Global photonics market was valued at USD 589.82 billion in the year 2020 and is anticipated to grow at USD 1019.77 billion till 2026, witnessing a CAGR of around 7.14% during the forecast period from 2021 to 2027. Photonics involves the utilization of radiant energy in which the essential elements such as waves and photos are used for treating illnesses, solving crimes and exploring the universe. Introduction of electricity and developments in the fiber optics field are the boosting and stimulating factors of photonics market. Photonics are hugely utilized in the consumer electronics industry since it can transmit the signals ten times earlier as compared to electrical signals. The huge use of photonics is seen in information technology applications for increasing the communication network speed. Increasing demand for handheld devices like tablets and smartphones results into extensive use of photonic devices in the industry like consumer electronics. In addition, photonics are widely utilized in system applications for transmitting the data via fiber optics at higher speed. Information technology is projected to grow at US$ 349.83 Bn till 2030 recording high CAGR of 8.33% during the prediction period.
The report gives a comprehensive outlook on photonics market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Bn) on the basis of application, product type, and region. This report studies global phenolic resins market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the global photonics market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policymakers, and healthcare service providers engaged in global photonics.