According to a new report, published by KBV research, The Global Photonics Market size is expected to reach $1345.45 billion by 2031, rising at a market growth of 4.7% CAGR during the forecast period.
The Photo Detectors market dominated the Global Photonics Market by Product in 2023; thereby, achieving a market value of $217.3 billion by 2031. The growth of the photo detectors segment is fueled by their indispensable role in converting light signals into electrical signals, a critical function in optical communication, imaging, and sensing technologies. These devices are extensively employed in fiber optic networks, which are essential for the efficient and high-speed transmission of data, a fundamental component of contemporary telecommunications.
The Safety & Defense Technology market is expected to witness a CAGR of 4.2% during (2024 - 2031). The increasing reliance on photonics largely drives this segment to enhance security and military capabilities. Applications such as LiDAR for advanced surveillance systems, laser-guided weapons for precision targeting, and photonic sensors for situational awareness underscore the critical role of photonics in modern defense systems. The segment is further propelled by rising geopolitical tensions and the need for cutting-edge technologies to maintain national security.
Full Report: https://www.kbvresearch.com/photonics-market/
The North America region dominated the Global Photonics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $495.18 billion by 2031. The Europe region is exhibiting a CAGR of 4.6% during (2024 - 2031). Additionally, The Asia Pacific region would experience a CAGR of 5.1% during (2024 - 2031).
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