CHICAGO, July 4, 2019 /PRNewswire/ -- According to the new market research report "Photonics Market by Product Type (LED and Lasers, Detectors, Sensors & Imaging Devices), Application (ICT and Production Tech.), End-Use Industry (Media, Broadcasting & Telecommunication and Consumer & Business Automation) - Global Forecast to 2023", published by MarketsandMarkets, the growth of this market is driven by the increased demand from applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and production technology. Growing demand for technologically advanced product owing to digitalization, development of smart infrastructures and adoption of smart manufacturing are driving the market. Photonics Market is projected to grow from USD 520.0 billion in 2017 to USD 780.4 billion by 2023, at a CAGR of 7.0 % during the forecast period.
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The media, broadcasting & telecommunication end-use industry segment is projected to lead the photonics market from 2018 to 2023
Based on end-use industry, the media, broadcasting & telecommunication segment accounted for the largest share of the photonics market in 2016, and this trend is expected to continue during the forecast period. Photonics is used in this end-use industry segment for communication, data storage, and data sharing purposes. The use of photonics products has significantly increased the speed of internet and the quality of voice calling. Increasing digitalization is the key driver for the growth of photonics in this segment
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The lasers, detectors, sensors, & imaging devices product type segment of the photonics market is projected to grow at the highest CAGR between 2018 and 2023
Based on product type, the lasers, detectors, sensors, & imaging devices segment is projected to grow at the highest CAGR between 2018 and 2023. The expected high growth is attributed to the increasing demand for high operational efficiency, high sensitivity, precise measurement, and high-quality imaging offered by these products. Adoption of smart manufacturing technologies is the key factor driving the products in this segment.
The Asia Pacific photonics market is projected to grow at the highest CAGR between 2018 and 2023
The Asia Pacific region is projected to be the fastest-growing market for photonics globally, due to the increasing adoption of photonics products in application areas such as displays, lighting, and information & communication technology. Moreover, increased government spending on digitization and process improvement in the manufacturing sector are also expected to fuel the growth of the photonics market in this region.
Key companies profiled in this research report on the Photonics Market include Signify (Netherlands), Schott (Germany), Nikon (Japan), Shin-Etsu Chemical Company (Japan), HOYA (Japan), Corning (US), Asahi Glass (Japan), II-VI Inc.(US), OHARA (Japan), and American Elements (US).
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