AdvanceMarketAnalytics, a global market research and consulting organization, have released a new study titled "Photonics market - Global outlook to 2024". Industries constant focus on reducing the operational cost and increased attention on core business, and need to improve scalability are expected to shape the Global Photonics market to grow at a CAGR of 7.9%.
The End-User Industry, such as Building & Construction, is boosting the Photonics market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
According to AMA research team, the Global Photonics market will experience significant growth during the forecast period due to potential opportunities lying in the market such as . Some of the important driving forces are Low power consumption by photonics based instruments and Increasing volume of data transfer. †
Photonics is the process of generating and harnessing light and other forms of radiant energy whose dramatic unit is the photon. It involves cutting-edge uses of lasers, optics, fiber-optics, and electro-optical devices in many and diverse fields of technology. Low power consumption by photonics based instruments and increasing volume of data transfer are some of the significant key factors boosting the global photonics market. However, the susceptibility of photonics devices to thermal effect is hampering the market. Photonics manufacturing makes up around two-thirds of the total reported output from the computing, electronics and optical products sectors.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Photonics market by Type (LED, Lasers, Detectors, Sensors, & Imaging Devices, Optical Communication Systems & Components, Consumer Electronics & Devices and Others), by Application (Surveying and Detection, Production Technology, Data Communication, Image Capture and Display, Medical Technology, Lighting and Other Applications (Traffic, Research)) and major geographies with country level break-up that includes South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key trends (current and future) of the market