reached US$ 744.38 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,080.05 Billion by 2027, exhibiting a growth rate (CAGR) of 6.15% during 2022-2027.
Photonics represents a technology or an area of study that deals with the science of generating, detecting, controlling, and manipulating photons, radiant energies, light, etc. It is considered a subset of various optic disciplines, including geometrical, physical, quantum, etc. In line with this, photonics includes a light-emitting diode (LED), imaging devices, lasers, sensors, and detectors as standard product types. These photonics-enabled equipment offer higher energy efficiency, a longer life span, better accuracy, and faster operations than their counterparts. It ensures data transmission, generates less heat, minimizes energy consumption cost-effectively, etc. Consequently, photonics finds extensive applications in displays, photovoltaics, machine vision, image processing, optical components, medical technologies, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The rising utilization of additive manufacturing (AM) to produce complex components and prototype tools is primarily driving the photonics market. Furthermore, continuous enhancements in the healthcare infrastructures and the escalating demand for non-invasive disease detection that have facilitated the uptake of photonics in imaging techniques and point-of-care technologies are acting as significant growth-inducing factors. Apart from this, the widespread adoption of these solutions in medical and biological research for drug development, medical imaging, laser beam diagnostics, optical coherence tomography (OCT) scanning, etc., to detect health conditions is also positively influencing the global market. Moreover, the inflating need for photonic-enabled connected services is further augmenting the market growth. Besides this, the introduction of residential security systems, amplifiers, switches, light modulation devices, light detection and ranging (LiDAR), and the increasing integration of the Internet of Things (IoT) solutions are expected to fuel the photonics market over the forecasted period.
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure:
The report has been segmented the market into following categories:
Breakup by Type:
Lasers, Detectors, Sensors and Imaging Devices
Optical Communication Systems and Components
Breakup by Application:
Surveying and Detection
Image Capture and Display
Breakup by End User:
Media, Broadcasting and Telecommunication
Safety and Defense
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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