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
“The photonics market is projected to grow at a CAGR of 7.0% from 2018 to 2023.”
The photonics market is projected to grow from USD 556.4 billion in 2018 to USD 780.4 billion by 2023, at a CAGR of 7.0%. The increased demand for photonics in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology is expected to drive the growth of the photonics market across the globe. Improved properties, such as better energy efficiency and longer lifespan, contribute to the increased demand for photonics. Growing digitalization and increasing preference for smart infrastructures and smart manufacturing are driving the consumption of these products in the global market. Regulations on some chemical substances used in the manufacturing of photonics products act as a restraint for the photonics market growth.
“The production technology application segment is projected to grow at the highest CAGR from 2018 to 2023.”
Among the applications, production technology segment of the photonics market is projected to grow at the highest CAGR during the forecast period, in terms of value. This expected high growth is attributed to the increasing use of photonics products to improve the process and energy efficiency of production technologies. Increasing adoption of digital model in production workflows resulting in smart manufacturing is also a driving factor for the market
“The LED segment is estimated to be the largest product type segment during the forecast period.”
Based on product type, the LED segment is estimated to lead the photonics market between 2018 and 2023. The growth of this segment is attributed to the increasing use of relatively higher energy-efficient LEDs in the lighting and display applications.
“The Asia Pacific photonics market is projected to grow at the highest CAGR during the forecast period.”
The Asia Pacific photonics market is projected to grow at the highest CAGR between 2018 and 2023, due to the growth of the region’s end-user industries, such as building & construction; media, broadcasting, & telecommunication; medical; industrial; and security & defense. Urbanization and the continuously growing population are also expected to increase the demand for photonics in this region.
Extensive primary interviews have been conducted to determine and verify the market size for several segments and subsegments.
The break-up of primary interviews has been given below.
By Company Type: Tier 1 - 50%, Tier 2 - 35%, and Tier 3 - 15%
By Designation: C Level - 50%, Director Level - 30%, and Others - 20%
By Region: North America - 45%, Europe - 25%, Asia Pacific - 20%, RoW - 10%
The companies profiled in this market research report include 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).
This research report has categorized the photonics market on the basis of product type, application, end-use industry, and region. It includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the photonics market. A detailed analysis of the key players has been done to provide insights on their business overviews, products & services offered, and key strategies, such as investments & expansions and mergers & acquisitions, adopted by them to strengthen their position in the photonics market.
Reasons to buy the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report comprehensively segments the photonics market and provides the closest approximations of the market sizes for the overall market and its sub-segments across different regions.
2. The report is expected to help the stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report is also expected to help the stakeholders understand major competitors in the market and gain insights to enhance their competitive positions in the market. The competitive landscape section includes major industry players from different regions, contributing to the market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook