(MENAFN- GlobeNewsWire - Nasdaq) Westford USA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Photonics market will reach a value of USD 796.46 Billion by 2031, with a CAGR of 7.20% during the forecast period (2024-2031). Photonics market is transforming remarkably with speedy growth in industries, resulting in changes in optical and photonics parts naturally. The different industries using photonics comprise healthcare, telecommunications, consumer electronics, manufacturing, and more. One key trend witnessed is in fiber optic sensors, mainly in the energy sector. They are largely integrated in monitoring and measuring applications, of which a few have effects on waste and pollution. The market is propelled by improvements in optical technologies, modernizations in sensing and imaging applications, and the growing demand for high-speed data transfer. Download a detailed overview:
Browse in-depth TOC on the "Photonics Market"
Pages – 165
Tables – 72
Figures – 75
Photonics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 456.67 Billion |
| Estimated Value by 2031 | USD 796.46 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.20% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, End-use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Technological Advancements like Green Photonics, 3D Printing, and more |
| Key Market Drivers | Growing Demand for Energy-Efficient Products |
LED Segment to Dominate Market Owing to Increasing Use in Display and Lighting Purposes
By product type, the LED segment held a majority share of the market in the past years and is anticipated to lead the market over the estimated period as well owing to its mounting use in lights and display applications. Among others, Asia-Pacific demanded LEDs on a wider scale due to increased infrastructure activities and development projects. This rising demand is fueled by energy saving tools used in domains like basic illumination, backlit, and automobiles. Conversely, the laser segment is expected to grow considerably over the forecast period owing to its variety and increased applications. Lasers are widely used in diverse industries including healthcare, telecommunications, manufacturing, and electronics. Their versatile nature makes them important in diverse photonics uses.
Displays Domain Leads Market Due to Mounting Demand for Display Technologies
By application, the displays segment is projected to lead the market over the forecast period owing to heavy demand for display technologies. The progressing consumer electronics market that includes tablets, laptops, smartphones, televisions, and many is remarkably impacting the demand for display technologies, thus driving the segment growth. However, the information segment is expected to lead the market in the coming years due to increasing demand for data transmission. The mounting growth in consumption of data is fueled by cloud computing, the internet, and streaming services, demanding high-speed and superior bandwidth communication technologies. Efficient data transmission needs photonics via advanced technologies like optical fibers, thus segment growth.
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Heavy Investments in Research and Development is Aiding Market Growth in Asia-Pacific
Region-wise, Asia-Pacific held a major share of the market in the past years and is projected to lead in the future as well owing to speedy developments and rising investment in R&D. Growing number of inventions, heavy spending in R&D activities, and first-mover benefit of the region is fueling the market growth. The market is also fueled by the growing number of nations that are centers for major innovations in photonics. Also, the growing use of photonics in the development of fast and accurate electronic components in the future is propelling regional growth.
North America is projected to be the fastest-growing region among others owing to the presence of key players like Microsoft, Facebook, and more that need to enhance data management and perform data transfer for multiple data centers. Moreover, the region is home to several prominent technology businesses and multiple research institutes, fueling innovations in photonics. Also, major investments from public and private sectors are fostering advancements and market growth.
Photonics Market Insight
Drivers:
Growing Technological Advancements
Increasing Demand for High-Speed Data Transfer
Growing Use of Photonics in Healthcare Due to Innovations
Restraints:
High Initial Costs
Technology Complexity
Regulatory Challenges
Prominent Players in Photonics Market
Hamamatsu Photonics K.K. Coherent Inc. Trumpf GmbH + Co. KG IPG Photonics Corporation Newport Corporation Jenoptik AG Thorlabs Inc. SCHOTT AG Corning Incorporated Nikon Corporation
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Key Questions Answered in Global Photonics Market Report
What is the size and share of the Global Photonics Market by 2031, as per SkyQuest Technology? Which key segments are covered in the Photonics Market? Which are the leading players operating in the Photonics Market?
This report provides the following insights:
Analysis of key drivers (emerging applications, government investments and initiatives, integration and miniaturization), restraints (supply chain issues, technological obsolescence, restricted skilled professionals), opportunities (expanding applications, expansion of telecommunication, growth of consumer electronics), and challenges (speedy technological change, strong competition, economic volatility) influencing the growth of photonics market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the photonics market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the photonics market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
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USA (+1) 351-333-4748
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