Nanophotonics Market Outlook 2031:
The global nanophotonics market size was valued at USD 13.80 Billion in 2022 and is projected to reach USD 28.76 Billion by 2031, expanding at a CAGR of 8.5% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing adoption of nanophotonic components as these particles offer high thermal resistance, energy efficiency, and longer operational life.
Nanophotonics, also called nano-optics, is a key component of nanotechnology that facilitates the use of light in nanoscale projects and programs. Due to its favorable properties, these particles including metallic components are widely used in the manufacturing of consumer electronic products.
The electronic industry has been striving for minimization and integration of its products for a long time. With the introduction and widespread use of smartphones, the drive to attain better efficiency in the tiniest devices has acquired a new momentum, resulting in the high expansion of the nanophotonics market. Nanophotonics can be described as a discipline that combines three advanced fields of science: nanotechnology, photonics, and optoelectronics.
Nanophotonics is linked to several notable advances in the use of light in new technologies such as silicon-based semiconductors as they offer high speed and performance. Silicon chips that employ light instead of or in addition to the sorts of standard electrical signals used in semiconductor design represent a key discipline of nanophotonics. IBM, for example, has pioneered advancements in a device that sends signals in an integrated circuit environment using photodetectors and produced light.
While photonics and optoelectronics have transformed the electronics and semiconductors markets, nanotechnology has emerged as the most sought-after technology by large companies and academic institutions due to its enormous potential for future advancement. Nanophotonics has a lot of potential applications in technology and research such as solar energy, optical microscopy, bio-imaging, and optical communications. Quantum dots, nanowires, photonic crystals, and nanotubes are some examples of nanophotonics materials that are widely employed in the electronics industry. Electronic devices using nanophotic materials are able to offer effective functionality, increased battery life, and better data transmission.
Nanophotonics Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for solid-state lighting owing to its benefits such as working in an environment without hazardous chemicals as well as high thermal conductivity and modulation rate are projected to drive the nanophotonics market growth.
- Growing usage of LEDs in consumer electronics and increasing popularity of OLEDs as they are energy efficient with crisper and brighter light are anticipated to boost the nanophotonics market growth during the forecast period.
- Favorable government initiatives for highly energy efficient lighting products are expected to fuel the market growth in the coming years.
- High cost of raw materials leading to higher cost of LED and requirement of high capital investment for large scale production are projected to hamper the nanophotonics market growth during the forecast period.
- Extensive R&D investments for developing products with higher efficacy and technological advancements are projected to offer lucrative opportunities for the market players.
Scope of Nanophotonics Market Report
The report on the global nanophotonics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Nanophotonics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2016 – 2021
2023 – 2031
Products (Light Emitting Diodes, Organic LEDs, Near Field Optics, Photovoltaic Cells, Optical Switches, Optical Amplifiers, and Holographic Memory), Nanophotonic ingredients (Photonic Crystals, Nanotubes, Plasmonics, Nanoribbons, and Quantum Dots), Applications (Entertainment, Consumer Electronics, Indicators & Signs, Lighting, Telecommunication, and Non-visual)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Veeco Instruments Inc.; Witec Gmbh; Anders Electronics; Samsung SDI; Osram; Covega Corporation; Epson; Alcatel-Lucent; Avanex Corporation; and Nanosys Inc.
Nanophotonics Market Segment Insights
Light emitting diodes segment is expected to account for a key share
Based on products, the nanophotonics market share is segmented into light emitting diodes, organic LEDs, near field optics, photovoltaic cells, optical switches, optical amplifiers, and holographic memory. The light emitting diodes (LEDs) segment is expected to account for a key share of the market during the forecast period owing to wide array of applications of high-intensity LEDs. Active matrix and passive matrix OLEDs, often known as AMOLED and PMOLED, are two types of nanophotonic OLEDs.
On the other hand, the organic LEDs segment is anticipated to expand at a rapid pace during the forecast period due to its less power consumption, have a wider field of vision, are sharper and brighter, and are considerably more powerful than LEDs.
Quantum dots segment is projected to hold a major share
In terms of nanophotonic ingredients, the nanophotonics market share is segmented into photonic crystals, nanotubes, plasmonics, nanoribbons, and quantum dots. The quantum dots segment is projected to hold a major share of the market during the forecast period. Quantum dots are luminous materials that are being researched for use in light-emitting technologies.
Inorganic elements such as cadmium, indium, lead, phosphorus, selenium, and sulfur are commonly used to make quantum dots. The size of the particle producing the light determines the wavelength of light generated by these materials.
On the other hand, the plasmonics segment is anticipated to exhibit a high CAGR during the forecast period due to its potential in energy-based products such as solar cells. Furthermore, growing solar power investments is expected to propel the segment growth.
Consumer electronics segment is expected to register a robust CAGR
Based on applications, the nanophotonics market is segmented into entertainment, consumer electronics, indicators & signs, lighting, telecommunication, and non-visual.
The consumer electronics segment is expected to register a robust CAGR of the market during the forecast period owing to the growing demands for consumer electronic products such as smart phones, LED TVs, and other items. Nanophotonics offer solid-state lighting with high thermal conductivity and modulation rate, thereby improving the operational efficiency of the devices and the quality of light emitted, which is further expected to drive the segment growth.
North America is anticipated to dominate the market
On the basis of regions, the nanophotonics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period owing to early adoption of innovative technology in nano particles research and increasing number of nano research. Moreover, the rapid growth of the electronics industry in the region especially in the US present a key factor for the regional market growth.
On the other hand, the market in Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to increasing number of populations in countries such as India and China as well as their wide use of consumer electronic products.
The global nanophotonics market has been segmented on the basis of
- Light Emitting Diodes (LEDs)
- Organic LEDs (OLEDs)
- Near Field Optics
- Photovoltaic Cells
- Optical Switches
- Optical Amplifiers
- Holographic Memory
- Photonic Crystals
- Quantum Dots
- Consumer Electronics
- Indicators & Signs
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Veeco Instruments Inc.
- Witec Gmbh
- Anders Electronics
- Samsung SDI
- Covega Corporation
- Avanex Corporation
- Nanosys Inc.
Key players competing in the global nanophotonics market include Veeco Instruments Inc.; Witec Gmbh; Anders Electronics; Samsung SDI; Osram; Covega Corporation; Epson; Alcatel-Lucent; Avanex Corporation; and Nanosys Inc.
Some of the key business strategies employed by players in the market include mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.