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Photonics Market Size and Growth Report | 2023-2028 – GlobeNewswire

| Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 17, 2023 (GLOBE NEWSWIRE) — According to the report published by Fortune Business Insights™, the global photonics market size is expected to further expand from USD 802.5 billion in 2021 to USD 1,267.3 billion by 2028, exhibiting a CAGR of 6.7% during the forecast period of 2023-2028. The global photonics market demonstrated remarkable growth, with a valuation of USD 750.2 billion in 2020.
An in-depth analysis indicates that the demand for photonics-enabled devices will be particularly noticeable across various sectors such as information and communication, healthcare, and industrial production. Light-based technology has gained significant popularity in North America, Europe, and the Asia Pacific region. Additionally, the COVID-19 pandemic has accelerated the need for advanced technology.
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The list of Companies Profiled in the Photonics Market are:
Competitive Landscape
Stakeholders to Emphasize Collaborations to Gain Competitive Edge
To gain a competitive edge, industry players are expected to focus on product launches, technological advancements, mergers and acquisitions, and research and development activities during the assessment period. Current dynamics indicate industry participants will invest in geographical expansion.
Report Coverage
The report provides a comprehensive view of the global market by employing both quantitative and qualitative assessments. It utilizes bottom-up and top-down approaches to offer a holistic perspective on product mapping. The research incorporates numerous primary interviews conducted with opinion leaders, suppliers, and other stakeholders. Primary data was collected through emails, telephonic conversations, and questionnaires, while secondary sources such as press releases, SEC filings, and websites were referred to.
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Report Scope & Segmentation
In terms of application, the market is segmented into information, displays, photovoltaics, medical technology, measure and machine vision, production technology, communication, lighting, optical component, and defense and security.
Based on region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Market Growth Drivers and Restraints
Bullish Demand from Additive Manufacturing to Spur Growth Potentials
The growing adoption of additive manufacturing, particularly in sectors like automotive and chemical plants, is expected to drive the photonics market. The emergence of Industry 4.0 has made sensor-monitored mechanical parts more popular in both emerging and advanced economies. Additionally, the expanding use of laser beam diagnostics and precise performance measures will strengthen the position of leading companies striving to increase their market penetration.
However, the industry growth may be hindered by stringent environmental regulations imposed by watchdogs like REACH. Regulatory restrictions, such as RoHS, which limits the use of certain substances in electrical and electronic equipment, including cadmium, mercury, flame retardants, polybrominated biphenyls (PBB), and chromium VI, could impact the market.
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Regional Analysis
Asia Pacific to Provide Promising Opportunities with Rising Investments in R&D
Asia Pacific is poised to offer promising opportunities due to its growing investments in research and development (R&D) and increasing industrialization. Countries like China have significantly increased their investments in photonics technology. With a rise in production technology and communication applications, industry players are expected to continue investing in the region.
The presence of leading companies makes the U.S. and Canada attractive investment destinations. The photonics market in North America is projected to experience substantial growth during the forecast period. This trend is primarily driven by the inherent ability of light to enhance high-speed data processing and operate at ambient temperature.
In Europe, investments in photonic devices across countries such as the U.K., France, Germany, and Italy will contribute to a strong industry outlook. For instance, in June 2021, the European Photonics Industry Consortium and a nonprofit industry association introduced significant EU acceleration initiatives in various application areas, including automotive and architectural lighting. The region will also benefit from robust demand in defense and security sectors and supportive government policies.
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