Photonics Market by Top Key Manufacturers,
Company, Region, Application, Driver, Trends &
The global photonics market was valued at over USD 600 billion in 2015 and is expected to reach USD 979.90
billion by 2024. It has witnessed a radical change in the technology of photonics in the recent past, based on the
research activities performed. The photonic technology has been developed and implemented in many verticals.
The advances in the global photonics market have been stimulated owing to the developments in the field of
fiber optics. The introduction of electricity has given a boost to the conversion. The advancement of optics
reached the peak point of the use of electric bulbs and primeval lamps to the highly advanced lasers.
The global photonics market has started developing products which are eco-friendly. These products are
expected to be developed and introduced over the next few years. Some of the major factors driving the global
photonics market include a better substitute for the conventional technology, increased requirement for higher
security and safety solutions, and growth in the wireless technology. On the contrary, lack of awareness among
the consumers, lack of technological and industrial standards, and the requirement for huge initial capital
investment is projected to negatively impact the overall photonics market growth.
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Photonics is the foremost technology for the advent of newest smart systems. The applications of photonics are
omnipresent. From the regular everyday life to the highly advanced science, photonics finds application in lighting, visual
art, light detection, information processing, holography, production technologies, agriculture, photonic sensors, robotics,
medicine (vision correction, health monitoring, surgery, endoscopy), telecommunications, laser material processing,
metrology, displays, spectroscopy, def