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Photonics Market Size & Forecast Report, 2015 – 2024

Photonics Market

Photonics Market

The global photonics market was priced at over USD 600 billion in 2015 and is anticipated to stretch USD 979.90 billion by 2024. It has observed a radical change in the technology of photonics in the recent past, based on the study activities performed. The photonic technology has been improved and implemented in many verticals. The progressions in the global photonics market have been stimulated owing to the improvements in the field of fiber optics. The entrance of electricity has given a boost to growth.
The advancement of optics touched the peak point of the use of electric bulbs and primeval lamps to the extremely advanced lasers. The global photonics market has begun developing products which are eco-friendly. Those products are demanded to be developed and introduced over the next few years. Some of the important factors driving the global photonics market include a better replacement for conventional technology, enhanced requirement for higher security and safety solutions, an increase in wireless technology. On the contrary, lack of awareness among the consumers, lack of technological and industrial standards, and the necessity for huge initial capital investment are predicted to negatively impact the overall photonics market growth. Photonics is the foremost technology for the advent of the newest smart systems.

The applications of photonics are omnipresent. From the regular daily life to the highly advanced science, photonics finds application in lighting, robotics, light detection, visual art, production technologies, agriculture, information processing, holography, photonic sensors, medicine (vision correction, health monitoring, surgery, endoscopy), telecommunications, laser material processing, displays, metrology, spectroscopy, biophotonics, defense technologies, and photovoltaic. Photonics includes the generation, detection, switching, emission and modulation of light. Adding to this, photonics additionally includes all uses of light across the spectrum, lengthening from ultraviolet to visible light. The utilization segment of photonics includes consumer electronics, communication, displays, sensing, defense and safety technology, and metrology. Adding to it, photonics find application in high-performance computing division and health and medical care. The fastest expanding segment of the global photonics market is medical and health care. The most powerful products of photonics include waveguides, lasers, optical interconnects, optical modulators, wavelength division multiplexer filters, spectroscopes, LED (light emitting diodes), photodetectors, and amplifiers. Equipment based on photonics is comparatively cheaper than conventional devices. The factors accelerating the global photonics market include the demand for high-speed electronics and lesser consumption of power. The most notable product of photonics is wavelength division multiplexer filter. Increasing 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 specification for high-speed transfer of data, development and storage systems in the emerging marketplaces are the factors which benefit the global photonics market. However, huge initial investments, counterfeit technology, technological obsolescence, lack of conventional international standards, delaying rate of adoption, and absence of awareness among the consumers are the different factors which may hamper the extension of the overall photonics market. North America accounted for the highest market share globally on account of increasing demand for quick diagnostics along with demand for high-speed computing. Furthermore, factors including the rising need for quick and fast analysis and high demand for negligible hostile operation are also expected to fuel the demand for the global photonics market. The market is poised for growth owing to the expanding geriatric population levels. Asia-Pacific is projected to witness the fastest rate of growth over the projection period owing to factors such as growing industrial development of emerging nations of China, South Korea, India, and Malaysia. Factors which propel the increase of the photonics market in this region is expanded initiatives were taken by the government, huge capitalization and investments by the major industry shareholders and improving facilities for health care.

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Table of Contents:

Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Photonics Industry Outlook
Chapter 4. Photonics Product Outlook
Chapter 5. Photonics Application Outlook
Chapter 6. Photonics Regional Outlook
Chapter 7.Competitive Landscape

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