Photonics exhibit ubiquitous applications, which encompass diverse areas of everyday life alongside the most advanced fields of science. Increasing demand for efficient and highly capable electronics products, coupled with escalating volume of data transfer, are the major forces driving the demand for photonics across a multitude of application sectors. Just as applications of electronics have expanded incredibly ever since the invention of the first transistor in 1947, unique applications of photonics are continuing to emerge with the evolution of new technologies. Some of the major application segments of the photonics market include telecommunication, light detection, information processing, metrology, lighting, holography, spectroscopy, medicine, military technology, medical and healthcare, consumer electronics, and others.
As per the findings of a report published by Transparency Market Research, owing to its diverse applications across industrial domains, the global photonics market
, which stood at US$509.75 billion in 2013, is poised to reach US$765.89 billion by 2020. The market is therefore expected to develop at a 5.8% CAGR between 2014 and 2020.
How are Photonics-based Devices Improving Operations of Key Application Segments?
Photonics offers low-cost integration of diverse components at an ultra-large scale and provides high speed transmission of data, which is augmenting its demand around the world. According to the latest research, innovative applications and launch of robust technologies are driving the market for photonics devices. Rising demand for photonics in both emerging and established industries also positively impacts the global photonics market. Let’s take a look at the key applications of photonics technology and devices across a few industries:
- Photonics for Telecommunications
Since the advent of the Internet Age, transferring unfathomably large volumes of data across large distances in the shortest possible time has been a vital task in the daily life of human beings. Development of photonics devices is crucial in developing applications such as high throughput telecommunication network featuring optical cross connect, transmission systems exceeding WDM configurations, flexible office and home-use network systems, and affordable subscriber systems with high accessibility.
- Photonics for Medical and Healthcare
The application of photonics in the medical and healthcare industry is registering the fastest growth, at a 7.4% CAGR during the 2014-2020 period. The demand for more accurate and early diagnosis is rising incredibly, impelled by the increasing incidence of chronic ailments. This has augmented the demand for photonics-based equipment in the medical and healthcare segment significantly. Furthermore, growing demand for minimally invasive surgery is also expected to fuel the demand from the global photonics market.
Display has emerged as the largest application segment of photonics technology. The segment was valued at US$128.75 billion in 2013. Increasing demand for consumer electronics is a major factor fuelling the demand for photonics technology from the displays segment.
Despite its diverse and increasing application, the global photonics market is dominated by a handful of players. Major players in the global photonics market include Hamamatsu Photonics K.K., Hewlett-Packard Company, Intel Corporation, Infinera Corp., Finisar Corporation, 3S Photonics S.A.S., IBM Corp., Luxtera Inc., and Innolume GmbH.