The global photonics market size is expected to reach USD 979.90 billion by 2024, according to a new report by Grand View Research, Inc. The prospects for market growth can be attributed to rapid innovations in the industry for the development of technologically-enhanced products and related services, as well as growing opportunities for the new market development.
Photonics is regarded as one of the Key Enabling Technologies (KETs) in the recent past, leading to the development of new products and services with substantial economic benefits. The broad diversity of devices with photonic-based components is expected to impact the global demand for this technology positively. Photonics is a technologically advanced field, being at the forefront of innovation and R&D and is thus presumed to incorporate substantial growth prospects over the forecast period.
The industry encompasses a broad scope of applications based on photonic-based products, which are anticipated to drive the dynamic emergence of new economic activities in the potential markets. The emergence of green and sustainable photonic-based solutions, such as Photovoltaic (PV) solar cells, is envisioned to drive the industry over the forecast period, owing to the increasing support by both local governments and consumers.
The industry encompasses substantial opportunities for growth over the next eight years. The key impact of photonics technology on energy supply is presumed to offer enhanced PV efficiency in the next-generation solar cells to make PV cost-competitive with fossil fuel electricity generation. Advanced products, such as polycrystalline silicon PV, thin film PV, dye-sensitized PV, and further new developments, such as embedding nanoparticles into solar cells and nanostructure substrates, are expected to boost the demand for photonic components in renewable energy sources over the forecast period.
However, significant initial investments and absence of proper international standards in the technology are expected to challenge the industry growth over the forecast period. The high cost of technology and risk of thermal effect haveled to the limited commercialization of this technology worldwide. Moreover, technology obsolescence and growing presence of counterfeit technologies across the globe are anticipated to challenge the industry growth in the near future.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/photonics-market
Further key findings from the report suggest:
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Light Emitting Diodes (LEDs) accounted for
approximately 10% of the overall market share in 2015 and are presumed to grow
at a considerable rate over the forecast period owing to the introduction of
new legislations and policies worldwide to boost the adoption of highly
efficient and renewable energy devices. LEDs are energy-efficient,
high-performance, and environment-friendly alternatives to traditional light
bulbs. Further developments alongside organic and inorganic LEDs, such as light
emitting nanowires and quantum dots, and large areas light-emitting plastics,
are presumed to boost the demand over the next eight years.
·
Lasers are anticipated to witness a substantial
growth over the forecast period, growing at an estimated CAGR of over 7% from
2016 to 2024. The growth in this segment can be primarily attributed to rapid
developments in the industry to incorporate miniature laser projection units as
a light source in next-generation pico-projectors. Lasers are being
increasingly used in the production of textiles and clothing as well as fine
chemicals and pharmaceuticals.
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Displays are anticipated to emerge as a predominant
application segment over the next eight years owing to increasing developments
of sharper, better color, energy-efficient, cheaper, and thin display devices.
The increasing adoption of flexible displays, miniaturized displays,
holographic displays, enhanced touch, and motion feedback displays are
anticipated to lead to new product development and enhancement of existing
products.
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In terms of revenue, North America dominated the
global photonics market in 2015 and is expected to retain its dominance over
the forecast period. The demand in this region is mainly driven by the
increasing adoption of advanced technologies. The U.S. is presumed to encompass
significant investments in the form of public spending and government funding
for the R&D of photonic-enabled technologies. Europe is presumed to witness
a considerable growth over the forecast period, owing to the growing
establishment of research facilities for further development of thistechnology.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/semiconductors-and-electronics
Grand View Research has segmented the global photonics market on the basis
of product, application, and region.Photonics Product Outlook (Revenue, USD Billion, 2015 - 2024)
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Waveguides
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Optical modulators
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Optical interconnects
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LEDs
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Wavelength Division Multiplexer (WDM) filters
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Photo detectors
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Lasers
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Amplifiers
Photonics Application Outlook (Revenue, USD Billion, 2015
- 2024)
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Consumer electronics
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Displays
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Safety & defense technology
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Communication
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Metrology
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Sensing
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Medical & healthcare
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High-performance computing
Photonics Regional Outlook (Revenue, USD Billion, 2015 - 2024)
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North America
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Europe
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Asia Pacific
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RoW
For press release of this report - http://www.grandviewresearch.com/press-release/global-photonics-market 