Albany, NY -- (SBWIRE) -- 05/17/2018 -- Transparency Market Research (TMR) has announced the release of a new market study based on the global photonics market. The report estimates the market to expand at a CAGR of 5.8% between 2014 and 2020 and reach a value of US$765.89 billion by the end of the term. The market stood at US$509.75 billion in 2013.According to the report, titled "Photonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", increase in the demand for highly capable and efficient electronic products and rise in data transfer volume are the major driving forces behind the growth of the global photonics market. Further, photonic-based devices consume less electricity, which also drives the demand for these devices to a significant extent. However, limited commercialization of photonic devices is hampering the development of the global photonics market.

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The report analyzes the global photonics market on the basis of the types of products and their applications. Based on products, the market for wavelength division multiplexer filter is the leading market in the global photonics industry. In 2013, the market stood at US$116.23 billion. The rising demand for high-speed communication is the key growth driver of this market. In addition to this, the market for amplifiers is registering the fastest growth at a CAGR of 8.9% during the forecast period.Based on application, the medical and healthcare industry is the fastest developing market segment, expanding at a 7.4% CAGR over the forecast period. The escalating demand for early and accurate detection of diseases and minimally invasive surgeries is the key driving force behind the growth of the photonics market in this industry.In 2013, the display market acquired the leading position among application-based segments of the global photonics market and attained a market value of US$128.75 billion. The heightened demand for consumer electronics was the main factor that fueled the photonics market in the display sector.

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The report also presents an in-depth performance analysis of the regional photonics markets. According to the analysts at TMR, in 2013, the photonics market in North America dominated the global industry. The regional market is expected to maintain its leadership and reach a market value of US$277.02 billion by the end of the forecast period. Europe occupies the second position in the global market for photonics.Apart from this, the photonics market in Asia Pacific is reporting the fastest growth among all, at a CAGR of 7.0% over the period of forecast. The rising demand from China, India, and Japan is fueling the Asia Pacific photonics market.The global market for photonic devices is a highly concentrated market and is led by a few key players. The report also profiles some of the major players operating in this market, such as Intel Corp., Hamamatsu Photonics K.K., Hewlett-Packard Co., Finisar Corp., Luxtera, Inc., IBM Corp., 3S Photonics S.A.S., Infinera Corp., and Innolume GmbH.