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According to the new market research report “Photonics Market by Product Type (LED and Lasers, Detectors, Sensors & Imaging Devices), Application (ICT and Production Tech.), End-Use Industry (Media, Broadcasting & Telecommunication and Consumer & Business Automation) – Global Forecast to 2023″, Photonics Market is projected to grow from USD 520.0 billion in 2017 to USD 780.4 billion by 2023, at a CAGR of 7.0 % during the forecast period.
The growth of this market is driven by the increased demand from applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology. Growing demand for technologically advanced product owing to digitalization, development of smart infrastructures and adoption of smart manufacturing are driving the market.
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Intense R&D activities are carried out for the development of energy-efficient products and processes. Photonics-enabled products and services serve as a suitable alternative for conventionally used products. For instance, photonics are used in the field of alternative energy in photovoltaic cells. According to DNV GL, renewable energy is expected to account for about 48.0% of the global primary energy supply by 2050, with solar photovoltaic energy accounting for nearly 13.5% of the global energy supply by 2050. Solar energy is seen as an effective replacement for electricity generation using conventional fuel such as coal and oil & gas. In addition to energy generation, use of photonics products in lighting and displays also provides a significant reduction in energy consumption. The use of LED over conventionally used lightings such as incandescent and CFL has resulted in a substantial decrease in energy consumption.
Though photonics products are generally eco-friendly, a few chemicals added to the products for enhancing the performance are considered to be environmentally hazardous. Chemicals such as arsenic oxide and boron oxide are considered to be toxic, and their usage is restricted by regulatory bodies such as the REACH and the RoHS. Arsenic oxide is used in UV detectors, sensors, and other photonics products.
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The global market size of photonics is projected to grow from USD 556.4 billion in 2018 to USD 780.4 billion by 2023, at a compound annual growth rate (CAGR) of 7.0% during the forecast period. The growing use of photonics in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and manufacturing technology is driving the market for photonics globally. The market is expected to witness high growth rates in the Asia Pacific and Europe during the forecast period.
The leading players in the photonics market are Signify (Netherlands), SCHOTT (Germany), Nikon (Japan), Shin-Etsu Chemical Company (Japan), HOYA (Japan), Corning (US), Asahi Glass (Japan), II-VI Inc.(US), OHARA (Japan), and American Elements (US). These players adopted acquisitions, new product launches, and agreements as key growth strategies between 2014 and 2018, which helped them increase their capacities and cater to the widening customer base.
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Philips Lightings has changed its name to Signify NV, but the company will continue to market its products under the Philips brand. The company engages in manufacturing, development, and application of innovative lighting products, systems, and services. The company operates through six business segments, personal health, diagnosis & treatment, connected care & health informatics, health tech other, lighting, and legacy item. The company adopted an organic growth strategy to increase its market share. The company could focus on inorganic growth strategy, which would help them widen their geographical presence and capitalize on the growing markets. For instance, Signify acquired a Chinese lighting product manufacturer, which helped signify enhance its product portfolio and cater to the high demand for urban lighting in China. Also, the company launched new products in India, catering to the needs of the customers.
Nikon Corporation engages in the manufacture and sale of optical instruments. It operates in 4 business segments: Precision Equipment, Imaging Products, Medical, and Instruments. The company manufactures and markets products such as NIKKOR optics and Nikon sports as well as recreational optics. The Imaging Products segment produces and sells film cameras, photographic accessories, interchangeable lenses, digital cameras, Speedlight, software, and related products. The company is focused on producing high-quality products by employing the latest state-of-the-art technology. The company has launched new products and expanded into places such as Europe to attain a higher market share in the global photonics market. In August 2017, Nikon Corporation released the D850 digital SLR camera. The SLR camera offers a combination of high resolution and high-speed performance.
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