Global photonics market growth is driven primarily by increased demand from applications such as displays, the need for energy-efficient products, and increased adoption in numerous applications of photonics products. Increasing use of photonics has also fueled market growth in medical technology and life sciences, information and communication technology. Moreover, continuous R&D, coupled with technological advancement and photonics used in consumer electronics manufacturing, is expected to generate multiple market growth opportunities in the near future. In addition, high photonics products and services prices, as well as strict environmental standards, have been the major obstacles to market growth.
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Based on Application, the information & communication technology segment is estimated to be the largest end-use industry during the forecast period, due to the rise in data use and the growing number of internet users. The market is expected to be driven by technological advances in information & communication technology such as digitization, open internet initiative, and high-speed internet fiber optics connectivity.
Silicon photonics is an emerging photonics branch that provides a clear advantage over the electrical conductors used in semiconductors that are used in high-speed transmission systems. This technology is tempted to push up to 100 Gbps of transmission speed. The market is expected to invest heavily in this technology’s mass adoption, and to be a key aspect in developing high-performance computing, increasing performance and efficiency. Therefore, the advent of silicon-based photonics drives the market growth.
By geography, the global Photonics Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is anticipated to dominate the global photonics market due to the presence of emerging economies like China and India. The global photonics market is driven by the availability of a cheap workforce combined with favorable government initiatives.
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The major market players in the Global Photonics are Signify, SCHOTT, Nikon, Shin-Etsu Chemical Company, HOYA, Corning, Asahi Glass, II-VI Inc., OHARA, American Elements, Hamamatsu Photonics KK, Intel Corporation ,Alcatel-Lucent SA, Infinera Corporation, NEC Corporation, Coherent, Inc, IPG Photonics, Finisar Corporation, Hamamatsu Photonics, Lumentum, NeoPhotonics, Luxtera, Inc, ,3SP Technologies, Innolume GmbH ,Genia Photonics, Inc, Redfern Integrated Optics, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Photonics market size & forecast. The report promises to provide state-of-the-art innovations of Photonics production and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
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