Nanophotonics Global Market Report 2024 - By Share, Size, Growth, Demand, Forecast To 2033

The nanophotonics market size has grown exponentially in recent years. It will grow from $25.07 billion in 2023 to $33.66 billion in 2024 at a compound annual growth rate (CAGR) of 34.2%. The growth in the historic period can be attributed to rise in demand for consumer electronics, growth in healthcare sector, increased data traffic, rise in autonomous vehicles, economic growth.

The nanophotonics market size is expected to see exponential growth in the next few years. It will grow to $97.88 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The growth in the forecast period can be attributed to rising it and telecommunication industry, growing demand for high-speed data transfer, growing defense sector, rise in research and development, rising disposable income. Major trends in the forecast period include integration of quantum technologies, nanophotonic sensors and detectors, integrated photonic circuits, environmental sensing, industry collaboration.

Market Overview -
The nanophotonic is focused on behavior of light on nanometer scale and also interaction of with light towards nanometersized objects. Nanophotonics or nano-optics is a part of nanotechnology that investigates the behavior of light on nanometer scales.

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Rising Demand For Optical Fiber Technology Drives The Nanophotonic Market
The increasing demand for optical fibers and other telecommunication devices is driving the growth of the nanophotonic market. Adding nanoparticles to the optical fibers has allowed latest and most advanced features like improved refractive index, sensing, computation. For instance, according to IEEE, a professional association for electronic engineering and electrical engineering, India has an optical fiber-based network reaching 28 lakh (100,000) kilometers, compared to the National Broadband Mission's goal of deploying 50 lakh kilometers of optical fiber by 2024. This means that the country still has scope to install more optical fiber with rise in population. Hence, the demand for optical fiber will drive the growth of the nanophotonic market.

Competitive Landscape -
Major companies operating in the nanophotonics market include Carbon Solutions Inc., Cambrios Technologies Corporation, Catalytic Materials, Cnano Technology, Cree Inc., LG Display Co. Ltd., Nanocs Inc., Nanocyl S.A., Nanoco Technologies Ltd., nanoPHAB Inc., Nanosys Inc., Nanostructured & Amorphous Materials Inc., OSRAM Opto Semiconductors GmbH, Philips Lumileds Lighting Company LLC, QD Vision Inc., Quantum Materials Corp., TCL Display Technology Holdings Limited, Sharp Corporation, Novaled GmbH, International Business Machines Corporation (IBM), Fujitsu Limited, Altairnano, Nano Magic LLC., Imina Technologies SA, Kleindiek Inc., eSpin Technologies, Advanced Nano Products Co. Ltd (ANP), Hamamatsu Photonics K.K., Agiltron Inc., Seoul Semiconductor Co. Ltd., Jenoptik AG, Tech-X Corporation, Advanced Microelectronic Center Aachen GmbH, Nanophase Technologies Corporation, Nanospectra Biosciences Inc., Nanostart AG, Nanosurf AG, Nanotronics Imaging

Innovative Products Transforming The Market
The innovative nanophotonic-enabled products is a key trend gaining popularity in the nanophotonic market. The demand for nanophotonic-enabled produces has increased in the past few years. Nanophotonic-enabled products include LES, OLEDs and others. These nanophotonic enabled products are also used in biotechnology, nanomedicine and also in optical diagnostics. For example, in January 2021, Thorlabs Inc., an American privately held optical equipment company, announced the product release to the SPDC810 product line that is expected to cater to the rapidly expanding quantum photonics field. High-intensity photon sources are important for quantum photonics in various applications, from basic photon-matter interactions to device characterization. Therefore, designers employ a fully integrated 405 nm pump source that is adjustable at the front end of a spontaneous parametric down conversion (SPDC) device to generate photon pairs above 450 kHz at 810 nm.

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Key Segments -
The nanophotonics market covered in this report is segmented -
1) By Product: LED, OLED, NFO, Photovoltaic cells, Optical Amplifier, Optical Switches, Holographic Data Storage System
2) By Material: Quantum Dots, Photonic Crystals, Plasmonic, Nanotubes, Nanoribbons
3) By Application: Telecommunications, Entertainment, Consumer Electronics, Indicator And Signs, Lighting, Non-Visual Applications, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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