Photonics Market Growth Declines, However COVID-19 Pandemic May Bring Back Demand in Long Term

As people are becoming increasingly aware regarding the adverse impact that their actions are having on the environment. Therefore, in order to reduce carbon footprints, people are extensively adopting energy efficient solutions, which includes energy efficient lighting solutions. An emerging technology in the field is that of photonics, which is the area of study that involves the usage of radiant energy, and whose fundamental element is photon. 

Photonic applications utilize photon in the same way the electronic applications utilize electrons. Light travels approximately ten times the speed that electricity does, meaning that data transmitted photonically can travel long distances in a fraction of the time. 

As per a report by P&S Intelligence, in 2019, the global photonics market attained a value of $576.8 billion and is predicted to generate a revenue of $1,214.5 billion by 2030, progressing at a 6.9% CAGR during the forecast period (2020–2030). Different product types which make use of the photonics technology are optical component & system, light-emitting diode (LED), sensor & detector, and laser.

Photonics devices further aid in saving energy and are less sensitive to interference and possess unique physical properties. Attributed to these advantages of photonics devices over traditional electronic devices, their demand is predicted to increase significantly in the coming years. 

The demand for LEDs is predicted to advance at a considerable pace in the coming years, which is ascribed to the rapid adoption of the LED technology around the world. Photonics is playing an important role in the development of the LED technology into intelligent digital lighting solutions, which can save 70% of the electrical consumption.

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The photonics technology has a number of applications, including display, production technology, information technology, lighting, photovoltaic, measurement & image processing, communication, and medical technology & life science.