The demand for energy-efficient products is rising across the world, as these products work efficiently for long operating hours and have low maintenance costs. The governments of different countries are also launching several renewable energy programs for reducing greenhouse gas emissions from various sectors such as industrial, transport, and construction.
Attributed to these factors, energy efficiency has become an important parameter for designing different products including high-performance computing systems.
As per a report by P&S Intelligence, in 2019, the global photonics market generated a revenue of $576.8 billion and is projected to reach a value of $1,214.5 billion by 2030, registering a 6.9% CAGR during the forecast period (2020–2030).
Other than LEDs, lasers, optical components & systems, and sensors & detectors are the product types of photonics. Among all these, the largest demand is predicted to be created for optical components & systems during the forecast period. Furthermore, the companies are increasingly making use of energy-efficient solutions such as organic light emitting diodes (OLED) and light emitting diodes (LED) that consume less power in order to comply with the government regulations.
Solutions such as OLED and LED are also referred to as photonics products. Photonics is the science of photon generation, detection, and manipulation via emission, transmission, sensing, switching, signal processing, modulation, and amplification.
Request to Get the Sample Report : https://www.psmarketresearch.com/market-analysis/photonics-market/report-sample
There are several applications of photonics, namely information technology (IT), communication, measurement & image processing, production technology, display, photovoltaic, medical technology & life science, and lighting. Some other applications include holography and terahertz imaging.
The highest demand for photonics products was created for production technology applications during 2014–2019 and the situation is expected to remain the same during the forecast period as well.
