Photonics Market Share and Growth Analysis-2021
Photonics Market overview:
The photonicsmarket is predicted to raisefrom $ 556.7 billion in the year 2020 to $ 780.1 billion by the end of the year2025, with a current CAGR of 7.5 % from the year 2020 to 2025. Photonics is thescience of light. It is a technology to control, detect and generate photonsand light waves that are particles of light. Photonics is considered one of theKey Enabling Technologies (KETs) in the recent past, which has led to thedevelopment of new products and services with significant economic benefits.The great diversity of devices with photonic components is predicted to have apositive impact on worldwide call for this technology. Photonics is atechnologically advanced field, which is at the forefront of innovation andR&D, and is therefore predicted to incorporate substantial expansionprospects during the foreseen period.
Impact of Covid 19 on the PhotonicsMarket:
The pandemic has affected worldwide laser markets in manyways. While some sectors have suffered much more than others, overall expansiontrends and revenue figures are not being affected as badly as feared - untilnow. The COVID-19 pandemic will be a boon for laser communications revenue. Thevirus has forced millions of workers from their work desks to their homeoffices, and for many of those workers the change will be permanent.Telecommunications companies are already beginning the monumental task ofupgrading their networks for the new home topology job.
Market drivers and restraints:
The industry has significant expansionopportunities over the next eight years. The key impact of photonic technologyon power delivery is presumed to provide increased photovoltaic efficiency innext-generation solar cells to make photovoltaics competitive with powergeneration from fossil fuels. Advanced products such as polysiliconphotovoltaic, thin film photovoltaic, dye-sensitized photovoltaic and other newdevelopments, such as the integration of nanoparticles in solar cells andnanostructure substrates, are predicted to drive the call for photoniccomponents in energy sources. renewable energy above foreseen period. However,large initial investments and a lack of appropriate international standards intechnology are predicted to challenge the expansion of the industry during theforeseen period. The high cost of the technology and the risk of thermal effecthave led to a limited commercialization of this technology in the world.Furthermore, technological obsolescence and the growing presence of counterfeittechnologies around the world are predicted to challenge the expansion of theindustry in the near future. Displays are predicted to become a predominantapplication segment over the next eight years due to the escalating developmentof sharper, better color, energy efficient, cheaper and thinner displays. Theescalating adoption of flexible displays, miniaturized displays, holographicdisplays, enhanced touchscreens, and motion feedback displays is predicted to leadto the development of new products and the improvement of existing products.
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Report segmented as:
By product type:
· LED and lasers
· Detectors
· Sensors and imagingdevices
By application:
· ICT
· production tech.
By end use industry:
· media
· broadcasting andtelecommunication
· consumer and businessautomation
Geographical analysis:
APAC is the largest photonics market and this trend ispredicted to continue through 2025. China was the largest market in the region,followed by Japan, South Korea, and India in 2020. Consumer electronics industries,retail, BFSI, healthcare, transportation and sports and entertainmentcontribute significantly to the expansion of the photonics market in the APACregion. These industries offer huge potential for the photonics market due togrowing consumer awareness and escalating adoption of electronic devices invarious industries, especially in countries such as China, India and SouthKorea. . Increased construction activity in the APAC region is contributingsignificantly to the expansion of the photonics market in the region. AsiaPacific (APAC) formed the largest photonics market in 2020, followed by NorthAmerica, and furthermore, it is predicted to grow at the highest rate duringthe current foreseen period. China is predicted to be the largest photonics marketin the APAC region by 2025, where India is also predicted to grow at a rapidpace. In North America, the United States will be the main market for photonicsalong with other developed and developing economies around the world, helpingto increase the overall call for photonics.
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The Scope of the report:
This report offers the current productand services market evaluation and the future estimation of the market. Ithelps us understand the market better through size anticipation and CAGRcalculation to estimate the next market. It has a broader segmentation forbetter understanding of the enterprising of the market at a low level bysegregating the market into smaller sectors.
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