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. 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.
Photonics Gaining Attention in the Field of Medicine
With a wide range of major products in the market such as optical
interconnects, waveguides, 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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