What is a Photonics market size?
The
global Photonicsmarket was valued at over USD 600 billion in 2015 and is expected to
reach USD 979.90 billion by 2024.
What is a Photonics?
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.
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.
Request Sample Copy of This Market Research @
https://www.millioninsights.com/industry-reports/photonics-market/request-sample
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
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.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/photonics-market
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.
Continued…………………..
Read more insights on @
No comments:
Post a Comment