Photonics Market Revolutionary Trends, Future Potential and Revenue Estimation in Industry Statistics

1. Photonics Market 1 ©P&SIntelligence.Allrightsreserved

2. The demand for energy efficient products is increasing swiftly because of the rapid depletion of the traditional sources of energy, such as fossil fuels, and need for clean energy to reduce carbon footprint. These days, energy efficiency has become an important factor when it comes to the designing of high- performance computing systems. This is attributed to the fact that energy efficient products consume less energy and can work effectively for long operating hours at low maintenance costs. Because of these factors, different governments are focusing on launching renewable energy programs for reducing greenhouse gas emissions from various sectors including industrial, transportation, and construction. Photonics devices are energy efficient and have larger communication distances. According to a P&S Intelligence report, the global photonics market attained a value of $576.8 billion in 2019 and is expected to reach $1,214.5 billion by 2030, witnessing a 6.9% CAGR during the forecast period (2020– 2030). Owing to this, the demand for photonics devices is increasing. The transportation, manipulation, control, and storage to data by making use of photons, the building blocks of light, is referred to as photonics. The Asia-Pacific region created the largest demand for photonics devices in 2019 and is further projected to register the fastest growth in demand for these devices during the forecast period. Different photonics products are optical component & system, light-emitting diode (LED), sensor & detector, and laser. Among all these, the highest demand was created for optical component and system in 2019. The reason for this are the rising requirement for automation in different industries, increasing applications of cloud computing in the defense sector, growing need for software like supervisory control and data acquisition in industrial automation, and surging investments in telecom infrastructure around the world. Get Sample Copy of Report : https://www.psmarketresearch.com/market-analysis/photonics- market/report-sample The fastest growth in demand is predicted to be registered by the LED technology in the coming years. This is due to the surging adoption of LED lighting solutions, as they have a longer life span. ©P&SIntelligence.Allrightsreserved 3

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