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Nanophotonics Market set to record exponential growth by 2031
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The global nanophotonics market is broadly affected by several factors, including increasing penetration of LED & OLED in optoelectronics industry and rising technical advancements in nanophotonics products.
Nanophotonics Market: Dynamics
Nanophotonics is a part of nanotechnology that is investigating the behavior of light on nanometer scales as well as interactions of nanometer-sized objects with light. Nanophotonics is also considered a branch of electrical engineering, optics, and optical engineering as well as being a branch of nanotechnology.
The continued attention of LED/OLED manufacturers to develop devices that consume less energy and offer high luminance efficiency is propelling the global nanophotonics market. LEDs and OLEDs are majorly used in displays, flat panel displays, and lighting application; these applications have a high penetration of LED & OLED, which is fueling the demand for the nanophotonics.
Moreover, it offers cost-effective solutions for all lighting as well as other application purposes such as displays and large screen displays, and automotive lighting. Increase in focus of governments on energy-saving solutions, rise in utility rebates, and expansion of display and large screen market are propelling the penetration of LED & OLEDs.
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Modern electronic products are designed with high level of integration to offer superior performance with a multitude of functionality. Most nanophotonics products are still under research; the available products, such as nanophotonics LEDs, nanophotonics OLEDs, have been very successful in the market.
LED/OLED structures are of intense research interest for a diverse set of applications, including TV screens, cell phones, and other applications. Furthermore, COVID-19 has increased the demand for nanophotonic high beam LED for ultra-high light sanitization. Thus, increasing penetration of LEDs & OLEDs in the optoelectronics industry is boosting the demand for nanophotonics devices.
Nanophotonics Market: Prominent Regions
The nanophotonics market in North America is projected to expand significantly during the forecast period, owing to the presence of key market players and growing technological advancements. Moreover, countries such as the U.S. and Canada in North America are offering lucrative opportunities for manufacturers on a long-term basis due to the expansion of the industrial sector in the region.
The global semiconductor industry is concentrated in two regions: North America and Asia Pacific. These two regions exhibit stronger growth in various sectors ranging from consumer electronics, IT & telecommunication, and healthcare. North America is a major hub for research and development activities in the field of nanophotonics, as a large number of manufacturers are based in the regions.
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Additionally, increased expenditure on nanophotonics equipment, rapid commercialization of 5G networks, surge in demand for optical communication devices, and expansion of consumer electronics manufacturing are further boosting the nanophotonics market in the region.
Governments in North America are promoting the adoption of energy-efficient devices and offering contracts to various companies, which is likely to boost the demand for nanophotonics and consequently, propel the nanophotonics market in North America.
In the U.S., the demand for nanophotonics devices has been rising consistently due to increase in adoption of nanophotonics in data communication, medical science, photovoltaic, consumer electronics, biotechnology, networking, and IT & Telecommunication industries.
The nanophotonics market in North America is projected to expand further due to growing research & development activities and government initiatives to boost the semiconductor industry, which majorly contributes to the expansion of the nanophotonics market in the region. The market in North America is estimated to reach a value of US$ 9.34 Bn by 2031. The nanophotonics market in North America is likely to expand at a notable CAGR of 7.4% during the forecast period.
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Nanophotonics Market: Key Players
Key players operating in the global nanophotonics market are OSRAM Opto Semiconductors GmbH, Hamamatsu Photonics K.K., Nanosys Inc. QD Solar Inc., Agiltron Inc., Seoul Semiconductor Co., Ltd., Jenoptik AG, Thorlabs, Inc., ROHM CO., LTD., and OLEDWorks.
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