The global photonics market was valued at over USD 600 billion in 2015 and is
expected to reach USD 979.90 billion by 2024. It has witnessed a radical change
in the technology of photonics in the recent past, based on the research activities
performed. The photonic technology has been developed and implemented in
many verticals. The advances in the global photonics market have been
stimulated owing to the developments in the field of fiber optics. The introduction
of electricity has given a boost to the conversion. The advancement of optics
reached the peak point of the use of electric bulbs and primeval lamps to the
highly advanced lasers.
The global photonics market has started developing products which are eco-
friendly. These products are expected to be developed and introduced over the
next few years. Some of the major factors driving the global photonics market
include a better substitute for conventional technology, increased requirement
for higher security and safety solutions, and growth in the wireless technology. On
the contrary, lack of awareness among the consumers, lack of technological and
industrial standards, and the requirement for huge initial capital investment are
projected to negatively impact the overall photonics market growth.
Photonics is the foremost technology for the advent of the newest smart systems. The
applications of photonics are omnipresent. From the regular everyday life to the
highly advanced science, photonics finds application in lighting, visual art, light
detection, information processing, holography, production technologies,
agriculture, photonic sensors, robotics, medicine (vision correction, health
monitoring, surgery, endoscopy), telecommunications, laser material processing,
metrology, displays, spectroscopy, defense technologies, biophotonics, and
Photonics includes generation of light, switching, detection, emission, and
modulation. Adding to this, photonics additionally involves all uses of light across
the spectrum, extending from ultraviolet to visible light. The application segment
of photonics includes displays, communication, sensing, consumer electronics,
defense, and safety technology, and metrology. Adding to it, photonics find
application in the high-performance computing segment and health and medical care.
The fastest-growing segment of the global photonics market is medical and health
The most important products of photonics include
Wavelength division multiplexer filters
LED (light-emitting diodes)
Equipment based on photonics is comparatively cheaper than the conventional
devices. The factors driving the global photonics market include the requirement
for high-speed electronics and lesser consumption of power. The most vital
product of photonics is wavelength division multiplexer filter. Growing demand for
high-speed communication is one of the key factors responsible for boosting the
demand for wavelength division multiplexers. Regulations shift towards Energy
Efficient Equipment, the requirement for high-speed transfer of data, storage
systems and development in the emerging economies are the factors which
benefit the global photonics market.
However, huge initial investments, counterfeit technology, technological
obsolescence, lack of proper international standards, slow rate of adoption, and
lack of awareness among the consumers are the various factors which may
hamper the growth of the overall photonics market.
North America accounted for the highest market share globally on account of
the growing demand for quick diagnostics along with demand for high-speed
computing. Furthermore, factors including the rising need for quick and fast diagnosis
and high demand for negligible hostile surgery are also anticipated to fuel the
demand for the global photonics market. The market is poised for growth owing to
the increasing geriatric population levels.
Asia-Pacific is projected to witness the fastest rate of growth over the forecast
period owing to factors such as growing industrial development of emerging
nations of China, South Korea, India, and Malaysia. Factors which propel the
growth of the photonics market in this region is increased initiatives taken by the
government, huge capitalization, and investments by the major industry
participants and improving facilities for health care.
The fundamental companies of the photonics market produce LEDs, detectors,
lenses, optical filters, fiber optics, photonic components, materials, lasers, image
sensors, prisms, and gratings. The major industry participants making huge
investments and venturing into the global photonics market include
Hamamatsu Photonics K.K.
The key strategies of these companies include investing in the research &
development activities and mergers & acquisitions.
Photonics Product Outlook (Income, USD Billion, 2015 – 2024)
Wavelength Division Multiplexer (WDM) filters
Amplifiers Photonics Application Outlook (Income, USD Billion, 2015 – 2024)
Safety & defense technology
Medical & healthcare
High-performance computing Photonics Regional Outlook (Income, USD Billion,
2015 – 2024)
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