The global photonics market size is estimated to reach USD 724.22 Billion by 2021, registering a CAGR of 8.4% between 2016 and 2021. Photonics are widely recognized and are used as optical fiber in data transmission and storage, lasers in manufacturing, welding & cutting process, detection systems, LEDs & CFLs for advanced lighting, and LEDs and LCDs for displays.
Seattle, WA -- (SBWIRE) -- 12/12/2016 -- The report "Photonics Market by Application (Display, Photovoltaic, Lighting, Manufacturing Technology), End-use Industry (Building & Construction, Media, Broadcasting & Telecommunication, Consumer & Business Automation, Medical, Industrial) - Global Forecasts to 2021", The global photonics market size is estimated to reach USD 724.22 Billion by 2021, registering a CAGR of 8.4% between 2016 and 2021.
Browse 86 market data Tables and 58 Figures spread through 160 Pages and in-depth TOC on "Photonics Market - Global Forecasts to 2021"
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The market is driven by the increased demand for photonics in building & construction; media, broadcasting & telecommunication; and industrial segments.
Information & communication technology, the largest application for photonics market
Increasing demand from applications such as displays, information & communication technology, photovoltaic, medical technology & life sciences, measurement & automated vision, lighting and production technology are driving the photonics market. Among the applications, information & communication technology is estimated to be the largest application for the photonics market. In this application segment, photonics are used in data conversion, amplifier systems and light modulation systems (e.g. modulators, switches, routers), fibre optic cables for data transmission, and storage devices such as hard-drives and servers.
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Rising demand in Asia-Pacific, the major driver for growth of the photonics market
In 2015, Asia-Pacific accounted for the largest share for the global photonics market and also registered the highest growth rate between 2016 and 2021. Japan is currently the largest market for photonics, but it is projected to be overtaken by China during the forecast period. The Indian government has started investment promotion programs to assist building & construction projects as well as the telecommunication industry, which is driving the demand for photonics significantly. India is the fastest-growing market for photonics.
The key companies profiled in the photonics market research report are Royal Philips N.V. (The Netherlands) , Schott AG (Germany), Nikon Corporation (Japan), Shin-Etsu Chemical Company Limited (Japan), Hoya Corporation (Japan), Corning Incorporated (U.S.), Asahi Glass Company Limited (Japan), II-VI Inc. (U.S.), Ohara Inc. (Japan), and American Elements (U.S.).
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The scope of the report includes detailed information regarding the major factors influencing the growth of the photonics market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market. The photonics market has been segmented on the basis of application, end-use industry, and region.
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