Photonics Market Expected to Reach $724B

The photonics market is estimated to reach $724.22 billion by 2021, with a compound annual growth rate of 8.4 percent, according to a report by MarketsandMarkets.

Increasing demand from applications such as displays, information and communication technology, photovoltaic, medical technology and life sciences, measurement and automated vision, lighting and production technology are driving the photonics market. Information and communication technology is estimated to be the largest application for the photonics market.

In 2015, Asia-Pacific accounted for the largest share of the global photonics market and also registered the highest growth rate between 2016 and 2021. Japan is currently the largest market for photonics, but it is projected to be overtaken by China during the forecast period. The Indian government has started investment promotion programs to assist building and construction projects as well as the telecommunication industry, which is driving the demand for photonics significantly. India is the fastest-growing market for photonics.