Photonics Technology Improving Manufacturing Process Across Industries
Photonics devices are being increasingly used in the manufacturing facilities in the communication domain and production process, owing to the ongoing industry 4.0 revolution. This revolution aims to create smart and efficient factories which use automation solutions, internet of things (IoT)-enabled devices, and smart sensors for an efficient manufacturing process. Innovations in smart factories primarily depend on developments in optical fibers, laser technology, and sensor technology. Such highly digitized production units use lasers for drilling, cutting, and engraving purposes and utilize optical fibers to allow reliable data communication at high speed within the factory. Additionally, the mounting cost of integrating devices in production units will drive the photonics market at a CAGR of 6.9% during the forecast period (2020–2030). The market generated a revenue of $576.8 billion in 2019 and it is expected to generate $1,214.5 billion revenue by 2030. Photonics tech...