In a recent published report, Kenneth Research has updated the market report for Photonics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Photonics Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Photonics Market is estimated to reach $930 Billion by 2024; growing at a CAGR of 6.5% from 2016 to 2024. Photonics is the physical science and technology of photon (light) generation, detection, and manipulation through emission, modulation, transmission, amplification, signal processing, and sensing. However, covering all light’s scientific applications throughout the whole spectrum, maximum photonic applications are in the range of visible and almost-infrared light. Photonics is viewed as one of the key enabling technologies in the past, leading to the growth of new products and services with considerable economic benefits. The features of photons and waves can be used to cure diseases, explore universe, and even solve crimes.
Some of the factors to drive the growth of the global photonics market include growing demand from applications such as displays, information & communication technology, medical technology, and life sciences. Though, strict environmental regulations, and high cost of photonics products and services is expected to restrain the market growth. Moreover, continuous R&D coupled with advancement in technology is likely to disclose new avenues for the global market in the forecast period.
The global photonics market is segmented into product, application, and geography. On the basis of product, the market includes wavelength division multiplexer filters, lasers, waveguides, amplifiers, optical interconnects, LED, optical modulators, photo detectors, and other products. The photonics market by application includes displays, consumer electronics, metrology, communication, sensing, high performance computing, medical and healthcare, safety & defense technology, and other applications.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Prominent players operating in the market include Royal Philips N.V., Shin-Etsu Chemical Company Limited, Corning Incorporated, Asahi Glass Company Limited, Schott AG, American Elements, Hoya Corporation, Nikon Corporation, II-VI Inc. and Ohara Inc., among others.
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The key takeaways from the report
The report will provide detailed analysis of Global Photonics Market with respect to major segments such as product, application, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Photonics Market has been included in the report
Profile of the key players in the Global Photonics Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Photonics Market
Wavelength Division Multiplexer Filters
High Performance Computing
Medical and Healthcare
Safety and Defense Technology
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Rest of Europe
Rest of Asia-Pacific
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