A new research report published by Transparency Market Research states that the global photonics market is poised to achieve remarkable growth in the coming years. The report, titled “Photonics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, elaborates upon the market thoroughly with the aim of providing a guiding document to the readers. The research analysts have attempted to view the global photonics market through a microscopic lens to examine the finer nuances of the dynamics governing it and present a granular view of the market for readers.
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According to the research report, the global photonics market was valued at US$509.7 bn in 2013 and is expected to reach US$765.9 bn by the end of 2020, growing at a CAGR of 5.80% between 2014 and 2020. The steady increase in the demand for photonics across the globe is attributable to the growing demand for efficient electronic products. The global photonics market will also be propelled by the exponentially growing volume of data that is in a constant process of transfer. Additionally, the advantages of photonic-based devices such as less consumption of electricity will also give an impetus to the market. The only restraint on the global photonics market is the poor commercialization of photonic devices at present.
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The global photonics market is segmented on the basis of geography, product, and application. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Products sold in this market are optical modulators, waveguides, optical interconnects, LED, wavelength division multiplexer filters, lasers, photo detectors, amplifiers, and others. Applications of photonics are seen in consumer electronics, safety and defense technology, displays, metrology, communication, sensing, high-performance computing, medical and healthcare, and others.
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The market for wavelength division multiplexer filters was valued at US$116.2 bn in 2013 and is expected to grow at an impressive rate due to the huge demand for high-speed communication. Additionally, the amplifiers segment is also expected to register impressive growth at an 8.90% CAGR in the forecast period. Amongst the applications, the medical and healthcare industry is the fastest growing segment, exhibiting a whopping CAGR of 7.40% from 2014 to 2020. The increasing application of photonics in the medical and healthcare industry will be due to the rising demand for quick and accurate identification of diseases.