Photonics Market – Snapshot
Photonics refers to the technology and science of detecting, controlling, and generating photons. Photons are particles of light. Photonics is considered the science of light. The properties of photons and waves can be utilized in the exploration of a wide a range of things from the universe to find a cure for diseases to solution for a crime. Such extensive range of use is estimated to bolster growth of the global photonics market in the near future.
Scientists have been conducting studies on light for over a century now. The range of colors of the rainbow comprises only a very small part of the entire range of light wave, which is known as electromagnetic spectrum. Photonics investigates a wide range of wavelengths, from gamma rays to radio rays, comprising infrared light to ultraviolet to X-rays.
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Emergence of Newer Technologies to Shape Contours of the Market
The global photonics market is likely to be driven by the broad scope of applications, from fiber optic links in telecommunications to treatment of cancer. Photonics find use in countless applications. Some of the applications of photonics are
- light detection
- information processing
- lighting and metrology
- military technology
- visual art
- laser material processing
The global photonics market is estimated to be driven by the growing popularity of additive manufacturing or lidar technology. Lidar technology is utilized for the analysis of pollutant and gas distribution in the atmosphere. This technology has become extremely vital for the autonomous driving in the last few years. Increased use of silicon-based photonics is expected to shape the contour of the global photonics market in the years to come.
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Technological progress made in light-based technologies has ushered in a new age era that is characterized with a wave of innovation. On the other hand, the global photonics market is likely to face challenges for the high cost associated with the utilization of photonics products.
Global market for photonics has been covered under the scope of this report. The emission, generation, modulation, switching and detection of light are included within photonics. All the applications of light ranging from visible spectrum to ultraviolet rays are covered within photonics. The various applications of photonics include consumer electronics, displays, safety and defense technology, communication, metrology and sensing among others. By product type, the photonics market has been segmented into waveguides, optical modulators, optical interconnects, LED, wavelength division multiplexer filters, photo detectors, lasers, amplifiers and spectroscopes among others. Low power consumption of photonics based instruments, consequently reducing operational expenses, is one of the major factors fuelling their demand.
Increasing demand for high speed electronics is another major factor fuelling the demand for photonics globally. The photonics based communication instruments use optical technologies that provide faster data transfer compared to existing technologies, which is an added advantage along with the cost benefit. Thus, increasing demand for high-speed electronics is expected to positively impact the global market for photonics.
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Wavelength division multiplexer filter is one of the major product segments of photonics market. Increasing demand for high speed communication is one of the major factors fueling the demand for wavelength division multiplexer filters. However, amplifier is one of the fastest growing product segments for photonics. Increasing demand for accurate and fast communication is one of the major factors fueling the demand for amplifiers. Industrialization in emerging economies of Asia Pacific and RoW is also expected to boost the demand for amplifiers in the forecast period.
The application of photonics in the field of medical and healthcare is the fastest growing segment. Increasing demand for accurate and early diagnosis is one of the major factors fueling the demand for photonics based instruments in the medical and healthcare segment. In addition, the demand for minimally invasive surgeries is also expected to boost the demand for photonics based instruments in medical and healthcare segment globally. However, display is the largest application segment for photonics based instruments. Changing customer requirements owing to increasing disposable income in the developing countries of Asia Pacific is fueling the demand for displays. Apart from this, large number of manufacturing utilities and upcoming business units in China, Japan and Taiwan among others are also expected to boost the demand for displays in the forecast period.
North America held the largest market share in the global photonics market in 2018. Presence of large number of business utilities and increasing demand for high speed and accurate communication are some of the major factors fueling the demand in North America. Europe is second largest market for photonics globally. However, Asia Pacific is the fastest growing market. India, China and Japan are some of the major countries boosting the photonics market in Asia Pacific. Rapid industrialization and the growing number of business utilities due to foreign investments are the major factors enhancing the demand for photonics in this region.
The photonics market is dominated by few major players. Large capital requirement and rapidly changing technology are some of the major factors inhibiting new entrants from entering the photonics market.
- Intel Corporation
- Hewlett-Packard Company
- Hamamatsu Photonics K.K.
- Finisar Corporation
- IBM Corp.
- Luxtera Inc.
- Infinera Corp.
- 3S Photonics S.A.S.
- Innolume GmbH
among others are the major players operating in the photonics market.
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