Global Photonics
Market strategic research study
offers company accounts, industry investors, and industry members with
consequential insights to enable them to make reliable strategic decisions
regarding the opportunities in the global market.
In this report, we
thoroughly examine and analyse the Global market for Photonics so that market
participants can improve their business strategy and ensure long-term success.
This report provides players with useful information and suggests result-based
ideas to give them a competitive advantage in the global Photonics industry. It
will show how other players compete in the global Photonics market and explain
the strategies you use to differentiate yourself from other participants.
This Research Report
Answers the Following Questions:
·
How Photonics market will grow in the coming
year?
·
Will the COVID-19 pandemic surge the demand for such platforms?
·
How are key companies planning to promote benefits of Photonics?
·
What are the industry growth drivers, obstacles, and dynamics?
·
Which segment is expected to lead in the coming years?
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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 the 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 is projected
to negatively impact the overall photonics market growth.
Photonics is the foremost
technology for the advent of 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, bio-photonics, and
photovoltaic.
Photonics involves the
generation, switching, detection, emission and modulation of light. 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 high-performance computing segment and health and medical care.
The fastest growing segment
of the global photonics market is medical and health care. The most important
products of photonics include waveguides, optical interconnects, wavelength
division multiplexer filters, lasers, spectroscopes, optical modulators, LED
(light emitting diodes), photo detectors, and amplifiers. Equipment based on
photonics are 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 important 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 growing demand for quick
diagnostics along with demand for high-speed computing. Furthermore, factors
including 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 Hewlett-Packard Company, Finisar
Corporation, Luxtera Inc., 3S Photonics, S.A.S., Innolume GmbH, Intel
Corporation, Hamamatsu Photonics K.K., IBM Corp., and Infinera Corp. the key
strategies of these companies include investing into the research &
development activities and mergers & acquisitions.
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