New York, April 28, 2023 (GLOBE NEWSWIRE) -- The global Nanophotonics Market size is projected to cross a valuation of US$ 576.0 billion by 2032. It is anticipated to witness a CAGR of 30.6% from 2022 to 2032. In 2022, the global market stood at a valuation of around US$ 39.8 billion. Growth is anticipated to be fueled by rising investment in sectors such as household appliances, internet access, and solar energy generation systems.
High prices for equipment, raw materials, and research & development might prevent the industry from reaching its full potential. Prices must be reduced, and patent application procedures must be standardized, in order to remove this obstacle.
As high-intensity LEDs can be used in different applications, it is anticipated that LEDs will expand in terms of market share. Passive matrix and active matrix OLEDs, also known as PMOLED and AMOLED, are two common types of nanophotonic OLEDs.
The former is predicted to make up a significant portion of the market. Its uses include those for leisure, consumer electronics, lighting, telephony, indicators & signs, and non-visual uses.
Applications vary depending on the product in question. For instance, nanophotonic OLED applications include telecommunication, entertainment, and non-visual applications. But, LED purposes include indicators & signs, illumination, and other non-visual uses.
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The nanophotonic market is expanding due to increasing need for fiber optics and other telecommunications equipment. New and cutting-edge features such as increased refractive index, sensing, and computation, have been made possible by adding nanoparticles to optical fibers.
According to the Institute of Electrical and Electronics Engineers (IEEE), India currently has an optical fiber-based network covering a distance of 2.8 million kilometers. It falls short of the National Broadband Mission's objective of deploying 5 million kilometers of optical fiber by 2024.
However, since the country’s population is increasing, there is still scope for further development of optical fiber infrastructure. Demand for optical fiber is expected to drive the global nanophotonic market through 2032.
Key Takeaways from Nanophotonics Market Report:
- China nanophotonics industry is set to create an absolute dollar opportunity of US$ 137.3 billion in the next ten years.
- By ingredients, the plasmonics nanotubes category is estimated to exhibit a CAGR of 30.5% from 2022 to 2032.
- Based on application, the consumer electronics segment is likely to witness 30.4% CAGR through 2032.
- The United Kingdom nanophotonics industry is predicted to be valued at US$ 15.0 billion by 2032.
- Japan stood at a CAGR of 42.5% in the historical period from 2017 to 2021.
“Nanophotonics is being used in consumer electronics such as smartphones and televisions to improve display and image quality. It is also utilized in healthcare technology to improve imaging and diagnostic capabilities, which would propel demand.” – Says a lead analyst.
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Competitive Landscape
Nanophotonics companies are investing heavily in research & development to stay ahead of the competition and develop new products and technologies. They are also acquiring or merging with other firms. They are aiming to expand their presence in the market.
Few of the manufacturers are diversifying their product portfolio to expand their presence. It includes developing new products or expanding into new application areas. Leading players are forming strategic partnerships and collaborations with other companies. They are doing so to leverage their expertise and expand their reach.
A recent development in the Nanophotonics Market:
- In October 2022, the Ettore Majorana Foundation and Center for Scientific Culture in Erice, Italy, hosted the Foremost Photonics 2022 workshop. It was organized by the Nanophotonics Europe Association (NEA). The event brought together influential figures in nanophotonics who expressed their perspectives on the field's future. They also discussed the steps that should be taken to enhance careers of new researchers.
Get More Insights into Nanophotonics Market Report
Persistence Market Research, in its new offering, presents an unbiased analysis of the nanophotonics industry presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals segments divided in terms of
- Products (LED, OLED, NFO, photovoltaic cells, optical amplifier, optical switches, and holographic data storage systems),
- Ingredients (photonic crystals, plasmonics nanotubes, nanoribbons, and quantum dots),
- Application (consumer electronics, material science, nonvisible wavelength instruments, nonvisual applications, and indicators), and region.
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