According to the research report titled ‘GLOBAL PHOTONICS MARKET 2021-2028,’ available with MarketStudyReport, global photonics market is estimated to exhibit 8.15% CAGR during 2021-2028.

Huge volumes of data transfer, along with the massive funding by prominent companies in the R&D activities of the silicon photonics are parameters contributing to the development of global photonics industry.

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In addition to this, increasing proliferation of smartphones, enhanced internet connectivity, coupled with the widespread application in the automotive sector are unveiling profit-making opportunities for the corporations in this domain.

Despite the optimistic outlook, huge costs involved in the production, and strict government norms for the protection of the environment are likely to challenge the progress of market during the forecast period.

As per product type, worldwide photonics industry is categorized into amplifiers, waveguides, LED, lasers, optical modulators, wavelength division multiplexer filters, optical interconnects, photodetectors, and others.

Concerning application scope, the business sphere is classified as photovoltaic, security, surveying, & detection, medical technology, data communication, lighting, production technology, image capture & display, and others.

Based on the regional terrain, Asia Pacific market is likely to observe a sharp growth during the projected timeframe, owing to the robust construction vertical, particularly in countries like China, coupled with the affordability of photonics technology.

Moreover, the presence of well-known companies in Japan, alongside multiple research institutes commencing training programs in many countries across the Asia Pacific region to accelerate the adoption of photonics technology are further bolstering the growth of market.

The distinguished companies in global photonics marketplace include Finisar Corporation, IPG Photonics Corporation, Koninklijke Philips N.V., International Business Machines Corporation (IBM), Carl Zeiss AG, Infinera Corporation, Molex LLC, Osram Licht AG, Intel Corporation, 3S Photonics S.A.S., Hamamatsu Photonics K.K., Schott AG, Huber+Suhner Polatis Photonics Inc., Innolume GmbH, and NEC Corporation among others.