Global Photonics Market Estimated to grow at a CAGR 5.85% to reach US$829.775 billion by 2025
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Photonics Market – Forecasts from 2020 to 2025" to their offering.
Photonics is a branch of science which deals with generation, control, and detection of photons. In other words, photonics refers to a technology which enables users to harness any form of radiant energy which has photon as its quantum unit. Photonics is a very broad field with its applications in almost every industry vertical like consumer electronics, aerospace, healthcare, manufacturing, chemical, and military and defence among others.
According to the report, the Global Photonics Market is projected to increase at a CAGR of 5.85% over the forecast period 2019-2025.
The global photonics market growth is majorly being driven by huge investments by players across industries. Since photonics has gained a very strong traction across all business sectors worldwide and continuous research by scientists is bringing to light many new capabilities of this technology, its adoption across all industries for diverse applications is witnessing a continuous increase. Increasing use of lasers for cleaning across industries is one of the examples of this widespread adoption of photonics. This application is witnessing a continuous inflow of huge investments by many players in order to develop solutions which can aid in tapping the complete potential of this branch of science. For instance, in June, 2018, P-Laser announced its plans to launch a heavy-duty laser cleaning system for end users in nuclear sector. The company is working with Netalux, its Benelux service partner with high expertise in nuclear sector, and will also provide advanced laser beam motion software for this application. Another market player, Laser Photonics, offers C-Robot, a laser cleaning robot, with software which offers very high levels of ease of use and flexibility to the customers. The software allows easy integration of Artificial Intelligence, vision systems, 3D Laser Scanner and other technologies with unmatched ease. As investments like these continue to stream into this sector, growth of photonics market will continue to pick up pace. Other popular application of photonics is in manufacturing sector. Increasing manufacturing across sectors like consumer electronics, communication and technology, aerospace, military and defence, and healthcare among others, and increasing incorporation of photonics into manufacturing practices is shaping the global market growth.
Asia Pacific accounts for a significant share in the global photonics market
Geographically, the global photonics market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific accounts for the largest market share in the global market and the market growth in this region is majorly attributed to rapid growth of consumer electronics and semiconductor sectors in this region. This region also holds a significantly large chunk of the global ICT equipment manufacturing and this trend is expected to continue over the forecast period. Increasing use of advanced technologies for manufacturing and testing across all these sectors is driving the demand for photonics among manufacturers, thus propelling the market growth. North America and Europe are known for state-of-the-art research infrastructure which exists across these regions. Solid growth of aircraft manufacturing sector in these regions, on account of presence of major players like Airbus and Boeing in these regions, is driving with it the demand for technologies and solutions required for manufacturing. This is also increasing the demand for photonics, thus propelling the market growth.
The major players covered as part of the report are IPG Photonics Corporation, Magic Leap, Inc., FLIR Systems, Inc., and Orange Photonics, Inc. among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-photonics-market
This report has segmented the global photonics marketon the basis of following terms:
- Optical Components and Systems
- Solar Energy
- Flat Panel Displays
- Information Technology
- Optical Communications
- Medical Engineering and Life Sciences
- Measurement and Machine Vision
- Production Technology
By Industry Vertical
- Life Sciences
- Security and Defense
Middle East and Africa
- South Korea
Leave a ReplyWant to join the discussion?
Feel free to contribute!