Showing posts with label Photonics Market Demand. Show all posts
Showing posts with label Photonics Market Demand. Show all posts

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.


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.

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How is Rising Requirement for Energy-Efficient Products Driving Photonics Market?


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. 


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.
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