As per the most recent study conducted by Future Market Insights, the worldwide photonics market is expected to grow at a compound annual growth rate (CAGR) of 5.8% and reach a valuation of US$ 911.5 billion by 2023. It is anticipated that the photonics industry would reach a total value of US$ 1.6 trillion by the year 2033.
The displays category is expected to grow at a compound annual growth rate (CAGR) of 5.7% throughout the evaluation period, making it the most profitable use of photonics.
The worldwide photonics market is growing as a result of the growing uses of photonics-enabled products in industries such consumer electronics, defence, automotive, and medical devices.
Advancements in photonics have paved way for the development of photonic devices which are used in light emitting diodes, displays, laser devices, displays, photovoltaic cells, and optical amplifiers.
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Displays made using photonics technology are used in advanced electrical vehicles for infotainment purposes. Companies such as Lockheed Martin, General Atomic, and Boeing use photonics technology to manufacture high-energy lasers.
This growing usage of photonics technology making various highly efficient devices and systems is expected to boost the global photonic industry during the assessment period.
Subsequently, growing popularity of biophotonics in healthcare and defense and increasing usage of photonics-enable products in telecommunication, industrial manufacturing, and several other industries will expand the market.
“Widening application area of photonics coupled with increasing investments in research and development could potentially change the course of market dynamics during the next ten years,” said an analyst at FMI.
Key Takeaways from Photonics Market Study
- The global photonics market is forecast to reach a massive valuation of US$ 1.6 trillion by the end of 2033.
- Photonics demand is anticipated to surge at 8% CAGR during the assessment period.
- By application, displays segment is likely to expand at 7% CAGR between 2023 and 2033.
- The United States photonics market is set to accelerate at 2% CAGR throughout the projection period.
- China’s photonics market is forecast to exhibit a CAGR of 3% over the next ten years.
- The overall market size of photonics in Japan is anticipated to reach US$ 253.9 billion by 2033.
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Who is Winning?
Players in the photonics market are investing in research and development to advance in photonics. Besides this, they are introducing new products and forming partnerships and alliances to gain a competitive edge in the market.
Recent Developments:
- In December 2022, Scantinel Photonics, a photonics-based Lidar manufacturer and supplier announced that they have raised EUR 10 million to develop FMCW Lidar. These LiDAR drones to be produced by the company are expected to be cheaper, faster, and easier to produce.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Photonics market, presenting historical market data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study reveals extensive growth in Photonics in terms of application (displays, information, photovoltaics, measure and machine vision, medical technology, production technology, lighting, communication, defense and security, and optical component) across several regions.
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Global Photonics Industry Segmentation
By Application:
- Displays
- Information
- Photovoltaics
- Machine and Measure Vision
- Medical Technology
- Production Technology
- Lighting
- Communication
- Defense and Security
- Optical Components
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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