The United States photonics market is anticipated to accelerate at 5.2% CAGR between 2023 and 2033, amid widening application in medical technology and defense. By 2033, the overall market size in the USA is set to reach US$ 268.4 billion.
Rising applications of photonics-enabled devices across sectors such as automotive, consumer electronics, medical devices, and defense is providing stimulus for the development of the global photonics market.
Photonics, of which light communication technology is part of, is playing a key role in triggering innovations across various fields. From lighting and displays to optical data communications and life science, the application area of photonics continues to expand rapidly.Advancements in photonics have paved way for the development of photonic devices which are used in light emitting diodes, displays, laser devices, displays, photovoltaic cells, and optical amplifiers.
The global photonics market is forecast to reach a massive valuation of US$ 1.6 trillion by the end of 2033.