Photonics Market Size To Reach $979.90 Billion By 2024: Grand View Research, Inc.
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.
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Full Research Report by Grand View Research: http://www.grandviewresearch.com/industry-analysis/photonics-market
Further
key findings from the study suggest:
- 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.
- 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.
- 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.
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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)
- Waveguides
- Optical modulators
- Optical interconnects
- LEDs
- Wavelength Division Multiplexer (WDM) filters
- Photo detectors
- Lasers
- Amplifiers
Photonics Application Outlook (Revenue, USD Billion, 2015 - 2024)
- Consumer electronics
- Displays
- Safety & defense technology
- Communication
- Metrology
- Sensing
- Medical & healthcare
- High-performance computing
Photonics Regional Outlook (Revenue, USD Billion, 2015 - 2024)
- North America
- Europe
- Asia Pacific
- RoW
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Research: http://www.grandviewresearch.com/press-release/global-photonics-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com
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