“The photonics market is projected to grow at a CAGR of 8.4% from 2017 to 2022”
The photonics market is projected to grow from USD 530.52 billion in 2017 to USD 795.54 billion by 2022, at a CAGR of 8.4%. The increased demand for photonics in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology is expected to drive the growth of the photonics market across the globe. Improved properties, such as better energy efficiency and longer lifespan, contribute to the increased demand for photonics. Regulations on some chemical substances used in the manufacturing of photonics products act as a restraint for the photonics market growth.
“The production technology application segment is projected to grow at the highest CAGR from 2017 to 2022”
Based on application, the production technology segment of the photonics market is projected to grow at the highest CAGR during the forecast period, in terms of value. This expected high growth is attributed to the increasing use of photonics products to improve the process and energy efficiency of production technologies.
“The LED segment is estimated to be the largest product type segment during the forecast period”
Based on product type, the LED segment is estimated to lead the photonics market between 2017 and 2022. The growth of this segment is attributed to the increasing use of relatively higher energy-efficient LEDs in the lighting and display applications.
“The Asia Pacific photonics market is projected to grow at the highest CAGR during the forecast period”
The Asia Pacific photonics market is projected to grow at the highest CAGR between 2017 and 2022, due to the growth of the region’s end-user industries, such as building & construction; media, broadcasting, & telecommunication; medical; industrial; and security & defense. Urbanization and the continuously growing population are also expected to increase the demand for photonics in this region.
Extensive primary interviews have been conducted to determine and verify the market size for several segments and subsegments.
The break-up of primary interviews has been given below.
• By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C Level – 50%, Director Level – 25%, and Others – 25%
• By Region: North America – 60%, Europe – 20%, Asia Pacific – 10%, South America– 5%, and the Middle East & Africa – 5%
The companies profiled in this market research report include Philips (Netherlands) , Schott (Germany), Nikon Corporation (Japan), Shin-Etsu Chemical Company (Japan), Hoya Corporation (Japan), Corning (US), Asahi Glass Company (Japan), II-VI Inc. (US), Ohara Inc. (Japan), and American Elements (US).
This research report has categorized the photonics market on the basis of product type, application, end-use industry, and region. It includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the photonics market. A detailed analysis of the key players has been done to provide insights on their business overviews, products & services offered, and key strategies, such as investments & expansions and mergers & acquisitions, adopted by them to strengthen their position in the photonics market.
Reasons to buy the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report comprehensively segments the photonics market and provides the closest approximations of the market sizes for the overall market and its subsegments across different regions.
2. The report is expected to help the stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report is also expected to help the stakeholders understand major competitors in the market and gain insights to enhance their competitive positions in the market. The competitive landscape section includes major industry players from different regions, contributing to the market. The landscape consists of the top 25 companies ranked and grouped, on the basis of their competency parameters, such as geographical presence, recent strategic developments, and the number of employees.