The global photonics market size was valued at USD 750.2 billion in 2020. The market is estimated to rise from USD 802.5 billion in 2021 to USD 1267.3 billion by 2028 at a 6.7% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report titled, “Photonics Market, 2021-2028.”
According to an analysis, the demand for photonics-enabled devices will be noticeable across information and communication, healthcare, and industrial production sectors. Lately, light-based technology has become sought-after across North America, Europe, and Asia Pacific. Besides, the COVID-19 pandemic accelerated the need for technology.
COVID-19 Impact
Exponential Demand from Healthcare Sector to Augur Well
Although the pandemic had a pressing impact on major industries, the healthcare sector emerged as a lucrative end-user of photonics. Unprecedented demand for RT-PCR tests fueled the penetration of the light wave. Moreover, the growing footfall of 3D printing amidst the pandemic encouraged industry players to inject funds into the landscape.
Segments
In terms of application, the market is segmented into information, displays, photovoltaics, medical technology, measure and machine vision, production technology, communication, lighting, optical component, and defense and security.
Based on region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Report Coverage
The report emphasizes quantitative and qualitative assessments to offer a holistic view of the global market. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. Further, a host of primary interviews has been conducted with opinion leaders, suppliers, and other stakeholders. Primary data has been collated through emails, telephonic conversations, and questionnaires. The secondary sources referred are press releases, SEC filings, and websites.
Drivers and Restraints
Bullish Demand from Additive Manufacturing to Spur Growth Potentials
Stakeholders expect the photonics market share to gain traction from the expanding penetration of additive manufacturing across the end-use sectors. Prominently, automotive and chemical plant manufacturers have become the major recipients of the technology. With the emergence of Industry 4.0, sensor-monitored mechanical parts became trendier across the emerging and advanced economies. Furthermore, the rising footprint of laser beam diagnostics and precise performance measures will solidify the position of leading companies vying to expand their penetration.
However, rigorous environmental regulations from watchdogs, such as REACH, could dent the industry growth. Notably, RoHS limits the use of cadmium, mercury, flame retardants polybrominated biphenyls (PBB), and chromium VI in electrical and electronic equipment.
Browse Summary:
https://www.fortunebusinessinsights.com/photonics-market-106525
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