Photonics Market
Photonics Market Forecasts to 2028 – Global Analysis By Type (Consumer Electronics & Devices, Lasers, Detectors, Sensors, and Imaging Devices, Light Emitting Diode (LED)), Product (Silicon (Si) Photonics, Photo Detectors, Optical Waveguides), Manufacturing Industry (Laser Material Processing Lithography) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $657.75 BN |
|
Projected Year Value (2028) |
US $1196.95 BN |
|
CAGR (2021 - 2028) |
10.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Photonics Market is accounted for $657.75 billion in 2021 and is expected to reach $1196.95 billion by 2028 growing at a CAGR of 10.3% during the forecast period. Photonics is a technology for generating and harnessing the light and other forms of energy which has quantum structure of photon. Photonics technology is used for lasers, optics, fiber-optics, and electro-optical devices among others. Purposes such as modulation, transmission, signal processing, switching, amplification, and sensing can be done through photonics.
Market Dynamics:
Driver:
Rise in Energy-Efficient Products Demand
For development of energy-efficient products and processes, intensive R&D efforts are carried out. Photonics-enabled products and services are a viable replacement for traditional items. Increased acceptance of photonics-enabled products. Photonics-enabled products have become more popular around the world as a result of long-term benefits they provide. In comparison to other options, photonics-enabled devices offer advantages such as higher energy efficiency, longer product lifespan, better precision, and faster operation. As a result, consumers are turning to photonics-enabled devices.
Restraint:
Strict Environmental Laws
Performance of photonics goods is being hampered by strict environmental laws. Though most photonics products are ecologically safe, a few compounds used to improve performance are deemed toxic to the environment. Toxic chemicals like arsenic oxide and boron oxide are regulated by regulatory agencies like REACH and the RoHS. UV detectors, sensors, and other photonics products contain arsenic oxide thereby, hampering market growth.
Opportunity:
Technological advancements
Technology is evolving rapidly, technological advancements leading to new innovative avenues. Several new technological advancements have led to new areas of application, which widens the scope of it. Areas of advancement in technologies include 3D printing, displays, green photonics, photodetectors, sensors, and imaging. Shortwave-infrared radiation (SWIR) is used for the precise diagnosis of ear infections. It is now used for Covid-19 detection with minimal time.
Threat:
Strong Competition
Photonics products have gathered much attention because of their excellent performance and energy-saving capabilities. They are used extensively, and their markets are price-driven. However, photonics products are cost-effective in the long run due to their durability and energy-saving capabilities. There is a rising level of competition in the market owing to the presence of a large number of established players.
Information and Communication Technologies (ICTs) segment is expected to be the largest during the forecast period
The increasing number of internet users and increase of data usage, technological advancements such as high-speed optical fiber internet connectivity and digitization are going to raise the demand for this segment. In the information and communication technology application, Photonics technology is majorly used for data generation, transformation, data transmission and storage, data conversion, and data usage. Devices that are used in each of these processes are a part of the photonics materials & component industry. Also, there are services based on these processes that utilize photonics. The photonics materials & component industry includes devices used for data conversion, amplifier systems, light modulation systems (modulators, switches, and routers), and fiber optic cables.
The Light Emitting Diode (LED) segment is expected to have the highest CAGR during the forecast period
A light-emitting diode (LED) is a semiconductor light source that emits light when current flows through it. Electrons in the semiconductor recombine with electron holes, releasing energy in the form of photons. LED products are energy efficient and available at affordable prices—increasing usage of LED in lighting and display applications to drive its demand during the forecast period. Energy-saving measures drive the surge in demand from applications such as general lighting, automotive, and backlighting.
Region with highest share:
The Asia Pacific is projected to hold the highest market share, because of the presence of emerging economies such as China and India. The availability of a cheap workforce coupled with favourable government initiatives is driving the market growth. Currently, China is a leader in manufacturing smartphones and other consumer electronics, such as flat panel displays and, lighting products. Thus, through this initiative, China aims to become the world's "factory," and in return would have a positive impact on the market. Moreover, with the rising young workforce in countries such as India, there is an increase in disposable income which is another primary reason which is expected to drive the market. This is because the major vendors are expanding their footprint in the country through partnerships or mergers and acquisitions to gain a competitive advantage. Photonics technology is widely employed in manufacture of solar cells and solar modules, which are solar panels in their entirety in the region. PV panel costs are falling, and government is enacting more measures, which is helping country's PV industry to flourish.
Region with highest CAGR:
North America is projected to have the highest CAGR, owing to the growing demand for a high-speed connection and its increasing utilities in the business sector. Furthermore, the early adoption of advanced technologies in consumer electronics is expected to propel the market growth. The country is currently seeing an increase in photonic use for a variety of applications, including telecommunications, data centers, and healthcare. The market is dominated by the United States in the region. Excellent industrial infrastructure, investment in R&D facilities, and presence of major companies are all contributing towards region's success. Additionally, rise of hyper-scale data centers is hastening deployment of photonics technology.
Key players in the market:
Some of the key players profiled in the Photonics Market include Trumpf Group , Redfern Integrated Optics, Luxtera, Inc, IPG Photonics, Innolume GmbH, Infinera Corporation, Huawei Technologies, Hamamatsu Photonics, Genia Photonics, Inc, General Electric Company, Finisar Corporation, Emerson, Coherent Inc, Cisco Systems, 3SP Technologies, Signify N. V.
Key developments:
In March 2020: Hamamatsu Photonics KK announced that it had purchased a 55% stock share in Hamamatsu Photonics Korea Co. Ltd based out of Korea, which is a new company, where Hamamatsu Photonics shifted its local sales distributor activities. The new company is now a subsidiary in Korea, and it aims to further increase sales in Asia by strengthening the sales structure of the Measurement Instruments business...
In April 2019: Signify acquired WiZ Connected, the developers of the WiZ Wi-Fi-based connected lighting ecosystem. The addition of WiZ enables Signify to extend its leadership by stepping into the Wi-Fi-based smart lighting market.
In March 2020: Signify acquired Cooper Lighting Solutions from Eaton. The transaction will strengthen Signify’s market position and better positions the company to capture growth in the North American lighting market.
Types Covered:
• Consumer Electronics & Devices
• Lasers, Detectors, Sensors, and Imaging Devices
• Light Emitting Diode (LED)
• Optical Communication Systems & Components
• Reflective Microdisplay
• Transmissive Microdisplay
Products Covered:
• Wavelength-Division Multiplexing (WDM) Filters
• Silicon (Si) Photonics
• Photo Detectors
• Optical Waveguides
• Optical Modulators
• Optical Interconnects
• Indium Gallium Arsenide (InGaAs) Photonics
• Germanium (Ge) Photonics
• Amplifiers
Manufacturing Industry’s Covered:
• Laser Material Processing
• Lithography
• Optical Measurement
Applications Covered:
• Displays
• Information and Communication Technologies (ICTs)
• Photovoltaic (Light Sources)
• Medical Technology & Life sciences (Biophotonics)
• Measurement & Automated Vision
• Lighting (Compact Fluorescent Lamp)
• Data Communication
• Flat Panel Displays
• High-Performance Computing
• Holography
• Image Capture
• Image Processing
• Iometrics
• Metrology
• Photonic Servers and Routers
• Production Technology
• Sensing
• Solar Energy
• Surveying & Detection
• Terahertz Imaging
• Wireless Communication
End Users Covered:
• Aerospace
• Building & Construction
• Consumer & Business Automation
• Entertainment
• Industrial
• Manufacturing
• Media, Broadcasting and Telecommunication
• Safety & Defense Technology
• Automotive
• Healthcare
• Military
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Photonics Market, By Type
5.1 Introduction
5.2 Consumer Electronics & Devices
5.3 Lasers, Detectors, Sensors, and Imaging Devices
5.4 Light Emitting Diode (LED)
5.5 Optical Communication Systems & Components
5.6 Reflective Microdisplay
5.7 Transmissive Microdisplay
6 Global Photonics Market, By Product
6.1 Introduction
6.2 Wavelength-Division Multiplexing (WDM) Filters
6.3 Silicon (Si) Photonics
6.4 Photo Detectors
6.5 Optical Waveguides
6.6 Optical Modulators
6.7 Optical Interconnects
6.8 Indium Gallium Arsenide (InGaAs) Photonics
6.9 Germanium (Ge) Photonics
6.10 Amplifiers
7 Global Photonics Market, By Manufacturing Industry
7.1 Introduction
7.2 Laser Material Processing
7.3 Lithography
7.4 Optical Measurement
8 Global Photonics Market, By Application
8.1 Introduction
8.2 Displays
8.2.1 Display in Mobile Devices
8.2.2 Display in Television
8.3 Information and Communication Technologies (ICTs)
8.3.1 Data Transmission
8.3.2 Data Storage
8.4 Photovoltaic (Light Sources)
8.5 Medical Technology & Life sciences (Biophotonics)
8.5.1 Photonics in Medical Diagnostics
8.5.2 Photonics in Surgeries
8.6 Measurement & Automated Vision
8.6.1 Measuring Instruments
8.6.2 Machine Vision
8.7 Lighting (Compact Fluorescent Lamp)
8.8 Data Communication
8.9 Flat Panel Displays
8.10 High-Performance Computing
8.11 Holography
8.12 Image Capture
8.13 Image Processing
8.14 Iometrics
8.15 Metrology
8.16 Photonic Servers and Routers
8.17 Production Technology
8.18 Sensing
8.19 Solar Energy
8.20 Surveying & Detection
8.21 Terahertz Imaging
8.22 Wireless Communication
9 Global Photonics Market, By End User
9.1 Introduction
9.2 Aerospace
9.3 Building & Construction
9.4 Consumer & Business Automation
9.5 Entertainment
9.6 Industrial
9.7 Manufacturing
9.8 Media, Broadcasting and Telecommunication
9.9 Safety & Defense Technology
9.10 Automotive
9.11 Healthcare
9.12 Military
9.13 Other End Users
9.13.1 Energy
9.13.2 Environment
9.13.3 Eyewear Industry
9.13.4 Research & Education
9.13.5 Traffic
10 Global Photonics Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Trumpf Group
12.2 Redfern Integrated Optics
12.3 Luxtera, Inc
12.4 IPG Photonics
12.5 Innolume GmbH
12.6 Infinera Corporation
12.7 Huawei Technologies
12.8 Hamamatsu Photonics
12.9 Genia Photonics, Inc
12.10 General Electric Company
12.11 Finisar Corporation
12.12 Emerson
12.13 Coherent Inc
12.14 Cisco Systems
12.15 3SP Technologies
12.16 Signify N. V
List of Tables
1 Global Photonics Market Outlook, By Region (2020-2028) (US $MN)
2 Global Photonics Market Outlook, By Product (2020-2028) (US $MN)
3 Global Photonics Market Outlook, By Wavelength-Division Multiplexing (WDM) Filters (2020-2028) (US $MN)
4 Global Photonics Market Outlook, By Silicon (Si) Photonics (2020-2028) (US $MN)
5 Global Photonics Market Outlook, By Photo Detectors (2020-2028) (US $MN)
6 Global Photonics Market Outlook, By Optical Waveguides (2020-2028) (US $MN)
7 Global Photonics Market Outlook, By Optical Modulators (2020-2028) (US $MN)
8 Global Photonics Market Outlook, By Optical Interconnects (2020-2028) (US $MN)
9 Global Photonics Market Outlook, By Indium Gallium Arsenide (InGaAs) Photonics (2020-2028) (US $MN)
10 Global Photonics Market Outlook, By Germanium (Ge) Photonics (2020-2028) (US $MN)
11 Global Photonics Market Outlook, By Amplifiers (2020-2028) (US $MN)
12 Global Photonics Market Outlook, By Manufacturing Industry (2020-2028) (US $MN)
13 Global Photonics Market Outlook, By Laser Material Processing (2020-2028) (US $MN)
14 Global Photonics Market Outlook, By Lithography (2020-2028) (US $MN)
15 Global Photonics Market Outlook, By Optical Measurement (2020-2028) (US $MN)
16 Global Photonics Market Outlook, By Application (2020-2028) (US $MN)
17 Global Photonics Market Outlook, By Displays (2020-2028) (US $MN)
18 Global Photonics Market Outlook, By Display in Mobile Devices (2020-2028) (US $MN)
19 Global Photonics Market Outlook, By Display in Television (2020-2028) (US $MN)
20 Global Photonics Market Outlook, By Information and Communication Technologies (ICTs) (2020-2028) (US $MN)
21 Global Photonics Market Outlook, By Data Transmission (2020-2028) (US $MN)
22 Global Photonics Market Outlook, By Data Storage (2020-2028) (US $MN)
23 Global Photonics Market Outlook, By Photovoltaic (Light Sources) (2020-2028) (US $MN)
24 Global Photonics Market Outlook, By Medical Technology & Life sciences (Biophotonics) (2020-2028) (US $MN)
25 Global Photonics Market Outlook, By Photonics in Medical Diagnostics (2020-2028) (US $MN)
26 Global Photonics Market Outlook, By Photonics in Surgeries (2020-2028) (US $MN)
27 Global Photonics Market Outlook, By Measurement & Automated Vision (2020-2028) (US $MN)
28 Global Photonics Market Outlook, By Measuring Instruments (2020-2028) (US $MN)
29 Global Photonics Market Outlook, By Machine Vision (2020-2028) (US $MN)
30 Global Photonics Market Outlook, By Lighting (Compact Fluorescent Lamp) (2020-2028) (US $MN)
31 Global Photonics Market Outlook, By Data Communication (2020-2028) (US $MN)
32 Global Photonics Market Outlook, By Flat Panel Displays (2020-2028) (US $MN)
33 Global Photonics Market Outlook, By High-Performance Computing (2020-2028) (US $MN)
34 Global Photonics Market Outlook, By Holography (2020-2028) (US $MN)
35 Global Photonics Market Outlook, By Image Capture (2020-2028) (US $MN)
36 Global Photonics Market Outlook, By Image Processing (2020-2028) (US $MN)
37 Global Photonics Market Outlook, By Iometrics (2020-2028) (US $MN)
38 Global Photonics Market Outlook, By Metrology (2020-2028) (US $MN)
39 Global Photonics Market Outlook, By Photonic Servers and Routers (2020-2028) (US $MN)
40 Global Photonics Market Outlook, By Production Technology (2020-2028) (US $MN)
41 Global Photonics Market Outlook, By Sensing (2020-2028) (US $MN)
42 Global Photonics Market Outlook, By Solar Energy (2020-2028) (US $MN)
43 Global Photonics Market Outlook, By Surveying & Detection (2020-2028) (US $MN)
44 Global Photonics Market Outlook, By Terahertz Imaging (2020-2028) (US $MN)
45 Global Photonics Market Outlook, By Wireless Communication (2020-2028) (US $MN)
46 Global Photonics Market Outlook, By End User (2020-2028) (US $MN)
47 Global Photonics Market Outlook, By Aerospace (2020-2028) (US $MN)
48 Global Photonics Market Outlook, By Building & Construction (2020-2028) (US $MN)
49 Global Photonics Market Outlook, By Consumer & Business Automation (2020-2028) (US $MN)
50 Global Photonics Market Outlook, By Entertainment (2020-2028) (US $MN)
51 Global Photonics Market Outlook, By Industrial (2020-2028) (US $MN)
52 Global Photonics Market Outlook, By Manufacturing (2020-2028) (US $MN)
53 Global Photonics Market Outlook, By Media, Broadcasting and Telecommunication (2020-2028) (US $MN)
54 Global Photonics Market Outlook, By Safety & Defense Technology (2020-2028) (US $MN)
55 Global Photonics Market Outlook, By Automotive (2020-2028) (US $MN)
56 Global Photonics Market Outlook, By Healthcare (2020-2028) (US $MN)
57 Global Photonics Market Outlook, By Military (2020-2028) (US $MN)
58 Global Photonics Market Outlook, By Other End Users (2020-2028) (US $MN)
59 Global Photonics Market Outlook, By Energy (2020-2028) (US $MN)
60 Global Photonics Market Outlook, By Environment (2020-2028) (US $MN)
61 Global Photonics Market Outlook, By Eyewear Industry (2020-2028) (US $MN)
62 Global Photonics Market Outlook, By Research & Education (2020-2028) (US $MN)
63 Global Photonics Market Outlook, By Traffic (2020-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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