According to the new market research report “Photonics Market by Type (LED, Lasers, Detectors, Sensors and Imaging Devices, Optical Communication Systems & Networking Components, Consumer Electronics & Devices), Application End-Use Industry, and Region – Global Forecast to 2025″, The Photonics market is estimated to be USD 593.7 billion in 2020 and is projected to reach USD 837.8 billion by 2025, at a CAGR of 7.1 % between 2020 to 2025. The Photonics market is driven by the growing application of photonics-enabled products in the healthcare sector, information and communication sector, and industrial sector.
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LED segment account for the largest share in the overall Photonics market. LED products are energy efficient and available at affordable prices—increasing usage of LED in lighting and display applications to drive its demand during the forecast period. APAC accounted for the largest market share of the LED product type segment in 2019. Energy-saving measures drive the surge in demand from applications such as general lighting, automotive, and backlighting.
By application, the Photonics market is classified into seven main end use application, namely Displays, Information & communication technology, Photovoltaic, Medical Technology & Life sciences (Bio photonics), Measurement & automated vision, Lighting and Production Technology.
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The Photonics market is estimated to be USD 593.7 billion in 2020 and is projected to reach USD 837.8 billion by 2025, at a CAGR of 7.1% between 2020 to 2025. Growing application of photonics enabled products in the healthcare sector, information and communication sector, and industrial manufacturing sector is the major drivers of the global Photonics market during the forecast period.
Photonics is the science and technology of generating, controlling, and detecting photons through refraction, reflection, transmission, dispersion, polarization, detection, absorption, and transformation of light. Photonics are used in a wide range of applications such as displays, information and communication technology, photovoltaic, medical technology, and life sciences, lightning, production technology.
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Expansions, investments, and agreements were the key strategies adopted by the major players to achieve growth in the global Photonics market between 2018 and 2020. The major players in the Photonics market are Signify, Schott, Shin-Etsu Chemical Company, Nikon Corporation, and Hoya.
The impact of the COVID-19 pandemic on the Photonics market is negative in 2020 due to supply chain disruption, containment restrictions, and the fall in demand for Photonics enabled products to some extent. Whereas the demand for Photonics enabled products is expected to increase as the imposed restriction are removed.
The companies have initiated the following developments:
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