According to research entity Million Insights, the global Photonics Market was valued at over $600 billion in 2015 and is expected to reach $979.90 billion by 2024. Witnessing radical changes in technology, photonic technology has been developed and implemented in many verticals. Advances in the global photonics market have been stimulated owing to the developments in the field of fiber optics.
Research takeaways:
- The global photonics market has started developing products which are eco-friendly.
- Photonics is the foremost technology for the advent of newest smart systems.
- The application segment of photonics includes displays, communication, sensing, consumer electronics, defense and safety technology, and metrology.
- Photonics also finds application in high-performance computing.
- The fastest growing segment of the global photonics market is medical and health care.
- Factors driving the global photonics market include the requirement for high-speed electronics and lesser consumption of power.
- The most important product of photonics is the wavelength division multiplexer filter.
- Counterfeit technology, obsolescence, lack of proper international standards, slow rate of adoption, and lack of awareness among the consumers are the factors that could hamper growth of the market.
- North America accounted for the highest market share globally.
- Asia-Pacific is projected to witness the fastest rate of growth over the forecast period owing to factors such as growing industrial development of emerging nations of China, South Korea, India, and Malaysia.
- The major industry participants making huge investments and venturing into the global photonics market include Hewlett-Packard Company, Finisar Corporation, Luxtera Inc., 3S Photonics, S.A.S., Innolume GmbH, Intel Corporation, Hamamatsu Photonics K.K., IBM Corp., and Infinera Corp. the key strategies of these companies include investing into the research & development activities and mergers & acquisitions.
If you should require more knowledge of this market, you can start by browsing the 85-page "Global Photonics Market" report.
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