The photonics market is projected to grow from USD 530.52 Billion in 2017 to USD 795.54 Billion by 2022, at a CAGR of 8.4%. The growing use of photonics in applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting, and manufacturing technology is driving the market for photonics globally. The market is expected to witness high growth rates in Asia Pacific and Europe during the forecast period.

Expansions, new product launches, agreements, and mergers & acquisitions were the strategies adopted by the leading players to enhance their presence in the photonics market between 2013 and 2017. The leading market players include Philips (Netherlands), Schott (Germany), Nikon Corporation (Japan), Shin-Etsu Chemical Company (Japan), Hoya Corporation (Japan), Corning (US), Asahi Glass Company (Japan), II-VI Inc. (US), Ohara Inc. (Japan), and American Elements (US).

Philips, one of the leading manufacturers of photonics and optical materials, has been majorly focused on organic growth strategies to increase its market share. The company could focus on inorganic growth strategies to help it access newer markets and wider geographical reach. In February 2017, Philips launched its new GreenPower LED interlighting system. This system boosts yield, with sideways-facing LEDs focusing growth-stimulating light on the most vital parts of crops. Earlier, in March 2016, Philips also launched a new range of products, which include DigiStreet, Philips Hue white ambiance, and Philips classic LED new lighting systems, for offices, shops, streets, and homes.

Nikon Corporation engages in the manufacture and sale of optical instruments. It operates in 4 business segments: Precision Equipment, Imaging Products, Medical, and Instruments. The company manufactures and markets products such as NIKKOR optics and Nikon sports as well as recreational optics. The Imaging Products segment manufactures and sells film cameras, photographic accessories, interchangeable lenses, digital cameras, Speedlight, software, and related products. The company is focused on producing high-quality products by employing the latest state-of-the-art technology. The company has launched new products and expanded into places such as Europe to attain a higher market share in the global photonics market. In August 2017, Nikon Corporation released the D850 digital SLR camera. The SLR camera offers a combination of high resolution and high-speed performance.

Related Reports:

Photonics Market by Product Type (LED and Lasers, Detectors, Sensors & Imaging Devices), Application (ICT and Production Tech.), End-Use Industry (Media, Broadcasting & Telecommunication and Consumer & Business Automation) - Global Forecast to 2022

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