Photonics Market Is Estimated To Witness High Growth Owing To Increased Demand For Fiber Optics Sensors

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Market Overview:

Photonics involves emission, transmission, modulation, and detection of light. Photonics encompasses a wide gamut of technologies from telecommunications to medical devices, manufacturing applications to consumer goods. Devices such as fiber optics sensors, lasers and LEDs use photonic components and deliver benefits such as high speed transmission of data, precise manufacturing capabilities, accurate measurements and long distance connectivity making them integral to industries.

Market key trends:

The increasing demand for fiber optic sensors from various industrial verticals is expected to drive the photonics market growth over the forecast period. Fiber optic sensors find widespread applications in medicine, manufacturing, energy and mining due to their lightweight, small size, immunity to electromagnetic interference and ability to transmit signals over long distances. The COVID-19 pandemic has increased the demand for fiber optic temperature and biochemical sensors which are used for vaccination tracking, wastewater monitoring and medical research. The demand for high precision manufacturing required across industries to develop technologically advanced and miniaturized products is further augmenting the adoption of fiber lasers and fiber optic sensors.

Porter’s Analysis

Threat of new entrants: New players can face high initial investments and R&D costs to establish themselves in the photonics market. Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes and established suppliers in the market. Bargaining power of suppliers: Suppliers have moderate bargaining power due to presence of multiple component manufacturers. Threat of new substitutes: Low threat due to limited substitutes for photonic products. Competitive rivalry: High competitive rivalry due to presence of numerous international players.

The global Photonics Market Share is estimated to be valued at US$ 757.3 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strengths: Growing applications of photonics in healthcare, telecommunications and light detection technology. Weaknesses: High component costs and requirement of skilled labor for production and maintenance. Opportunities: Increasing demand for fiber optic networks and need for fast communications technology. Threats: Economic downturn affecting investment capabilities in research and development activities.

Key Takeaways

The global photonics market size is expected to reach USD 757.3 million by 2030, exhibiting a CAGR of 7.9% during the forecast period. Increasing demand for fiber optics networks from telecommunications industry is one of the key factors driving the market. North America held the largest share of over 35% in 2023 and is expected to continue its dominance during the forecast period. High focus on R&D activities by governments and presence of established players in the US and Canada contributes to the region's large market share.

The Asia Pacific photonics market is anticipated to showcase the fastest CAGR during the forecast period due to growing photonics applications and increasing government investments to strengthen industrial infrastructure in China, India, Japan and South Korea.

Key players operating in the photonics market are Carl Zeiss AG (Scantinel Photonics GmbH), Hamamatsu Photonics KK, Schott AG, Intel Corporation, Photonics SAS (Keopsys), Polatis Photonics Inc., Philips Photonics (Trumpf GmbH), Alcatel-Lucent SA, Osram Licht AG, Molex Inc. (Koch Industries), IPG Photonics, Infinera Corporation, Finisar Corporation, NEC Corporation, and Innolume GmbH.

Read More: https://www.ukwebwire.com/market-for-internet-of-things-is-estimated-to-witness-high-growth-trend-and-share-analysis/

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