< Key Hightlight >

MARKET OUTLOOK

Triton’s research report infers that the Latin American photonics market is envisioned to register growth at 6.23% of CAGR through the projected period 2021-2028. Mexico, Brazil, and Rest of Latin America outline the market in the given region.

In Rest of Latin America, Panama, Argentina, and Chile are expected to support the growth of the photonics market. Lower costs than the US and Europe have attracted prominent manufacturers to these countries. Moreover, the growing number of factors is anticipated to expand the studied market’s growth. Furthermore, in Panama, the construction industry is gaining momentum, which will drive the demand for photonics to a large extent. 

On the other hand, China is witnessing a rise in the number of data centers, owing to the demand from cloud-based service companies. Moreover, big data and IoT have increased submarine cable deployments, which is likely to influence the demand for photonics solutions. Thus, such developments hold the potential to widen the scope of the photonics market across the region. 

In Mexico, the market is prominently motivated by the growth in the number of data centers. Moreover, the increasing interest from prominent companies in the development of data centers is likely to fuel the demand for photonics devices in the near future. For instance, Microsoft announced the construction of its first cloud data center in the country. Therefore, the construction of data centers is expected to generate lucrative opportunities for the Mexican photonics market in the upcoming years. 

COMPETITIVE OUTLOOK 

Some of the firms in the photonics market are Carl Zeiss AG, Molex LLC, Photonics Corporation, International Business Machines Corporation (IBM), Intel Corporation, Hamamatsu Photonics KK, and Schott AG.