North America Photonics Market

North America Photonics Market Size & Growth 2023-2028

North America Photonics Market is expected to grow at a CAGR of 7% in the outlook period 2023-2028

Drivers and Restraints of the North America Photonics Market:

Increased usage of lightweight materials in Industries as per government norms is one of the driving forces for the growth of the photonics market in North America and throughout the globe. Consumers prefer small and lightweight gadgets, which triggers the demand for conductive ink. Products using conductive ink are comparatively easier to handle than their heavyweight counterparts.

The industry encompasses a plethora of products that are photonics-based. The growth outlook towards the adaptation of green and sustainable products is also promoting the use of Photovoltaic cells (PV-cells). The stringent government policies in the North American region, regarding the use of environment-friendly products, is a driving factor for the growth of the photonics market in the North American area. Over conductive inks, carbon inks are preferred because of their low cost. This is because-conductive ink uses silver which is expensive. On top of this, graphene-based inks have not matured to be fully operational in the market. These factors hinder the growth of the North American photonics industry. Lacking international standards for the industry can also be a hindering factor for the industry.

North America Photonics Market has been segmented into the following categories:

On the basis of the Product:

• LED and Laser

• Detectors

• Sensors

• Imaging Devices

On the basis of the Application:

• ICT

• Production Techniques

On the basis of End-User:

• Media Broadcasting and Telecom

• Consumer & Business Automation

The sensors segment is expected to register the highest CAGR during the period between 2020 and 2025. Conductive ink has been widely used in the industry for printing chips that have several benefits including a reduction in size and more efficient performance.

ICT market has been growing rapidly in the North American region and the photonics industry is gaining popularity because of its lightweight and ease of handling. In this segment, we can expect future growth.

Geographical Overview And Regional Presence:

The USA has been the leading producer of photonics in the North American region owing to its vast production capabilities and strong economy.  Several efforts are being implemented to popularise the usage of photonics in different areas of the world. Photonic systems are gaining popularity and touch screens have become a norm.

Recent Developments in the North America Photonics Market:

In July 2018, Minerals Technologies Inc, A US-based company made an agreement with Shouguang Meilun Paper Co., Ltd., a subsidiary of Shandong Chenming Paper Holdings Ltd., and agreed to build a satellite precipitated Photonics plant at its paper mill in Shouguang, Shandong Province, China. This plant is supposed to register a capacity of 150,000 metric tons per year. This agreement helped the company improve its presence in the Chinese paper market.

Key Players:

• Sun Chemical Corporation.

• Create Materials Inc.

• Vorbeck Materials

• Poly Ink

• Mineral Technologies

Impact of COVID-19 on the North America Photonics Market:

The North America Photonics market includes major suppliers like DowDuPont, Henkel AG & Co. KGaA, etc., which have their manufacturing facilities spread across various countries, despite this, COVID-19 has impacted their businesses and caused disruption in the supply chain. These market players have suspended their production units due to the declined demand, and supply chain bottlenecks, and to ensure the safety of employees in the United States of America during this pandemic. As a consequence, the demand for photonics declined in 2020. Recovery in the segment of pure electronics is expected to start post-2021.