Photonics Market is Forecasted to Reach US$ 993.56 Billion in 2028, Says Stratview Research

The global photonics market is projected to witness a growth rate of 7.05% annually from 2023 to 2028, with an anticipated size of US$ 993.56 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global photonics market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/1313/photonics-market.html#form

Report Highlights:
Market Size in 2028: US$ 993.56 billion
Growth (CAGR): 7.05% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Photonics Market:

The global photonics market is segmented based on product type, application type, end-use industry type, and region.

Based on product type - The market is segmented as LED, lasers, detectors, and sensors & imaging devices, optical communication systems & components, consumer electronics & devices, and others. The consumer electronics & devices segment is expected to be the fastest-growing segment during the forecast period. Consumer electronics include products such as watches, holography, scanners, and optical computer devices such as optical mice. The increasing demand for these products, globally, is driving the growth of this segment.

Based on application type - The market is segmented as display, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology, and others. The information & communication technology segment is expected to remain the dominant market during the forecast period due to the increasing number of internet users and increase in data usage. Technological advancements such as high-speed optical fiber internet connectivity and digitization are going to rise the demand for this segment.

Based on end-use industry type - The market is segmented as building & construction, media, broadcasting & telecommunication, consumer & business automation, medical, security & defense, industrial, and others. The media, broadcasting & telecommunication segment leads the market owing to photonics being used in a wide range of applications such as display, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology, and others.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1313/photonics-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is estimated to be the largest market during the forecast period. This growth outlook is majorly attributed to the following-

• Owing to the increasing spending of government on digitization and increasing usage of photonic products in various applications such as lighting, information & communication technology, and displays.

Photonics Market Drivers:

Some of the key drivers listed in the report are given below.
• Increased demand for high-speed data communication: Photonics is widely used in data transmission over optical fibers, which is considered the backbone of modern telecommunications networks. As the demand for high-speed data communication continues to grow, the demand for photonics is also expected to grow.

• Growing adoption of fiber optic sensors: Fiber optic sensors are used in a wide range of applications including telecommunications, the oil and gas industry, medical imaging, and manufacturing. As the adoption of fiber optic sensors grows, the demand for photonics is also expected to grow.

• Development of new photonic technologies: Quantum photonics, metamaterials, biophotonics, holographic imaging, etc. are just a few of the many new photonic technologies that are being developed. For instance, in June 2023, the University of Rochester launched a new tool for generating microwave signals that could help propel advances in wireless communications, photonic technology, and more. Frequency combs are photonic devices that produce many equally spaced laser lines, each locked to a specific frequency to produce a comb-like structure. Such technologies have the potential to revolutionize many industries, and as they mature, the photonics industry will grow concurrently.

• Advancements in applications of photonics: Photonics is being used in a variety of new applications, such as 3D printing, medical diagnostic and energy harvesting, etc. As these new applications upgrade, the demand for photonics is also expected to grow. For instance, in October 2022, Nanoscribe introduced its latest 3D printer 'Quantum X shape', an ultra-precise 3D printer that offers alignment accuracies down to 100nm enabling the printer to print freeform optical elements directly onto optical fibers, photonic chips, etc.

Top Companies in the Photonics Market:

Stratview Research has identified the following companies as the top market players.
• AGC Inc.
• American Elements
• Corning Incorporated
• Hoya Corporation
• II-VI Incorporated
• Nikon Corporation
• Ohara Corporation
• Schott AG
• Shin-Etsu Chemical Company
• Signify Holding.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Photonics Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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This release was published on openPR.