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Photonics Market size experiences a Steady Growth Rate of 7.3% as per Straits Research

United States dominates the demand for data center hardware, which remains one of the essential applications for photonics. It is anticipated that the existence of significant market incumbents, like IBM, Intel Corp., and HP, along with increased access to R&D money, will fuel the expansion of this region.

New York, United States, Oct. 03, 2023 (GLOBE NEWSWIRE) — Photonics is commonly regarded as a powerful enabling technology for the advent of energy-efficient smart systems that do not compromise the overall efficiency of systems. Silicon-based photonics applications are the primary market driver for photonics. According to Straits Research “The global photonics market size was valued at USD 630 billion in 2021. It is estimated to reach an expected value of USD 1,100 billion by 2030, growing at a CAGR of 7.3% during the forecast period (2022–2030).”

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Rising Trends

Silicon photonics is a developing subfield of photonics that offers distinct advantages over semiconductors’ electric conductors, which are utilized in high-speed transmission systems. It is anticipated that this technology will increase transmission speeds to 100 Gbps, with IBM, Intel, and Kothura accomplishing advancements using the technique.

In addition to creating a significant opportunity for silicon photonics LiDAR in medical and industrial applications, the rising popularity of LiDAR scanners is also generating a tremendous market for the technology in medical applications. Yokohama University’s silicon photonic LiDAR incorporated OPA scanning, lasers, modulator, and photodetectors on a single chip.

Growth Opportunities

Photonics technology has rapidly spread from the physical to the biological sciences. Light and laser technology are utilized in numerous medical and biological research stages. The diagnostic process is perhaps the most significant aspect of medicine that photonics modifies. OCT scanning is a recent breakthrough that can diagnose several previously difficult disorders. Ophthalmology is the first and most affected field to benefit from OCT. Consequently, such applications in the healthcare sector drive market expansion.

Regional Insights

Asia-Pacific accounts for the largest market share and is estimated to grow at a CAGR of 7.1% during the forecast period. Japan maintains a significant portion of the photonics business and is growing increasingly collaborative. Large firms are seeking growth-fueling investments to ensure their dominance. Moreover, players are investing in photonic integrated circuits because of the considerable increases in internet traffic caused by the data generated by social media, video streaming services, working from home, IoT, and the country’s overall digitization (PIC). For example, Hitachi High-Tech Corporation announced in November 2020 that VLC Photonics SL (VLC) has become a subsidiary of Hitachi High-Tech and will continue providing photonic integrated circuit (PIC) engineering services as part of the company’s broader offering.

North America is expected to grow at a CAGR of 7.5% during the forecast period. The North American photonics market is anticipated to have considerable expansion over the projected period, with the United States dominating the regional market. In addition, the United States dominates the demand for data center hardware, which remains one of the essential applications for photonics. It is anticipated that the existence of significant market incumbents, like IBM, Intel Corp., and HP, along with increased access to R&D money, will fuel the expansion of this region.

Europe is the third largest region. Photonics provides solutions to significant social concerns, such as energy generation and efficiency, healthy population aging, climate change, and security. Most of the world’s fundamental photonics research is conducted in Europe, giving Europe a commanding position on the global stage. As a result of industry-wide development initiatives, Germany is anticipated to experience a robust growth rate over the foreseeable future.

Key Highlights

  • The global photonics market size is estimated to reach an expected value of USD 1,100 billion by 2030, growing at a CAGR of 7.3% during the forecast period (2022–2030).
  • By application, the global photonics market is segmented into surveying and detection, production technology, data communication, image capture and display, medical technology, lighting, and other applications (traffic and research).

Key players in the global photonics market are

  1. Hamamatsu Photonics KK
  2. Intel Corporation
  3. Polatis Photonics Inc.
  4. Alcatel-Lucent SA
  5. Molex Inc. (Koch Industries)
  6. Infinera Corporation
  7. NEC Corporation
  8. Innolume GmbH
  9. Finisar Corporation
  10. IPG PPhotonic
  11. Osram Licht AG
  12. Philips Photonics (Trumpf GmbH)
  13. Photonics SAS (Keopsys)
  14. Schott AG
  15. Carl Zeiss AG (Scantinel Photonics GmbH)

Market News

  • In August 2022, the capital-intensive semiconductor sector has a new funding model due to Intel Corporation’s groundbreaking Semiconductor Co-Investment Program (SCIP). One of the most significant worldwide alternative asset managers, Brookfield Asset Management, and Intel have entered into a legally binding agreement as part of Intel’s program that will give Intel access to a larger and newer pool of capital for industrial build-outs.
  • In July 2022, NEC Corporation increased its capacity to deliver End-to-End Open RAN ecosystems, along with system design and integration for legacy networks, to operators globally with its agreement to acquire Aspire Technology Unlimited Company (Aspire Technology), headquartered in Dublin, Ireland.

Global Photonics Market: Segmentation

By Application

  • Surveying & Detection
  • Production Technology
  • Data Communication
  • Image Capture & Display
  • Medical Technology
  • Lighting
  • Others (Traffic and Research)

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, specially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

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Originally published at https://www.einpresswire.com/article/659378584/photonics-market-size-experiences-a-steady-growth-rate-of-7-3-as-per-straits-research

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