SPIE Estimated Worldwide Photonics Industry at $182 Billion Dollars
September 2, 2016
Steve Anderson SPIE
San Diego, Ca, At the Optics+Photonics expo SPIE held a series of industry events to highlight the market changes in recent years. One of the largest highlights in these presentations was that of Industry and Market Strategist Steve Anderson who presented a series of updates to the projections for the worldwide Photonics market share. The report of a 13.75% increase in worldwide market share despite recent fluctuations in laser sales brought a cheer to the photonics companies. The year of the light initiative is expected to create a boost in brand recognition which will increase grants and overall sales for the next two years but these additional figures will highlight the importance of the industry to policy makers and government sponsors.
The last time that SPIE had updated these projections was in 2012 and the industry was then estimated at &160 billion dollars. It was cited that the US and Japan’s combined share of the overall revenues was about 80% at that time. The newest projections with reporting through 2014 show that the industry has grown by an approximate 13.75% and is now shown to be around $182 billion dollars. Small business was reported to be on a rise in the US with an 18% rise in active companies and about 177,000 more jobs. Worldwide there was an increase in about 671 new companies and a far greater dispersion among smaller developing countries.
Anderson reveals that this massive reporting undertaking by SPIE is only the first part of a large project to bring transparency to the photonics world. He said that the group will now utilize information from the analysis company Dun & Bradstreet to narrow down figures on the sizes of the industry in individual foreign countries. Many companies anticipate future reports which sort the industry figures by specific application and instrument type. These reports will be welcomed by sales and marketing teams who strive to determine which areas will be seeking their instruments.
Written By: Erin L. Prieskorn, Sales & Marketing Manager for Quantum Composers Inc.
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