Photonics Market worth $837.8 billion by 2025 Globally, at a CAGR of 7.1%, says MarketsandMarkets™

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Chicago, June 05, 2023 (GLOBE NEWSWIRE) — The report Photonics Market is estimated to be USD 593.7 billion in 2020 and is projected to reach USD 837.8 billion by 2025, at a CAGR of 7.1 % between 2020 to 2025, as per the recent study by MarketsandMarkets™.  The Photonics market is driven by the growing application of photonics-enabled products in the healthcare sector, information and communication sector, and industrial sector. Growing application of photonics enabled products in the healthcare sector, information and communication sector, and industrial manufacturing sector is the major drivers of the global Photonics market during the forecast period.

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Browse In-Depth TOC On “Photonics Market”

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142 – Market Data Tables

30 – Figures

182 – Pages

List of Key Players in Photonics Market:

  1. Signify (The Netherlands)
  2. Shin-Etsu Chemical Company (Japan)
  3. Nikon Corporation (Japan)
  4. SCHOTT (Germany)
  5. Hoya (Japan)
  6. Corning (U.S)
  7. American Elements (U.S)
  8. Ohara (Japan)
  9. Asahi Glass II-VI (U.S).

Drivers, Restraints, and Opportunities in Photonics Market:

  1. Drivers: Need for energy-efficient products
  2. Restraint: Stringent environmental regulations hampering the performance of photonics products
  3. Opportunities: Technological advancements
  4. Challenges: High cost of photonics enabled products and services

 Key Findings of the Study:

  1. The LED segment is the largest type of Photonics market.
  2. Information and Communication Technology is the largest application for the Photonics market.
  3. APAC is estimated to account for the largest market share during the forecast period.

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The global photonics market is projected to grow at an average pace during the forecast period. The demand for photonics-enabled products is likely to be driven by the need for energy-efficient products, growing applications in the healthcare industry, and digitization worldwide. The market has the prospect for growth in regions where the investments are made in various end use industries of Photonics. For example, in Asia Pacific (APAC), China, South Korea, Japan, Taiwan, and India are high potential markets. North America, the US, Canada, and Mexico are the most attractive markets.

 With the development of new photonics-enabled products, the demand for photonics products is expected to witness substantial growth during the forecast period. For instance, electric vehicles use battery systems and other components. The rising EV production and government initiatives to promote EV sales are expected to generate newer opportunities for the market players in the Photonics market in the coming years.

APAC is the fastest-growing market for Photonics, followed by Europe. Photonics’ demand is increasing significantly in countries such as China, South Korea, Japan, Taiwan, and India. The growing industrial activities, investments, and labor costs in these countries are the main drivers for the Photonics market.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]

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