Global Photonics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $930 Billion by 2024 from $561 Billion in 2016; growing at a CAGR of 6.5% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 7.4% and 6.9%, respectively, during the forecast period. Photonics is the science of light detection, generation, and manipulation over transmission, emission, signal processing, modulation, switching, sensing and amplification. The wide range of devices or equipment’s with photonic-based components is expected to influence the global demand for the technology positively.
“Photonics Market (By Product: Waveguides, Optical Modulators, Optical Interconnects, LED, Wavelength Division Multiplexer Filters, Photo Detectors, Lasers, Amplifiers, and Other Products; By Application: Consumer Electronics, Displays, Safety And Defense Technology, Communication, Metrology, Sensing, Medical and Healthcare, High Performance Computing, and Other Applications; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend And Forecast, 2015 – 2024”
Increased demand from display application is the primary factor fueling the growth of photonics market
Rising requirements from applications such as displays, increased adoption of photonics products in various applications, and need for energy efficient products are the major aspects driving the growth of global photonics market. However, strict environmental guidelines, and high cost of photonics products may limit the market growth. Moreover, continuous R&D coupled with advancement in technology leading to new avenues is expected to open up several growth prospects in the forecast timeframe.
Product, application, and geography are the major segments considered in the global photonics market. Product segment is further sub-segmented into waveguides, optical modulators, optical interconnects, LED, wavelength division multiplexer filters, photo detectors, lasers, amplifiers, and other products. By application, the market comprises consumer electronics, displays, safety and defense technology, communication, metrology, sensing, medical and healthcare, high performance computing, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Russia, Germany, Italy, France, UK, and Rest of Europe are analyzed under the European market. China, Japan, India, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Wavelength Division Multiplexer Filters, by product type, held for the highest revenue share in 2016
Global Photonics Market, by Product (2016)
Wavelength division multiplexer filters accounted for the major market share in 2016, in the product segment. While, others segment is expected to grow with the fastest CAGR during the forecast period 2016 – 2024.
Displays lead the application segment with major share in 2016
Global Photonics Market, by Application
Displays dominated the application segment with highest market share in the year 2016 and is expected to continue its dominance during the forecast period. The high growth is attributed owing to growing adoption of displays in smartphones and other consumer electronic products. In terms of growth, medical and healthcare is likely to attain the fastest CAGR during the forecast period 2016 – 2024.
North America occupied the prime share in the global photonics market in 2016
GLOBAL PHOTONICS MARKET SHARE BY GEOGRAPHY, 2016 (%)
North America generated the highest revenue accounting for 35.8% of the total market share. Whereas, Asia-Pacific is anticipated to achieve the fastest CAGR during the forecast period driven by factors such as growth of important industries such as media, telecommunication, broadcasting, and building and construction in countries such as India, China, and Japan.
The key players profiled in the report include Nikon Corporation, Royal Philips N.V., Shin-Etsu Chemical Company Limited, Asahi Glass Company Limited, Schott AG, Corning Incorporated, Ohara Inc., II-VI Inc. American Elements, and Hoya Corporation, among others.