The Photonics market is estimated to be USD 593.7 billion in 2020 and is projected to reach USD 837.8 billion by 2025, at a CAGR of 7.1% between 2020 to 2025. Growing application of photonics enabled products in the healthcare sector, information and communication sector, and industrial manufacturing sector is the major drivers of the global Photonics market during the forecast period.
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The global photonics market is projected to grow at an average pace during the forecast period. The demand for photonics-enabled products is likely to be driven by the need for energy-efficient products, growing applications in the healthcare industry, and digitization worldwide. The market has the prospect for growth in regions where the investments are made in various end use industries of Photonics. For example, in Asia Pacific (APAC), China, South Korea, Japan, Taiwan, and India are high potential markets. North America, the US, Canada, and Mexico are the most attractive markets.
With the development of new photonics-enabled products, the demand for photonics products is expected to witness substantial growth during the forecast period. For instance, electric vehicles use battery systems and other components. The rising EV production and government initiatives to promote EV sales are expected to generate newer opportunities for the market players in the Photonics market in the coming years.
APAC is the fastest-growing market for Photonics, followed by Europe. Photonics’ demand is increasing significantly in countries such as China, South Korea, Japan, Taiwan, and India. The growing industrial activities, investments, and labor costs in these countries are the main drivers for the Photonics market.
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