Global Photonics Market Begins to Feel Impacts of COVID-19

The photonics market is growing on account of the increasing demand for this technology in communication devices and strong focus on energy efficiency.

The revenue generated from the sale of photonic products is expected to rise from $576.8 billion in 2019 to $1,214.5 billion by 2030, witnessing a 6.9% CAGR during 2020-2030 (forecast period).

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The term refers to the creation, manipulation, and detection of photons, an elementary particle with both wave and particle natures, via signal processing, transmission, modulation, emission, amplification, sensing, and switching.

During the forecast period 2019, the LED division is predicted to witness the fastest progress, owing to the rapidly increasing popularity of this technology across the globe.

When segmented by product type, the photonics market is divided into sensor & detector, optical component & system, laser, and light-emitting diode (LED).

Further, LEDs are being used for developing smart digital lighting solutions, as these result in as much as 70% less energy consumption than conventional illuminators.

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The rising focus on adopting energy-efficient practices is one of the key drivers for the rising adoption of photonics. Apart from consuming less energy, such products also have a long shelf life and can work for long hours continuously, which also helps cut down on maintenance and replacement costs.

This is why among all the application categories of the market -- production technology, measurement & image processing, medical technology & life science, lighting, communication, information technology (IT), display, photovoltaics (PV), and others -- lighting will grow the fastest during the forecast period.

In order to check the emission of greenhouse gases (GHG) from buildings, transport, and industries, governments are promoting energy efficiency. With the growing adoption of energy-efficient products and solar energy, the photonics market would also prosper.

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Another key application of the technology is communication, wherein it is used to transmit internet data and cable TV and telephone signals. As photons are light particles, they transmit the data faster than electricity, which is why the concept is gaining popularity at data centers.

Thus, as consumer electronics manufacturers up their production volume to cater to the increasing demand, they will increasingly purchase various photonics products.

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This release was published on openPR.