Photonics and Its Economic Impact: Exploring the Influence of Photonics on Global Economy

Abstract

Photonics is the science of light. It is the technologyof generating, controlling, and detecting light waves and photons, which areparticles of light. The properties of light in general and of laser light inparticular, make light a tool uniquely suited for all these classes ofapplications. Businesses in the field of photonics and light-based technologieswork on solving key societal challenges, such as energy generation and energyefficiency, healthy ageing of the population, climate change, and security.Photonic technologies have major impact on the world economy with a currentglobal market of €300 billion and projected market value of over €600 billionin 2020. Growth in the photonics industry more than doubled that of theworldwide GDP (gross domestic product) between 2005 and 2011.