Photonics Market size worth $ 915.3 Billion, Globally, by 2028

 

According to Verified Market Research, the Photonics Market size was valued at USD 564.01 Billion in 2020 and is projected to reach USD 915.3 Billion by 2028, growing at a CAGR of 6.26% from 2021 to 2028.

Advanced lighting technology, such as Solid-State Lighting (SSL) for general lighting applications, also uses photonics. SSL is based on the technologies of light-emitting diodes (LEDs) and organic light-emitting diodes (OLEDs). Furthermore, SSL lighting is of superior quality and adds to significant energy savings. Intensive production and research efforts are underway to increase SSL performance, notably in terms of energy efficiency and quality, and hence lower costs. The growing need for energy-efficient products, as well as the growing usage of photonics devices in a variety of applications, are driving the worldwide Photonics Market forward.

The strict regulation of the usage of particular chemical substances may impede the global market. Furthermore, technical improvements that lower the cost of photonics products, as well as rising demand from emerging economies, are likely to open doors for the targeted industry. Also, the use of old copper cables results in a significant reduction in data transfer volume, as the data transmitted over these cables have bandwidth constraints. This has a favorable impact on the Photonics Markets growth. As a result, the combination of silicon photonics and complementary metal-oxide-semiconductor (CMOS) solutions provides a high-speed interconnect, enabling data centers to achieve next-generation performance.

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