Photonics Market worth $780.4 billion by 2023 | Key Players include Signify, Schott, Nikon, Shin-Etsu Chemical Company, HOYA, Corning, Asahi Glass, II-VI Inc, OHARA, and American Elements

According to recent market research "Photonics Market by Product Type (LED and Lasers, Detectors, Sensors & Imaging Devices), Application (ICT and Production Tech.), End-Use Industry (Media, Broadcasting & Telecommunication and Consumer & Business Automation) - Global Forecast to 2023", The growth of this market is driven by the increased demand from applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology.

Growing demand for technologically advanced product owing to digitalization, development of smart infrastructures and adoption of smart manufacturing are driving the market.

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The photonics market is projected to grow from USD 530.52 billion in 2017 to USD 795.54 billion by 2022, at a CAGR of 8.4% between 2017 and 2022. Photonics is defined as the science and technology of generating, controlling, and detecting photons, which are particles of light. Photonics products are used in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology as they provide better energy efficiency, high performance, and high precision as compared to conventional products. The end-use industries of photonics include building & construction; media, broadcasting, & telecommunication; consumer & business automation; medical; safety & defense; and industrial.

Consumer & business automation is the fastest growing market for photonics, followed by safety & defense. The preference for high sensitivity and precise measurements in automated and detecting systems has enhanced the demand for photonics products in these end-use industries.

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The global market size of photonics is projected to grow from USD 556.4 billion in 2018 to USD 780.4 billion by 2023, at a compound annual growth rate (CAGR) of 7.0% during the forecast period. The growing use of photonics in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and manufacturing technology is driving the market for photonics globally. The market is expected to witness high growth rates in the Asia Pacific and Europe during the forecast period.

The leading players in the photonics market are Signify (Netherlands), SCHOTT (Germany), Nikon (Japan), Shin-Etsu Chemical Company (Japan), HOYA (Japan), Corning (US), Asahi Glass (Japan), II-VI Inc.(US), OHARA (Japan), and American Elements (US). These players adopted acquisitions, new product launches, and agreements as key growth strategies between 2014 and 2018, which helped them increase their capacities and cater to the widening customer base.

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Philips Lightings has changed its name to Signify NV, but the company will continue to market its products under the Philips brand. The company engages in manufacturing, development, and application of innovative lighting products, systems, and services. The company operates through six business segments, personal health, diagnosis & treatment, connected care & health informatics, health tech other, lighting, and legacy item. The company adopted an organic growth strategy to increase its market share. The company could focus on inorganic growth strategy, which would help them widen their geographical presence and capitalize on the growing markets. For instance, Signify acquired a Chinese lighting product manufacturer, which helped signify enhance its product portfolio and cater to the high demand for urban lighting in China. Also, the company launched new products in India, catering to the needs of the customers.

Nikon Corporation engages in the manufacture and sale of optical instruments. It operates in 4 business segments: Precision Equipment, Imaging Products, Medical, and Instruments. The company manufactures and markets products such as NIKKOR optics and Nikon sports as well as recreational optics. The Imaging Products segment produces and sells film cameras, photographic accessories, interchangeable lenses, digital cameras, Speedlight, software, and related products. The company is focused on producing high-quality products by employing the latest state-of-the-art technology. The company has launched new products and expanded into places such as Europe to attain a higher market share in the global photonics market. In August 2017, Nikon Corporation released the D850 digital SLR camera. The SLR camera offers a combination of high resolution and high-speed performance.

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