Photonics Market Drivers and Growth Rate, Forecast by 2030

The product type segment of the photonics market is classified into laser, light-emitting diode (LED), optical component and system, and sensor and detector. Among these, the LED category is expected to exhibit the fastest growth throughout the forecast years as the integration of LED technology into intelligent digital lighting solutions will result in reduced energy consumption.

Additionally, the energy efficiency and greater life span of LED lights will also contribute to the growth of this category in the forecast years. In contemporary times, the industrial sector utilizes the highest volume of photonics products due to the surging use of such products, such as lasers, in the manufacturing sector for cutting, drilling, welding, and laser marketing applications.

Further, the consumer electronics industry is expected to adopt a considerable quantity of photonics products, on account of the booming demand for smart air conditioners, smart TVs, and smart refrigerators. Additionally, the telecommunication, medical, and defense and security sectors also consume a notable quantity of such products.

Geographically, the APAC photonics market generated the highest revenue during the historical period (2014–2019), and it is also expected to display the fastest growth during the forecast period. This can be primarily ascribed to the large-scale adoption of consumer electronics in China, Indonesia, India, Japan, South Korea, and Thailand.

In the forecast years, India will exhibit the fastest growth in the APAC market due to the booming PV industry and strengthening manufacturing sector, on account of the implementation of government initiatives such as 'Make in India', in the country. Therefore, the increasing installation of solar PV cells and solar thermal plants and escalating demand for energy-efficient products will encourage the usage of photonics products in the upcoming years.

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