Global Photonics Market Forecast to 2023 - Technological Advancements Leading to New Innovative Avenues
DUBLIN, July 19, 2019 /PRNewswire/ -- The "Photonics Market by Product Type (LED and Lasers, Detectors, Sensors & Imaging Devices), Application (ICT and Production Tech.), End-Use Industry - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The photonics market is projected to grow from USD 556.4 billion in 2018 to USD 780.4 billion by 2023, at a CAGR of 7.0%
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.
Growing digitalization and increasing preference for smart infrastructures and smart manufacturing are driving the consumption of these products in the global market. 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 2018 to 2023
Among the applications, 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. Increasing adoption of digital model in production workflows resulting in smart manufacturing is also a driving factor for the market
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 2018 and 2023. 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 2018 and 2023, 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.
The companies profiled in this market research report include Signify (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).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Photonics Market
4.2 APAC Photonics Market, By Product Type and Country
4.3 Photonics Market, By Key Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for Energy-Efficient Products
5.2.1.2 Increasing Adoption of Photonics Products in Various Applications
5.2.2 Restraints
5.2.2.1 Stringent Environmental Regulations Hampering the Performance of Photonics Products
5.2.3 Opportunities
5.2.3.1 Technological Advancements Leading to New Innovative Avenues
5.2.4 Challenges
5.2.4.1 High Cost of Photonics-Enabled Products and Services
5.2.4.2 Intense Competition in the Market
5.3 Porter's Five Forces Analysis
6 Photonics Market, By Product Type
6.1 Introduction
6.2 LED
6.2.1 Increasing Usage of LED in Lighting and Display Applications to Drive Its Demand During the Forecast Period
6.3 Lasers, Detectors, and Sensors & Imaging Devices
6.3.1 The Adoption Photonics Products in Various Applications is Driving This Product Type Segment
6.4 Optical Communication Systems & Components
6.4.1 Technological Advancements in Optical Networks Offering Higher Capacity With Lower Cost is Likely to Boost the Optical Communication Systems & Components Segment
6.5 Consumer Electronics & Devices
6.5.1 Integrated Products With Better Performance and Efficient Data Transfer Will Increase the Demand for Smart Devices
6.6 Others
7 Photonics Market, By Application
7.1 Introduction
7.2 Display
7.2.1 Display in Mobile Devices
7.2.1.1 Penetration of Smartphones Will Drive the Display Market in Mobile Devices
7.2.2 Display in Television
7.2.2.1 LED and OLED are Boosting the Display Market in the Television Segment
7.3 Information & Communication Technology
7.3.1 Data Transmission
7.3.1.1 Increasing Demand for High-Speed Internet to Boost the Demand for Fiber Optic Data Transmission
7.3.2 Data Storage
7.3.2.1 The Cloud Storage Technology is Catering to the Increasing Demand for Data Storage
7.4 Photovoltaic
7.4.1 The Rising Demand for Clean Energy is Fueling the Growth of the Photovoltaic Sector
7.5 Medical Technology & Life Sciences
7.5.1 Photonics in Medical Diagnostics
7.5.1.1 Growth in the Incidence of Various Diseases Will Increase the Use of Photonics in Medical Diagnostics
7.5.2 Photonics in Surgeries
7.5.2.1 Increasing Demand for Minimally Invasive therapeutic Techniques is Driving the Demand for Photonics in Surgeries
7.6 Measurement & Automated Vision
7.6.1 Measuring Instruments
7.6.1.1 Technological Advancements in Measuring Instruments are Driving the Photonics Market
7.6.2 Automated Vision
7.6.2.1 Lesser Human Intervention and Better Efficiency are Driving the Demand for Photonics in the Automated Vision Application
7.7 Lighting
7.7.1 CFL
7.7.1.1 The Use of Mercury in CFL is Leading to Its Replacement By LED
7.7.2 LED
7.7.2.1 Energy Savings and Longer Life Span of LED are Augmenting the Market
7.8 Production Technology
7.8.1 Adoption of Industry 4.0 Will Drive the Production Technology Segment
7.9 Others
8 Photonics Market, By End-Use Industry
8.1 Introduction
8.2 Building & Construction
8.2.1 Smart Cities Construction
8.2.1.1 Increasing Smart City Projects are Driving Energy-Efficient and Technologically Advanced Photonics-Enabled Products and Services
8.3 Media, Broadcasting & Telecommunication
8.3.1 Optical Fibers Will Drive the Market in the Media, Broadcasting & Telecommunication Segment
8.4 Consumer & Business Automation
8.4.1 Need for Improvement in Process Efficiency and Implementation of Industry 4.0 are Boosting the Consumer & Business Automation End-Use Segment
8.5 Medical
8.5.1 Increasing Demand in Healthcare Applications is Augmenting the Market in the Medical Devices Segment
8.6 Security & Defense
8.6.1 Requirement of Hi-Tech Defense Systems is Increasing the Demand for Photonics in the Security & Defense End-Use Industry
8.7 Industrial
8.7.1 Reducing Carbon Footprint in Manufacturing Plants is Fueling the Photonics Market in the Industrial Segment
8.8 Others
9 Photonics Market, By Region
Company Profiles
- Signify
- Schott
- Shin-Etsu Chemical Company
- Nikon Corporation
- HOYA
- Corning
- American Elements
- OHARA
- Asahi Glass
- II-VI
Other Companies
- Huawei Technologies
- Cisco Systems
- Coherent Inc.
- Trumpf Group
- General Electric Company
- Toshiba Medical Systems Corporation (Toshiba Corporation)
- Hitachi
- Emerson
- Siemens
- LG Display Co., Ltd.
- Samsung Electronics
- Innolux
- Osram Licht
- Trina Solar
- Ipg Photonics
For more information about this report visit https://www.researchandmarkets.com/r/x96pux
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