Nanophotonics Market: Burgeoning Demand for High Bandwidth to Stimulate Adoption

Nanophotonics is a combination of nanotechnology, optoelectronics, and photonics. Over the past few years, it has gained significant acceptance in large companies and research laboratories. In spite of being in the early stage, the technology is anticipated to grow mainstream owing to its benefits such as energy efficiency, high thermal resistance, and longer operational life. A new research report by Transparency Market Research (TMR), titled “Nanophotonics Market- Global Industry Size, Share, Trends, Analysis and Forecast 2015 – 2023,” serves as an essential source of analysis and information regarding various vital aspects of the market including its dynamics, geographical segmentation, application, and competitive landscape.

With the increasing demand for high bandwidth, several telecom operators are venturing into nanophotonics, thereby driving the global market. Due to their aforementioned benefits, they are being increasingly adopted in disease imaging and other applications where heat resistance is required. Moreover, the rising investments in end-use industries such as telecommunications, consumer electronics, and solar photovoltaics are likely to provide a significant push to the market. On the flip side, the high cost of raw materials and equipment coupled with the high research and development cost is anticipated to inhibit the market from realizing its full potential. However, the future of the market looks bright with the establishment of standardization for filing patents.

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On the basis of application, the global nanophotonics market is segmented into LEDs/OLEDs, near field optics, telecommunication, PV cells, holographic data storage systems (HDSS), and optical amplifier/switches. The LEDs/OLEDs segment is estimated to account for the leading share owing to their growing popularity as energy-efficient solutions. Moreover, the robust growth of end-use industries such as consumer electronics and telecommunications in emerging economies of Asia Pacific is driving the growth of this segment.

In terms of geography, the market is divided into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific is expected to command a large share in the market during the forecast period. North America and Europe are poised to rise at a noteworthy CAGR during the same period. The growth of these regions can be attributed to the presence of a large consumer base for nanophotonics devices and the increasing research and development in this field. Some of the key companies operating in the nanophotonics market are Cree Inc., Epistar Corp., IBM, JDSU, Nichia Corp., OSRAM, Philips Lumileds Lighting Company, Samsung SDI, Schott, and SMD LED.

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