The photonics market is growing on account of the increasing demand for this technology in communication devices and strong focus on energy efficiency. The revenue generated from the sale of photonic products is expected to rise from $576.8 billion in 2019 to $1,214.5 billion by 2030, witnessing a 6.9% CAGR during 2020-2030 (forecast period).
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Forensics, light detection and ranging (LiDAR) systems, and altimeters of aircraft are other application areas of lasers. Owing to all these reasons, lasers have been the most-widely-used products employing the photonics technology; others are sensors & detectors, optical components & systems, and light emitting diodes (LEDs).
Lasers and other energy-efficient products, such as LEDs and organic light-emitting diode (OLED) displays, use the lightwave technology. LEDs are replacing compact fluorescent lights and incandescent bulbs because of their energy efficiency and cost-effectiveness, majorly driven by government initiatives. A surge in the demand for energy-efficient products has increased the application of photonics.
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This market research report provides a comprehensive overview of the photonics market
- Historical and the present size of the photonics market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential