Report Forecasts Growth of Global Nanophotonics-Advanced Technologies Market for the Next 9 Years

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Emergen Research recently published a report on, "Nanophotonics-Advanced Technologies Market, By Product Type, By Material, By Application, By Industry, and By Region Forecast to 2032". According to the report, the Global Nanophotonics-Advanced Technologies Market size was USD 13.77 Billion in 2022 and is expected to reach USD 31.10 Billion in 2032 at a revenue CAGR of 8.5% during the forecast period.

Rising demand for optical communication and optoelectronics, rising demand for miniaturization of devices especially medical devices, and rising demand for energy-efficient products are a few of the major factors driving the market revenue growth. 

Increasing Research & Development (R&D) initiatives for various applications of nanophotonics especially in quantum technologies and miniaturization of devices along with substantially high-value funding are further driving revenue growth of the market. On 17 November 2022, Syzygy Plasmonics, which is a Houston-based startup driven by technology developed by Rice University, received a funding of USD 76 million in Series C financing led by Carbon Direct Capital, which is one the largest rounds of funding for ventures stemming by Rice lab.

Conventional fiber-optic cables utilize light pulses for data transmission, but encounter speed and capacity constraints. Nanophotonic devices, at a smaller scale, provide improvements in data transmission speed and capacity. Such innovation is expected to drive faster internet, efficient data centers, and high-capacity networks, thereby driving revenue growth of the market. Integration of nanophotonics into solar cell technology, especially through metallic nanoparticles, is considered one of the popular approaches to enhance light capture and develop plasmonic solar cells. 

Economically feasible fabrication of these nanoparticles, with a wide absorption spectrum across solar wavelengths, makes them ideal for photovoltaics. Nanostructures, such as nanowires and nanoparticles, further increase light-trapping efficiency, allowing for smaller and more cost-effective solar cell devices. High demand for energy harvesting and sustainability is creating a high demand for nanophotonics. Nanoscale materials such as quantum dots are expected to improve the cost-effectiveness and efficiency of photovoltaic devices. 

However, the fabrication of nanophotonic devices requires complex techniques to work at nanoscale with nanometer accuracy which makes the process highly cost-intensive. Such factors are expected to restrain revenue growth of the market.

Major Companies and Competitive Landscape 

The global nanophotonics-advanced technologies market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective nanophotonics-advanced technologies. Some major players included in the global nanophotonics-advanced technologies market report are: 

Strategic Development 

  • On 4 August 2023, North-Eastern Hill University (NEHU) and Indian Institute of Technology Guwahati (IIT Guwahati) officially signed a Memorandum of Understanding (MoU) to initiate a collaborative partnership focused on advancing research in the Nanotechnology domain. This encompassing field includes semiconductor devices, nanoelectronics, nanofabrication, and nanophotonics. The strategic alliance further involves teacher, scholar, and student exchange programs, facilitating comprehensive training and development in this swiftly evolving field.

Some Key Highlights From the Report 

  • The Light Emitting Diode (LED) segment is expected to register a significantly fast revenue growth rate over the forecast period. A longer lifespan than incandescent bulbs, almost 25 times longer, is one of the major factors creating a high demand for LEDs. High-quality LED light bulbs exhibit longer lifespans, increased durability, and provide equivalent or superior lighting quality when compared to alternative lighting options. In residential settings, LEDs consume a minimum of 75% less energy and have a lifespan of up to 25 times that of incandescent lighting.
  • The quantum technologies segment is expected to register a moderately fast revenue growth rate in the global nanophotonics-advanced technologies market over the forecast period. Nanophotonics is driving progress in quantum computing, which is a field poised to transform computation by executing intricate calculations at unprecedented speeds.
  • The telecommunications segment is expected to register a significantly fast revenue growth rate over the forecast period. High-speed data transmission, rapid adoption of 5G, and high penetration rate of fiber optics are a few of the major factors creating a high demand for nanophotonics in the telecommunications sector.
  • The market in Europe is expected to register a significantly fast revenue growth rate over the forecast period owing to an increase in fiber-based communication and high demand for energy-efficient devices. Implementation of nanophotonics would minimize the requirement of redesigning existing network architectures which is further contributing to revenue growth of the market. In 2020, Spain registered a penetration rate of 62.3% of Fiber-To-The-Home (FTTH) and Fiber-To-The-Building (FTTB). The Nanophotonics Europe Association (NEA), a part of the EU Network of Excellence established with PhOREMOST, is promoting, research, technology transfer, and innovation in nanophotonics.
  • On 6 September 2023, Quantum Computing Inc. which is a pioneering firm specializing in quantum optics and nanophotonics technology, officially disclosed the execution of a strategic sales and collaboration agreement with Assured Cyber Protection Ltd, which is a company specializing in Artificial Intelligence (AI)-driven cybersecurity assessment, continuous detection, and mitigation solutions.

Emergen Research has segmented the global nanophotonics-advanced technologies market on the basis of product type, material, application, industry, and region: 

  • Product Type Outlook (Revenue, USD Billion; 2019-2032)
    • OLED
    • LED
    • Photovoltaic cells
    • Optical switches
    • Near field optics
    • Others
  • Material Outlook (Revenue, USD Billion; 2019-2032)
    • Nanotubes
    • Plasmonic
    • Quantum dots
    • Nanoribbons
    • Photonic crystals
    • Others
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Quantum technologies
      1. Quantum Communication
      2. Quantum sensing
      3. Others
    • Sensors & detectors
      1. LiDAR sensor
      2. Optical Sensor
      3. Others
    • Optical communications
    • Medical Imaging
    • Environmental monitoring
    • Energy harvesting
    • Digital signage
    • Lighting
    • Others
  • Verticals Outlook (Revenue, USD Billion; 2019-2032)
    • Retail
    • BFSI
    • IT and telecommunications
    • Manufacturing
    • Healthcare
    • Energy & Utilities
    • Government & Defense
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

Click here to read the report titled, "Nanophotonics-Advanced Technologies Market, By Product Type, By Material, By Application, By Industry, and By Region Forecast to 2032".
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