Global Photonics Market
The photonics market was valued at USD 527.14 billion in 2016 and is expected to reach a value of USD 865.8 billion by 2022 at a CAGR of 8.0% over the forecast period (2017-2022).
From the era of human evolution, artificial light helped the man not only from the darkness of night but also from unseen prowling beasts by using the flaming torch and the campfire. Out of the millions of years of evolution, only in the past century we have witnessed the most dramatic shifts in human living conditions and environs. The advent of electricity has fueled this metamorphosis. This as well paved for industrial revolution towards achieving marvels, once thought impossible. The development of optics reached its zenith from the use of primitive lamps, electric bulbs to the most advanced lasers. Today, artificial lighting has perfected the ‘built’ environment that most of us take for granted. Light is now at our fingertips. When we flip the switch, light shines instantly and almost magically. Advancements in optics is making this possible, especially the rapid strides in photonics field, in recent past, is further broadening the technological horizons.
Light plays a vital role in our daily lives and is an imperative cross-cutting discipline of science in the 21st century. It has opened up worldwide communication via the Internet, revolutionized medicine, and continues to be central to linking economic, political and, cultural aspects of the global society. Consequently, the evolution of light-based technologies promotes sustainable development and provides solutions to global challenges in education, agriculture, production, energy, defense and health.
Photonics is a major key enabling technology for the emergence of most new "smart" systems. Applications of photonics are ubiquitous.From everyday life to the most advanced science, photonics is used in medicine (surgery, vision correction, endoscopy, health monitoring), lighting, telecommunications, visual art, laser material processing, light detection, metrology, information processing, Displays, spectroscopy, holography, defense technologies production technologies, biophotonics, agriculture, photo voltaic, Photonic sensors and robotics.
Growth in Emerging Markets, legislations move towards Energy Efficient Equipment, and need for high-speed data transfer and storage systems are the drivers for the photonic markets. On the flipside, lack of proper International standards, high initial investments, slow adoption rate, counterfeit technology, lack of awareness and, technological obsolescence are the constraining the market.
The core photonics components market comprises 2,750 companies in 46 countries. These companies produce materials, LEDs, lasers, detectors, image sensors, lenses, prisms, optical filters, gratings, fiber optics, and other photonic components.
This report comprehensively analyzes the Photonic market by segmenting it based on geography and applications (Biophotonics, Defense, Lasers, Medical, Lighting, and Optics). Estimates in each segment are provided for the next six years. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.
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