The escalating pollution levels and the rising environmental degradation in several countries because of high energy wastage and large-scale power generation from non-renewable sources are making energy efficiency the need of the hour. Moreover, the governments of many countries are rapidly enacting renewable energy programs for reducing the emission of greenhouse gases in sectors such as industrial, buildings, and transport. This is, in turn, boosting the requirement for energy-efficient products across the world.

Energy efficiency has also become a critical parameter in the design and manufacturing of high-performance computing systems in recent times. This is because of the fact that energy-efficient products consume lesser energy and can work efficiently for long hours at extremely low maintenance costs. Furthermore, with the implementation of strict environmental protection policies by the governments of several countries, many companies are rapidly manufacturing energy-efficient products such as OLED, LED, display, and LED that requires less power for functioning.

Apart from the mushrooming usage of energy-efficient products, the rising requirement for photonics in several applications in the domains of manufacturing, optical data communications, security and safety, medical and life sciences, and lighting and displays is also fueling the worldwide popularity of photonics technology. For instance, in the field of data communications, photonics is extensively used for meeting the requirement for high data transfer rates, which is growing rapidly because of the rising data traffic.

Due to the aforementioned factors, the popularity of photonics is rising quickly all over the world. This is, in turn, causing the advancement of the global photonics market. As a result, the valuation of the market is predicted to rise from $576.8 billion to $1,214.5 billion from 2019 to 2030. Furthermore, as per the forecast of the market research company, P&S Intelligence, the market would progress at a CAGR of 6.9% between 2020 and 2030.