Winter 2013

The trend of small and middle market consolidation in the highly fragmented photonics industry, as well as in the vertical market segments it enables, persists. Given uncertainly around the future role of government regulation and public policy, it is likely that organic growth will remain muted and strategic buyers will continue to absorb targets - sustaining a pattern of consolidation through 2013.

Private placements in development stage and high growth photonics businesses are robust. In 2012, a reported $16 billion in almost 900 transactions goes to work commercializing technology and scaling businesses with core enabling technology in photonics.