Photonics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 08/18/2015 -- Under the realm of innovation and expansion, the global photonics market has witnessed a relentless change in the past few years. In the present day, there are almost 46 countries and more than 2,800 companies offering people jobs in the field of photonics and optic sensors. The core of the photonics market is based on various components and materials that have been invented, witnessed, and introduced into the market at a global level. The market for photonics technology and optical engineering holds several solutions for the global problems now and in the future.
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Photonics technology and its varied applications have many opportunities and the global market is on its way to becoming a major contributor by 2020. The market is currently growing at a CAGR of 5.8% for the forecast period 2014-2020 and is estimated to reach US$765.89 million in the next five years. In 2013, the market stood at US$509.75 billion, states a new U.S. market report based on the study of the global photonics market.
Encouraging Adoption of Photonics
Many companies produce LEDs, detectors, materials, prisms, lenses, image sensors, gratings, optical filters, fiber optics, and many other photonic components to meet the various needs of photonic applications. Spurring developments have also expanded the spectral gamut of sensors, which are being used in several industries. The market for photonics is constantly growing due to the need for enhanced safety and security solutions for better technology, especially in terms of wireless sensing factors. Many end users are adopting this technology due to new innovations in the field of fiber optics that now focuses on the development of Eco-efficient products to be launched over the next few years. The effectiveness of the technology is driving growth into major end-user markets, including energy, advanced manufacturing, defense, communications/information technology, healthcare and medicine. The existence of optics and photonics as technologies has been ubiquitous yet not distinctly visible across the globe. Many in the general public rarely recognize the benefits of this technology as a discipline.
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Photonics Gaining Attention in the Field of Medicine
With a wide range of major products in the market such as optical interconnects, wave guides, optical modulators, and optical interconnects, photonics majorly finds applications across high-performance computing segments and medical and healthcare segments. Medical and healthcare is the fastest growing and the most highly demanding application segment for photonic-based instruments. An increase in demand for early diagnosis coupled with high-speed computing needs is constantly rising in North America and Asia Pacific. Apart from this, the demand for photonics in the healthcare segment is also due to minimally invasive surgeries and aging population, which is fueling the growth of photonics-based instruments in medical utilities. The market for photonics in the field of medical and healthcare is growing at a CAGR of 7.4% from 2014 to 2020.
Wavelength division multiplexer filter is considered to be a major and one of the oldest product segments (valued at US$116.23 billion in 2013) in the photonics market. The need and demand for high-speed communication is bolstering the growth of this segment. Many regions and countries are now becoming aware of photonics technology and are seeking to maximize their knowledge and research activities to generate responsible revenue growth in this industry. North America is expected to reach US$277.02 billion by 2020, and will be the largest regional segment in the global photonics market.
Similarly, growth in Europe and Asia Pacific is expected to rise due to the presence of a number of business utilities and growing demand for accurate and high-speed communication. Countries such as India, Japan, and China are planning to phase out the use of incandescent bulbs and make new investments in the photonics industry. By 2020, the market in the Asia-Pacific region is expected to rise at a CAGR of 7.0%.
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