According to MarketsandMarkets the photonics market is estimated to reach upwards of $724.22 billion by 2021, with a compound annual growth rate of 8.4 percent.
This is due to the increasing demand for lighting and production technology, medical technology, and information and communication technology. The largest end-use industry for photonics is the media, broadcasting, and telecommunications sector due to the rising demand for optical fibers. Optical fibers are increasingly preferred over metallic wires due to greater safety and security.
Asis-Pacific is estimated the highest growth rate in the market between 2016 and 2021, and also accounted for the biggest share of global photonics. Japan is currently the largest market for photonics with China not far behind. India though is measured as the fastest growing market for photonics since the government started to invest in programs to assist in building projects in the telecommunications industry.
This is all good news for custom optical manufacturers like Cosmo Optics as we will likely see a continued surge in sales over these next few years.