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.
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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.
Further key findings from the report 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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Table of Contents
Chapter 1. Methodology and Scope
1.1. Research methodology
1.2. Research scope and assumptions
1.3. List of data sources
Chapter 2. Executive Summary
2.1. Photonics – Industry snapshot and key buying criteria, 2015 & 2024
Chapter 3. Photonics Industry Outlook
3.1. Market segmentation
3.2. Market size and growth prospects
3.3. Photonics value chain analysis
3.4. Photonics market dynamics
3.4.1. Market driver analysis
220.127.116.11. Increasing demand for high-speed and energy-efficient electronic data interconnect
18.104.22.168. Increasing volume of data transfer
3.4.2. Market restraint analysis
22.214.171.124. Risk associated with thermal effect
3.5. Key opportunities prioritized
3.6. Industry analysis – Porter’s
3.7. Photonics market PESTEL analysis, 2015
Chapter 4. Photonics Product Outlook
4.1. Photonics market share, by product, 2015& 2024
4.2.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.3. Optical modulators
4.3.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.4. Optical interconnects
4.4.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.5.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.6. WDM filters
4.6.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.7. Photo detectors
4.7.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.8.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.9.1. Global market estimates and forecasts, 2012 – 2024 (USD Million)
4.10.1. Global market estimates and forecasts, (USD Million), 2015 – 2024
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