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MARKET OUTLOOK

As stated in Triton Market Research’s report, the photonics market in North America is anticipated to garner a CAGR of 7.41% through the predicted years 2021-2028. The United States and Canada form the overall region.

The demand for photonics is anticipated to increase in Canada. This growth in demand has encouraged several companies to set up operations in the country. Moreover, this growth has helped the country to regain its hold over the declining manufacturing sector. Additionally, numerous companies are adopting photonics to drive their innovation, offering new opportunities to the manufacturers. Furthermore, institutions like the National Research Council of Canada have significantly contributed to the development of the studied market by setting up the Canadian Photonics Fabrication Center. Therefore, such actions are widening the scope and growth of the photonics market within Canada. 

Likewise, prominent industry giants like Microsoft and Facebook are motivating the growth of the studied market in the United States. For instance, companies like Facebook and Microsoft have employed photonics technologies to optimize the data transmission process. Other than this, the country has witnessed significant technological advancements over the past few years. This growth in technology and increasing data centers influence the deployment of photonics devices, in turn, generating lucrative opportunities for the photonics market in the US over the upcoming years. 

COMPETITIVE OUTLOOK

The renowned enterprises in the photonics market include Hamamatsu Photonics KK, Schott AG, IPG Photonics Corporation, Carl Zeiss AG, International Business Machines Corporation (IBM), Molex LLC, and Intel Corporation.