The soaring demand for the adoption of smart sensors, internet of things (IoT), and automation in the manufacturing industry, on account of the Industry 4.0 revolution, is also driving the expansion of the market. Innovations and advancements in Industry 4.0 depend heavily on developments in sensor and laser technologies and optical fibers.
Moreover, as these fibers and advanced sensor and laser technologies are extensively used in smart factories, the growing demand for smart manufacturing is massively propelling the sales of photonics products. Depending on application, the photonics market is categorized into production technology, measurement & image processing, medical technology & life science, communication, lighting, information technology (IT), photovoltaic (PV), and display.
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Out of these, the lighting category is predicted to demonstrate the highest growth rate in the market in the forthcoming years. This is ascribed to the burgeoning demand for lighting solutions in several general lighting applications such as entertainment lighting, retail lighting, and agricultural lighting. Geographically, the Asia-Pacific (APAC) region dominated the photonics market in 2019, with China accounting for the majority shares in the regional market.
This is credited to the presence of numerous manufacturing industries and facilities in the country. For example, the Eastern provinces of Jiangsu, Shandong, Zhejiang, and Fujian are home to diverse manufacturing industry. Moreover, the country’s automobile parts and components manufacturing facilities and zones are situated in the eastern region.
Therefore, it can be safely said that due to the soaring demand for energy-efficient products and the rapid development of smart factories, the market will exhibit huge expansion all over the world in the coming years.
Moreover, as these fibers and advanced sensor and laser technologies are extensively used in smart factories, the growing demand for smart manufacturing is massively propelling the sales of photonics products. Depending on application, the photonics market is categorized into production technology, measurement & image processing, medical technology & life science, communication, lighting, information technology (IT), photovoltaic (PV), and display.
Out of these, the lighting category is predicted to demonstrate the highest growth rate in the market in the forthcoming years. This is ascribed to the burgeoning demand for lighting solutions in several general lighting applications such as entertainment lighting, retail lighting, and agricultural lighting. Geographically, the Asia-Pacific (APAC) region dominated the photonics market in 2019, with China accounting for the majority shares in the regional market.
This is credited to the presence of numerous manufacturing industries and facilities in the country. For example, the Eastern provinces of Jiangsu, Shandong, Zhejiang, and Fujian are home to diverse manufacturing industry. Moreover, the country’s automobile parts and components manufacturing facilities and zones are situated in the eastern region.
Therefore, it can be safely said that due to the soaring demand for energy-efficient products and the rapid development of smart factories, the market will exhibit huge expansion all over the world in the coming years.
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