BUSINESS: By Daniel Webster, dWeb.News Publisher
Northbrook, IL — (SBWIRE) — 10/05/2021 — The report “Photonics Market by Type (LED, Lasers, Detectors, Sensors and Imaging Devices, Optical Communication Systems & Networking Components, Consumer Electronics & Devices), Application End-Use Industry, and Region – Global Forecast to 2025” The Photonics market is estimated to be USD 593.7 billion in 2020 and is projected to reach USD 837.8 billion by 2025, at a CAGR of 7.1 % between 2020 to 2025. The Photonics market is driven by the growing application of photonics-enabled products in the healthcare sector, information and communication sector, and industrial sector
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The LED segment is the largest type of Photonics market
The largest market share is held by the LED segment. LED products are cost-effective and affordable. This will drive demand for LED lighting and display products over the forecast period. APAC accounted for the largest market share of the LED product type segment in 2019. The surge in demand for LED products such as automotive and general lighting is due to energy-saving measures.
Information and Communication Technology is the most important application in the Photonics market.
The Photonics market can be divided into seven major end-use applications, namely Displays and Information & Communication technology, Photovoltaic, Photovoltaics, Photovoltaics, Photovoltaics, Photovoltaics, Photovoltaics, Photovoltaics, Life Sciences (Bio photonics), Measurement & Automated Vision, Lighting, and Production Technology.
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Photonics technology is a key component of information and communication technology applications. It is used for data generation and transformation, data transmission, storage, data conversion and usage. Photonics materials and component industry includes devices that are used in all of these processes. These services also make use of photonics. Photonics components and materials include devices for data conversion, amplifiers, light modulation systems (modulators switches and routers), as well as fiber optic cables.
APAC is expected to hold the largest market share over the forecast period.
APAC is expected to be the largest market in Photonics. It is also projected that it will register the fastest CAGR over the forecast period. China is expected to account for the largest share of the market in APAC by 2025. Photonics is driven by the growing use of photonics in industrial applications and investment in the end-use industry. This also helps to reduce labor costs.
Key Market Players
The Photonics market research report profiles Signify (The Netherlands), Shin-Etsu Chemical Company(Japan), Nikon Corporation [Japan], SCHOTT (Germany), Hoya, Corning (U.S), American Elements (“U.S”), Ohara (Japan), Asahi Glass II-VI (U.S.).
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COVID-19 impact on the global Photonics market
Photonics UVC Led light is in high demand due to the pandemic. It is used for disinfecting the virus. Due to supply chain disruptions, containment restrictions and social distancing norms, the pandemic had adverse effects on many end-use industries. The supply chain disruption could cause delays in the rollout of 5G by different countries. Fiber optic prices may rise as fiber optic cable producers countries such as China are adversely affected.
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