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MARKET OUTLOOK

Triton’s research report infers that the Middle East and Africa’s photonics market is projected to progress at a CAGR of 6.50% during the assessed years 2021-2028. Turkey, Israel, South Africa, the UAE, Saudi Arabia, and Rest of Middle East & Africa shape the market in this region.

Saudi Arabia is undergoing a massive digital transformation under its Vision 2030 plan. Moreover, the country’s mega-city projects are anticipated to incorporate innovative technology, such as big data and IoT. Here, several companies are focusing on employing big data to identify new customers or gain consumer behavior insights to develop new products. Hence, the rapid adoption of big data, could, and IoT is influencing the demand for photonics solutions. Thus, driving the photonics market on a growth path across Saudi Arabia. 

Additionally, the government is investing significantly in the deployment of smart solutions to become a leader in IoT technologies. Besides, big data technologies are anticipated to become major growth enablers for the success of Vision 2030. Hence, these are another set of factors facilitating Saudi Arabia’s photonics market’s progression. 

On the other hand, Turkey has a diversified economy with a robust manufacturing sector. Further, the country is home to IPG Photonics Corporation, a leading company developing photonics solutions. Additionally, the strong economic ties with Europe have helped strengthen the country’s IT & Telecom sector. Hence, these factors are anticipated to support the growth of the photonics market within Turkey.

COMPETITIVE OUTLOOK

The key companies in the photonics market consist of Koninklijke Philips NV, Carl Zeiss AG, Finisar Corporation (II-VI Incorporated), Molex LLC, Huber+Suhner Polatis Photonics Inc, Hamamatsu Photonics KK, and Infinera Corporation.