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.
Photonics is the science and technology of generating, controlling, and detecting photons through refraction, reflection, transmission, dispersion, polarization, detection, absorption, and transformation of light. Photonics are used in a wide range of applications such as displays, information and communication technology, photovoltaic, medical technology, and life sciences, lightning, production technology.
Expansions, investments, and agreements were the key strategies adopted by the major players to achieve growth in the global Photonics market between 2018 and 2020. The major players in the Photonics market are Signify, Schott, Shin-Etsu Chemical Company, Nikon Corporation, and Hoya.
The impact of the COVID-19 pandemic on the Photonics market is negative in 2020 due to supply chain disruption, containment restrictions, and the fall in demand for Photonics enabled products to some extent. Whereas the demand for Photonics enabled products is expected to increase as the imposed restriction are removed.
The companies have initiated the following developments:
- In March 2020, signify has completed the acquisition of Cooper Lighting Solutions from Eaton. The transaction will strengthen Signify’s market position and better positions the company to capture growth in the North American lighting market.
- In April 2019, signify acquired WiZ Connected, the developers of the WiZ Wi-Fi-based connected lighting ecosystem. The addition of WiZ enables Signify to extend its leadership by stepping into the Wi-Fi-based smart lighting market.
- In March 2019, Schott launched Solidur LEDs for dental curing devices.
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