Photonics Market Research Report: By Product Type (LED, Laser, Sensor & Detector, Optical Component & System), Application (Display, IT, PV, Communication, Medical Technology & Life Science, Measurement & Image Processing, Lighting, Production Technology), End User (Industrial, Telecommunication, Consumer Electronics, Medical, Defense & Security)
NEW YORK, Feb. 11, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global photonics market share was valued at $576.8 billion in 2019 and is projected to reach $1,214.5 billion by 2030, advancing at a CAGR of 6.9% during the forecast period (2020–2030). The lighting category is expected to grow fastest during the forecast period attributed to the growing demand for lighting solutions in applications like general lighting and backlighting across the globe, particularly in the U.S., China, Germany, and India.
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The LED category is projected to witness a significant growth rate in the photonics market during the forecast period. This can be majorly attributed to the rapid adoption of LED technology across the globe. The technology is playing a crucial role in the development of LED technology into intelligent digital lighting solutions, which in turn, save 70% of electricity consumption. Growing adoption of energy-efficient lighting solutions and a greater life span of LED lights are the key factors that would contribute to the market growth of the LED during the forecast period.
Browse report overview with 74 tables and 56 figures spread through 148 pages and detailed TOC on “Photonics Market Research Report: Global Industry Size, Share and Growth Forecast to 2030” at: https://www.psmarketresearch.com/market-analysis/photonics-market
The consumer electronics category is expected to showcase the fastest CAGR in the photonics market during the forecast period. This can be majorly owing to the growing consumer electronics industry across the globe. Additionally, with advancing technology, the trend of smart offices and smart homes is augmenting the demand for consumer electronic products like smart refrigerators, smart TV, smart air conditioners globally which is supporting the market growth.
APAC held the largest share in the photonics market in 2019. Within APAC, China accounted for the largest share in the market in 2019. This is attributed to a large number of manufacturing industries in the country. For instance, the Eastern provinces of Fujian, Jiangsu, Zhejiang, and Shandong have a diverse manufacturing industry in the country. The auto parts manufacturing zones in the country are located in the Eastern region, mainly in Jiangsu, Hebei, Zhejiang, and Fujian provinces. With the presence of a large number of automotive production centers, demand for products like a laser for automotive manufacturing applications like brazing, cutting, marking, and coating removal is rising across the region.
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The photonics market is highly fragmented in nature, characterized by the presence of a large number of global and regional players. Major players in the market include Coherent Inc., IPG Photonics Corporation, Hamamatsu Photonics KK, II-VI Incorporated, and NeoPhotonics Corporation., which are focusing on product launches and other developments to increase their footprint in the market.
Some of the other key players operating in the photonics market include Signify N.V., Lumentum Holdings Inc., Infinera Corporation, NEC Corporation, and Innolume GmbH.
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