The Global "Photonics Market" is expected to grow at a high CAGR of 5.8% during the forecasting period (2022-2029).
Metrics |
Details |
Market CAGR |
5.8% |
Segments Covered |
By Application and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
To Get a Free Sample Click here
Environmental regulations regarding the availability of raw materials and technological and infrastructural challenges are the market restraints that are hampering the growth of the market. The development of end-products regarding better performance and enhanced sustainability faces considerable challenges, ranging from energy losses to lack of smooth integration and standardization of light-based technologies with conventional systems, electronics, protocols, standards, and other photonics systems. The high demand for robust LED and OLED display systems with improved power, intensity, wavelength tuning specifications is hampered by the high cost of technical system deployment and maintenance of subsequent product upgradation cycles, coupled with the prospect of facing a challenging operating environment.
Based on application, the global market for Photonics is broadly segmented as production technology, measurement, medical technology, communication, lighting, information, display, photovoltaics, and others. Display photonics market was valued at $129.67 billion in 2018 and is expected to reach US$ YY billion by 2029 with a CAGR of YY% during the forecast period 2018 to 2029. This segment held 25% of the global market share in 2018. The rise in usage of high-resolution displays and touch-panel displays for portable devices, including LCD and OLED based products, have positively influenced the growth of photonics market in the segment, with consumer electronics goods supplementing the high demand of end-products.
The display products using photonics technology include LCD, LED-backlit, LED, OLED systems, and display materials such as display glass, liquid crystals, and OLED materials. The market in the Asia Pacific photonics market is much developed, and leading by market share, owing to the strong presence of panel display manufacturers in China and Japan. The companies are focused on the launch of innovative end-products to increase sales revenue and increase market share. For instance, in October 2018, Optoma Corporation introduced a new range of interactive flat panel displays (IFPDs) in 65", 75" and 86" formats and have extensive connectivity with versatile plug and play compatibility with Windows, Mac and Chrome OS devices.
The global Photonics Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. Global Photonics Market was valued at US$ 500.20 million in 2018 and is expected to grow at a CAGR of YY% to reach US$ YY million by 2029.
North America Photonics market was valued at US$ 66.06 billion in 2018 and is expected to grow at a CAGR of YY% to reach YY US$ million by 2029. The continued support from various governmental institutions and strategic collaborations between industries and academia are the key factors driving the growth of the North America Photonics Market. The US accounted for 76% of share of North America photonics market. The photonics market in the US is leading in regional market share owing to the continued technological innovations related to data transmissions through short- and long-distance hauls and the presence of key market players in the region. The market scenario in Canada is expected to witness stable growth in the region owing to wide applications in critical end-user segments such as defense and security, environmental protection, and sensing and measurement in the oil, gas, paper and forestry industries.
Asia Pacific Photonics market was valued at $319.72 billion in 2018 and is expected to grow at a CAGR of YY% to reach YY US$ million by 2029. The Asia Pacific Photonics Market is segmented by country into China, Taiwan, Japan, South Korea, and Rest of Asia Pacific. An increased focus on photonics-based nanotechnology research has become a driving factor in the region, and growth of the electronic and renewable energy industries have further boosted the demand for end-products. The market in China is leading by market share owing to robust growth displayed by photonics industry in manufacturing, telecommunications and consumer electronics, coupled with widespread technological evolution. The companies are focused on mergers & acquisitions to expand product portfolio and strengthen market position. For instance, in November 2018, Philippines-based II-VI Incorporated and Finisar Corporation entered into a definitive merger agreement under which II-VI will acquire Finisar in a cash and stock transaction with an equity value of approximately $3.2 billion.
Some of the key players in the photonics market are 3SP Technologies S.A.S, Corning Incorporated, Hamamatsu Photonics K.K, Hoya Photonics, Inc., II-VI Incorporated, Infinera Corporation, Innolume GmbH, IPG Photonics Corporation, Koninklijke Philips N.V., and TOPTICA Photonics AG.
Major Companies in the Photonics market are engaging in the acquisition of smaller companies. Companies operating in the Photonics market are forming partnerships and alliances for development of novel technologies.
On Nov 14, 2018, Cosemi Technologies Inc., a developer of high-speed connectivity solutions, acquired Optella Co., a provider of optical connectivity for long-reach optical interconnect applications.
On Nov. 13, 2018, Geospace Technologies acquired from PGS Americas Inc. all intellectual property and related assets of PGS’s OptoSeis fiber optic sensing technology business.
On Nov 12, 2018 Optoelectronic solutions developer Plessey Semiconductors Ltd. entered into a collaboration with the EV Group, a supplier of wafer bonding and lithography equipment, to bring high-performance gallium nitride-on-silicon (GaN-on-Si) monolithic microLED technology to the mass market.
On Oct. 22, 2018 Research and innovation hub Imec and lithographic equipment developer ASML entered the next stage of their extreme UV (EUV) lithography collaboration.
Shift in focus towards energy efficient products and rise in adoption of photonics technology are the key drivers for the market growth globally.
The display products using photonics technology include LCD, LED-backlit, LED, OLED systems, and display materials such as display glass, liquid crystals, and OLED materials.
The companies are focused on mergers & acquisitions to expand product portfolio and strengthen market position.
Companies operating in the Photonics market are forming partnerships and alliances for development of novel technologies.
The market in the Asia Pacific photonics market is much developed, and leading by market share, owing to the strong presence of panel display manufacturers in China and Japan.
The photonics technology is vital to the smooth working of a number of devices and services used by consumers on a daily basis such as laser lights, display systems, and optical fiber form.
China, Korea, Taiwan, and Japan are key leading region in the market which hosts the wide range of companies operating in several industry verticals such as Lasers, Medical devices, display, lighting, and semiconductors.
Q. Who are the leading players in the Photonics Market?
A. 3SP Technologies S.A.S, Corning Incorporated, Hamamatsu Photonics K.K, Hoya Photonics, Inc., II-VI Incorporated, Infinera Corporation, Innolume GmbH, IPG Photonics Corporation, Koninklijke Philips N.V., and TOPTICA Photonics AG.
Q. At what CAGR is the Photonics Market anticipated to augment?
A. The Photonics Market is projected to strike CAGR of 5.8%
Q. What is the key driving factors of the Photonics Market?
A. The shift in focus towards energy-efficient products and rise in adoption of photonics technology are the key drivers for the market growth globally.
Solar Photovoltaic Glass Market