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Growing Popularity of Energy-Efficiency Causing Surge in Global Photonics Market

The global photonics market generated a revenue of $576.8 billion in 2019 and is predicted to reach a value of $1,214.5 billion by 2030. According to the estimates of P&S Intelligence, a market research firm based in India, the market will exhibit a CAGR of 6.9% between 2020 and 2030. The rising demand for energy-efficient products is one of the major factors fueling the expansion of the market across the globe.

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In recent times, energy efficiency has become a highly essential parameter in the development of high-performance computing systems. This is because energy-efficient devices work very efficiency and consume very less energy while operating for long hours. Moreover, the maintenance costs of these devices are usually very low.

The governments of several countries are implementing renewable energy programs for reducing the emission of greenhouse gases from industrial, buildings, and transport sectors. Besides the above-mentioned factor, the ongoing Industry 4.0 revolution is also driving the progress of the photonics market across the world.

The Industry 4.0 revolution is pushing up the requirement for the internet of things (IoT), smart sensors, and automation in the manufacturing industry. Industry 4.0 innovations depend heavily on advancements in optical fibers, sensor technology, and laser technology. This revolution aims to create efficient and smart factories that employ autonomous machines for their operations.

This market research report provides a comprehensive overview of the photonics market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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