Photonics Market Growth Opportunities with Development Plans and Competitive Industry Scenario by 2030

Automotive Electronic Locking Systems Market
Automotive Electronic Locking Systems Market

The Photonics Market size on a global scale was recorded as USD 638.00 billion in 2021 and is expected to experience a revenue compound annual growth rate (CAGR) of 7.2% during the predicted period. The market’s revenue growth is driven by significant factors such as the increasing popularity of industry 4.0 technologies, the rapid growth in fiber optic technology, and the rising demand for photonics-based computing.

Photonics technology involves the generation, manipulation, and detection of light across a wide range of applications, and its devices are now widely used in everyday life. Light sources, including LED and laser diodes, have gained immense popularity due to their low cost, small size, lightweight, and longer lifespan. Compared to traditional light sources, solid-state sources produce less heat and consume less energy. LEDs are increasingly being used as a replacement source technology due to their high energy efficiency and cost advantages, thereby driving the market’s revenue growth.

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Key Players Operating in Global Mainframes Market

  • Honeywell International Inc.
  • Hoya Photonics, Inc.
  • Corning Incorporated
  • American Elements
  • Ohara Corporation
  • AGC Inc.
  • Molex, LLC
  • Sicoya GmbH
  • Lumentum Operations LLC.

One of the major hindrances to the revenue growth of the photonics market during the forecast period is the government regulations placed on the import and export of photonics devices that use semiconductors, such as silicon transistor-based computers, semiconductor laser-based devices, and Light-Emitting Diodes (LEDs). Furthermore, the Covid-19 outbreak caused an unprecedented supply shortage that resulted in the closure of semiconductor facilities and an increase in demand for consumer electronics. This is also expected to have a negative impact on the revenue growth of the market.

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Market Segmentation:

By Type Outlook:

  • LED
  • Lasers
  • Detectors
  • Sensors and Imaging Devices
  • Optical Communication Systems
  • Consumer Electronics Devices

By Application Outlook:

  • Display
  • Information and Communication Technology (ICT)
  • Photovoltaics
  • Medical Technologies
  • Lighting

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