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Written by Jack » Updated on: October 23rd, 2024
According to the TechSci Research report on the “Photonics Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028,” the global photonics market is poised for robust growth in the forecast period from 2024 to 2028. This growth is primarily driven by the increasing utilization of smart display devices across industries and the rising adoption of photonics applications, leading to decreased power consumption, improved compatibility, and enhanced data transmission capabilities. The report highlights several factors contributing to the expansion of the photonics devices market, including technological advancements enabling mobile business operations, growing internet penetration facilitating the adoption of advanced photonics solutions, and the enhancement of safety, bandwidth, cost-reduction capabilities, and analytical capabilities in organizations.
The segmentation of the photonics devices market includes product, application, end-user, and region. Categorized products comprise LED, lasers sensors detectors & imaging devices, optical communication systems & components, consumer electronics & devices, and others. Applications encompass displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, production technology, and others. The end-user segment is further divided into building & construction, media broadcasting & telecommunication, consumer & business automation, medical, security & defense, industrial, and others.
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In terms of products, the LED segment is anticipated to dominate the global photonics devices market during the forecast period. LED technology is gaining popularity as an alternative light source, particularly in fluorescence microscopy, and is increasingly integrated into display applications such as smartphones and televisions, as well as automotive lighting. The LED segment is also witnessing significant growth in applications such as billboards and road signs, contributing to the overall demand for photonics devices.
In the application segment, information & communication technology is expected to lead the global photonics market. The segment's focus on photonics-based solutions is driven by the need for data generation, acquisition, processing, storage, and retrieval, alongside the growing adoption of amplifier systems, fiber optic cables, and other photonics devices. Increasing internet penetration rates and emerging technologies further bolster the adoption of photonics devices in this segment.
Key market players in the global photonics devices market:
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Recent developments in the photonics devices market include advancements such as Rockley Photonics Holdings Limited's next-generation laser spectrophotometer chip for wearable health monitoring and Hamamatsu Photonics K.K's acquisition of Danish fiber laser manufacturer NKT Photonics.
Regionally, North America is expected to hold the largest market share in the global photonics devices market, driven by the adoption of advanced technologies in the United States and Canada. However, Asia Pacific is experiencing significant growth in the photonics market, fueled by established companies focusing on offering advanced solutions and investments in R&D facilities. The region's robust industrial infrastructure and the presence of prominent players contribute to the rising adoption of photonics-enabled technologies, particularly in applications like nanophotonics and biophotonics.
In conclusion, the TechSci Research report provides comprehensive insights into the global photonics devices market, identifying key trends, drivers, challenges, and opportunities for stakeholders. The report aims to facilitate informed decision-making and strategic investments in this dynamic and rapidly evolving market.
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