Nanophotonics Market – Evolving Industry Trends, Key Insights 2030

The global nanophotonics market was valued at US$ 12.80 Bn in 2020. It is estimated to expand at a CAGR of 7.3% from 2021 to 2031. The global nanophotonics market is expected to exceed the value of US$ 27.56 Bn by the end of 2031.

Many companies and manufacturing industries have temporarily shuttered their business activities due to prolonged lockdown and rapidly spreading coronavirus across the globe. Manufactures are adopting new trends and technologies to develop nanophotonics products that are useful in different end-use industries. Increasing initiatives by governments to support manufacturing industries, along with the strong presence of manufacturers operating in the nanophotonics market are driving the market growth amid the coronavirus pandemic.

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Rise in the number of manufacturers in consumer electronics due to increase in demand from consumers are driving the nanophotonics market. There has been a rapid growth in sales of smartphones, laptops, smart devices, PCs, tablets, wearable devices, etc. during the coronavirus pandemic. Nanophotonics devices can be widely used in electronic component such as LED, OLED, sensors, memories, and photovoltaic cells, etc. Moreover, ongoing research & development in the field of nanophotonics is fueling global expansion.

Rise in Application in Various Industries Due to Technological Advancements in Nanophotonics
The increasing demand for nanophotonics products is due to rising application in various end-use industries. This is expected to drive the nanophotonics market. Nanophotonics devices are increasingly being used in a growing range of applications in healthcare, IT & telecommunication, and automotive industries. The global market is driven by increasing applications of nanophotonics in consumer electronics for manufacturing electronic components. There are many industries that benefit from nanophotonics science.

Nanophotonics is a study of the interaction of matter and light at the nanometer scale. It is the scientific way of using nanotechnology in photonics or photonics in nanotechnology. Many developing countries are investing in research and development activities in nanophotonics. Digitalization, advancement in telecommunication and biotechnology, rising implementation of artificial intelligence, and surge in Internet penetration globally are some of the factors responsible for the growth of the nanophotonics market.

The increasing demand for devices that consume less energy and offer high luminance efficiency is fueling the growth of the global market.

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The rising usage of nanophotonics LEDs and OLEDs for manufacturing flat panel displays and lighting applications is responsible for market growth. These energy-saving and cost-effective solutions are increasingly becoming popular with end users. Developing countries are increasing their focus on energy saving solutions. The growing popularity of large screen displays in consumers is propelling the penetration of LED & OLED.

LED/OLED are used in a wide range of applications such as TV screens, cell phones, and other electronics. In addition, there has been an increasing demand for nanophotonics high beam LEDs for ultra-high light sanitization during COVID-19 pandemic. The rising penetration of Internet, along with advancement in digitalization is contributing to the market growth in Asia Pacific during the forecast period. There is a growing presence of manufacturing companies operating in North America, India, and China. Major players in the nanophotonics market are expanding their business by collaborating with small and medium-scale manufactures.