Global Photonics Market expected to reach USD 870 billion by 2023
Posted by rohan on October 18th, 2019
Moderate growth is expected for the global photonics market in the forecast period (2018-2023). The Asia-Pacific region is expected to grow faster among all other areas. Anita Lawrence, President of High Performance Architecture, Faculty of Built Environment, University of New South Wales, Australia, recently conducted a study on the use of advanced thermochromic technologies for the built environment. The objective of this research was finding a solution for energy consumption and combat urban overheating. Thermochromic materials are advanced optical materials whose optical properties or color may change depending on the ambient temperature. The global photonics market was at USD 577.8 billion in 2018 and is expected to reach USD 870 billion in 2023, at the current CAGR of 8.55%.
Market Drivers and Restraints:
As technology advances, the photonics industry is replacing the conductor and semiconductor industries. Silicon Photonics will be used instead of traditional high-speed transmission semiconductors and conductors. The market is likely to grow as a result of high investment to achieve high-performance computing and improve performance and efficiency. The capture and visualization of images have the highest participation among all other sectors. The LED market is increasing, and since in general, it is better than traditional systems since it is cost-effective and energy-efficient. Therefore, the very rapid growth of this sector in the market is expected. Advances in photonics have led to a steady increase in the performance of OPV and OLED technology.
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Report segmented as
By End-use Industry:
By geography, the world market is segmented into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. The Asia Pacific is predicted to witness the fastest growth in the forecast period (2018 – 2023). The United States of America is the chief consumer in the North America region. China & India are the biggest stockholders in the Asia Pacific region.
Important Market Players:
Some of the key market players are Philips (Netherlands), Schott (Germany), Nikon Corporation (Japan), Shin-Etsu Chemical Company (Japan), Hoya Corporation (Japan), Corning (United States of America), Asahi Glass Company (Japan), II-VI Inc. (United States of America), Ohara Inc. (Japan), and American Elements (United States of America).Philips (Netherlands) has developed an LED light that helps dancer relax. A Hue LED light helps publics to focus & helps people in snoozing.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the Authorrohan
Joined: September 20th, 2017
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