Global Photonics Market 2020
During Photonics North 2020, Mr. Stephen Anderson from SPIE did a photonics Market presentation that was looking at the 2019 Photonics market and was trying to forecast the developments in 2020 that in the first quarter of 2020 has seen a contraction from the pandemic with a general drop of ~30% but managed to recover a bit in the second quarter of the year.
In his view the guidance that was given at the beginning of the year had been withdrawn and the following outlook was presented, see Fig below.
With a high of USD 328 billion and a low of USD 298 billion.
Recent reports as published in the Global News wire on February 10, 2021 with data based on the analysis from Reporterlink, estimate the Photonics market in 2020 at USD 593.7 billion and projected to reach USD 837.8 between now and 2025 with a healthy CAGR of 7.1%
So even in the pandemic the photonics market has faired quite well with addressing the need created by remote working and healthcare, with a lot of photonics products being deployed.
The Reporterlink analysis is considering “LED segment account for the largest share in the overall Photonics market. LED products are energy efficient and available at affordable prices-increasing usage of LED in lighting and display applications to drive its demand during the forecast period. APAC accounted for the largest market share of the LED product type segment in 2019. Energy-saving measures drive the surge in demand from applications such as general lighting, automotive, and backlighting. Information and Communication Technology is the largest application for the Photonics market.”
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