use sectors such as consumer electronics, healthcare, industrial, and commercial sectors. They are used in lighting systems, imaging devices, displays, fiber optics communication and other optoelectronic devices. Photonics products provide advantages like high speed, accuracy and energy efficiency. The growing need for enhanced networking, lighting solutions, medical devices and imaging systems is accelerating the demand for photonics products.
The global Photonics Market is estimated to be valued at US$ 757.03 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements in the field of photonics have opened up growth opportunities for product innovation. Continuous research and development is enabling new applications of photonics technology. For instance, integration of photonics with CMOS fabrication technology allows manufacturing of photonic chips or integrated photonic circuits on a silicon platform. This enables compact device design and system-on-chip integration capabilities. Further, emerging technologies such as LiFi and optical wireless communications are incorporating new types of photonics solutions for enhanced speed and connectivity. Key market players are actively engaged in developing specialized products catering to the needs of various end-use industries such as consumer electronics, healthcare, industrial and commercial sectors. The increasing technological advancements are expected to accelerate the demand for photonics products over the forecast period.
Key players operating in the photonics market are Carl Zeiss AG, Hamamatsu Photonics KK, Schott AG, Intel Corporation, Photonics SAS, Polatis Photonics Inc., Philips Photonics, Alcatel-Lucent SA, Osram Licht AG, Molex Inc., IPG Photonics, Infinera Corporation, Finisar Corporation and NEC Corporation. Carl Zeiss AG holds prominent market share owing to wide product portfolio and global presence across healthcare, industrial and semiconductor sectors.
Segment Analysis
The global photonics market is segmented into applications such as healthcare, lighting, display & imaging, telecommunications and others. The healthcare segment dominates the global photonics market with over 30% market share. The demand for photonics solutions is high in the medical field for diagnosis and treatment of various diseases. Photonics-based technologies such as laser imaging, low coherence reflectometry and spectroscopy enable accurate and minimally invasive medical procedures.
Regional analysis: Asia Pacific region dominates the global photonics market with over 45% market share owing to high demand from healthcare, IT and telecommunication sectors from developing countries such as China and India. Increasing manufacturing activities in optics and photonics components in countries such as China and availability of cheaper labor propels the market growth in the region.
Key Takeaways
The global Photonics Market is expected to witness high growth in the forecast period due to increasing application areas.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
