Photonics Market Revenue Predicted to Soar Between 2020 and 2030

The global photonics market generated a revenue of $576.8 billion in 2019, and it is predicted to reach a value of $1,214.5 billion by 2030. According to the forecast of the market research company, P&S Intelligence, the market will advance at a CAGR of 6.9% from 2020 to 2030 (forecast period). The market is being driven by the surging adoption of photonics products in communication applications and the burgeoning demand for energy-efficient products across the world.

Over the last few years, the demand for energy efficiency has grown massively and it has also become a crucial parameter in the development of various high-performance computing systems, as energy-efficient systems need less fuel to function and can operate efficiently for a long period of time without requiring extensive maintenance. Moreover, the governments of many countries are launching renewable energy progrms to reduce greenhouse gas (GHG) emissions from the transport, residential, and industrial sectors.

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This is further boosting the requirement for energy-efficient products such as light-emitting diodes (LEDs), lasers, displays, and organic light-emitting diodes (OLEDs), as these devices help the government mitigate the rising environmental degradation by consuming less energy than the conventional systems. Additionally, the implementation of favorable government policies regarding eco-friendly products is encouraging companies such as Hamamatsu Photonics KK, Osram Licht AG, and NeoPhotonics Corporation develop energy-efficient devices. This is subsequently causing the growth of the photonics market.

Apart from the above-mentioned factor, the soaring demand for the adoption of smart sensors, internet of things (IoT), and automation in the manufacturing industry, on account of the Industry 4.0 revolution, is also driving the expansion of the market. Innovations and advancements in Industry 4.0 depend heavily on developments in sensor and laser technologies and optical fibers. Moreover, as these fibers and advanced sensor and laser technologies are extensively used in smart factories, the growing demand for smart manufacturing is massively propelling the sales of photonics products.

Depending on application, the photonics market is categorized into production technology, measurement & image processing, medical technology & life science, communication, lighting, information technology (IT), photovoltaic (PV), and display. Out of these, the lighting category is predicted to demonstrate the highest growth rate in the market in the forthcoming years. This is ascribed to the burgeoning demand for lighting solutions in several general lighting applications such as entertainment lighting, retail lighting, and agricultural lighting.

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Geographically, the Asia-Pacific (APAC) region dominated the photonics market in 2019, with China accounting for the majority shares in the regional market. This is credited to the presence of numerous manufacturing industries and facilities in the country. For example, the Eastern provinces of Jiangsu, Shandong, Zhejiang, and Fujian are home to diverse manufacturing industry. Moreover, the country's automobile parts and components manufacturing facilities and zones are situated in the eastern region.

Therefore, it can be safely said that due to the soaring demand for energy-efficient products and the rapid development of smart factories, the market will exhibit huge expansion all over the world in the coming years.

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This release was published on openPR.