The Global Photonics Market size was valued at USD 681 Billion in 2022 and is expected to surpass USD 1262.56 Billion by 2031, expanding at a CAGR of 7.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing application of photonics enabled products in healthcare, information & communication technology, and industrial manufacturing sector.
Photonics is the physical science and application of light generation, detection, and manipulation. The application photon generation is done through emission, transmission, modulation, amplification, signal processing, switching, and sensing. Most of the photonic applications are in the range of visible and near-infrared light.
The term photonics was developed as an outgrowth of the first practical semiconductor light emitters invented in the early 1960s and optical fibers in the 1970s. The photonics is closely related to optics. The optics tools include refracting lens, reflecting mirror, and optical components, and optical instruments. The term photonics is also related to the quantum optics, electro-optics, optomechanics, optoelectronics, and quantum electronics.
The quantum optics are often connotes fundamental research, whereas the photonics is used to connote applied research and development. The photonics more specifically connotes particle properties of light, the potential of creating signal processing device technologies using photons, practical application of optics, and analogy to electronics. Photonics is related to the emerging fields such as plasmonics and polaritonics. The plasmonics is the interaction between light and plasmons in metallic and dielectric structures.
The plasmons are the quantizations of plasma oscillations that manifest as surface plasmon polaritons when coupled to an electromagnetic wave. On the other hand, the polaritonics are the mixture of photons and phonons that operate in the range of frequencies from 300 gigahertz to 10 terahertz approximately. The applications of photonics are ubiquitous. The photonics applications are included in wide range of areas such as, light detection, telecommunications, information processing, laser material processing, photonic computing, spectroscopy, holography, lighting, metrology, medicine, biophotonics, military technology, art diagnostics, agriculture, and robotics.
The COVID-19 pandemic had a dramatic impact on the dynamics of various industries. The outbreak of coronavirus had negatively affected the expansion of the healthcare, information & communication technology, and consumer electronics industry owing to the world-wide lockdowns. The stringent regulations had resulted into the disruption in supply-chain, production, transportation, manufacturing, and research & development activities. Therefore, the pandemic situation has hampered the growth of the photonics market.
Market Trends, Drivers, Restraints, and Opportunities
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Growing consumption of silicon-based photonics applications is the key factors anticipated to fuel the growth of the market in the coming years.
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Increasing demand for photonics products owing to excellent performance, durability, and energy-saving capabilities is expected to spur the market growth during the forecast period.
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Rising applications of photonics in multiple sectors including information & communication technology, displays, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology is expected to propel the market expansion during the projected timeline.
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High cost associated with photonics products and stringent environmental regulations for use of chemicals such as arsenic are anticipated to hamper the market growth in the coming years.
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Increasing technological advancements for innovative avenues in wide range of industrial sectors including 3D printing, displays, photodetectors, green photonics, sensors, and imaging is expected to offer immense opportunities for the market players in the long run.
Scope of Photonics Market Report
The report on the global photonics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Photonics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Surveying & Detection, Lighting, Production Technology, Medical Technology, Data Communication, Image Capture & Display, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Molex Inc.; Alcatel-Lucent SA; Hamamatsu Photonics KK; Intel Corporation; and POLATIS INCORPORATED
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Photonics Market Segment Insights
Data communication segment is projected to hold a significant market share
On the basis of applications, the market is segregated into surveying & detection, lighting, production technology, medical technology, data communication, image capture & display, and others. The meter data communication segment is projected to hold a significant market share during the forecast period due to the increasing demand for fiber-based optical interconnects to provide point-to-point links, inter-rack, enabling high-bandwidth, data communications.
Moreover, the rising consumption of silicon photonic transceiver due to its high data speed data communication and integration in 5G technology is anticipate the growth of the market segment during the projected timeline. Furthermore, the growing integration of silicon photonic devices for high-bandwidth, multi-channel wavelength division, and effective optical communication is anticipated to fuel the market segment in the coming years.
However, the surveying & detection segment is anticipated to expand at a considerable pace owing to the rising demand for optical sensing for its utilization in sensing applications ranging from bulky optical solid-state devices to microscopic optical molecular probes/reporters.
Asia Pacific market is anticipated to dominate the market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period owing to the growing photonics enabled applications, rising industrial activities, and increasing investment in end user industry.
Moreover, the region is expected to continue its dominance in the market due to the increasing demand for photonics products due to its cost-effective applications in the region. Furthermore, the presence of emerging economies, availability of a cheap workforce coupled, and favorable government initiatives are expected to expand the market in the coming years.
On the other hand, the market in North America is expected to grow at a significant rate during the forecast period due to increasing disposable income, rising demand for durable products, and growing industrial investments for silicon-based photonics products. Furthermore, the availability of advanced industrial infrastructure, growing investment for research & development activities, and presence of prominent players in the region are expected to fuel the regional market growth during the projected period.
Segments
The global photonics market has been segmented on the basis of
Applications
- Surveying & Detection
- Lighting, Production Technology
- Medical Technology
- Data Communication
- Image Capture & Display
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global photonics market are Molex Inc.; Alcatel-Lucent SA; Hamamatsu Photonics KK; Intel Corporation; and POLATIS INCORPORATED. The companies are focusing on expansions, new product launches, partnerships, agreements, joint ventures, and mergers & acquisitions with other industry players to increase their footprints in this market.
In March 2020, Hamamatsu Photonics KK purchased a 55% stock share in Hamamatsu Photonics Korea Co. Ltd based out of Korea. The Hamamatsu Photonics Korea Co. Ltd is a new company, where Hamamatsu Photonics shifted its local sales distributor activities. The company aimed to provide a subsidiary in Korea with the establishment of the new company. The company further increased the sales in Asia by strengthening the sales structure of the Measurement Instruments business.
In March 2020, POLATIS INCORPORATED (Huber+Suhner) created a ground-breaking Polatisoptical switch platform with industry-leading capacity. The company aimed to provide operators with 50% more capacity than any other solution in the market with the designing of the latest addition to the award-winning Polatisall-optical switch.
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