In a recent report MarketsandMarkets has forecasted that the photonics market will grow from USD 530.52 billion in 2017 to USD 795.54 billion by 2022. The report "Photonics Market by Product Type (LED and Lasers, Detectors, Sensors & Imaging Devices), Application (ICT and Production Tech.), End-Use Industry (Media, Broadcasting & Telecommunication and Consumer & Business Automation) - Global Forecast to 2022" published by MarketsandMarkets expected the CAGR to grow at a rate of 8.4% during 2017-2022.
The growth of this market is known to be driven by the increased demand from applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology.
The media, broadcasting & telecommunication end-use industry segment is projected to lead the Photonics Market from 2017 to 2022. Based on end-use industry, the media, broadcasting & telecommunication segment accounted for the largest share of the Photonics Market in 2016, and this trend is expected to continue during the forecast period. Photonics is used in this end-use industry segment for communication, data storage, and data sharing purposes. The use of photonics products has significantly increased the speed of internet and the quality of voice calling.
Based on product type, the lasers, detectors, sensors, & imaging devices segment is projected to grow at the highest CAGR between 2017 and 2022. The expected high growth is attributed to the increasing demand for high operational efficiency, high sensitivity, precise measurement, and high-quality imaging offered by these products.
The Asia Pacific region is projected to be the fastest-growing market for photonics globally, due to the increasing adoption of photonics products in application areas such as displays, lighting, and information & communication technology. Moreover, increased government spending on digitization and process improvement in the manufacturing sector are also expected to fuel the growth of the Photonics Market in this region.
Key companies profiled in this research report on the Photonics Market include Philips (Netherlands), Schott (Germany), Nikon (Japan), Shin-Etsu Chemical Company (Japan), Hoya (Japan), Corning (US), Asahi Glass (Japan), II-VI Inc. (US), Ohara (Japan), and American Elements (US).