Press release
Photonics Market High-Speed Electronics is Expected to Positively Impact the Global Market for 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.
Wavelength division multiplexer filter is one of the major product segments of photonics market. The wavelength division multiplexer filters segment was valued at USD 116.23 billion in 2013.
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, growing at a CAGR of 8.9% from 2014 to 2020.
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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, growing at a CAGR of 7.4% from 2014 to 2020. 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 valued at USD 128.75 billion in 2013.
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 2013 and the photonics market in North America is expected to reach USD 277.02 billion by 2020.
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 growing at a CAGR of 7.0% from 2014 to 2020.
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.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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