Photonics involves the generation, switching, detection, emission and modulation of light. Adding to this, photonics additionally involves all uses of light across the spectrum, extending from ultraviolet to visible light. The application segment of photonics includes displays, communication, sensing, consumer electronics, defense and safety technology, and metrology. Adding to it, photonics find application in high-performance computing segment and health and medical care.
The fastest growing segment of the global photonics market is medical and health care. The most important products of photonics include waveguides, optical interconnects, wavelength division multiplexer filters, lasers, spectroscopes, optical modulators, LED( light emitting diodes), photo detectors, and amplifiers. Equipment based on photonics are comparatively cheaper than the conventional devices.
The factors driving the global photonics market include the requirement for high-speed electronics and lesser consumption of power. The most important product of photonics is wavelength division multiplexer filter. Growing demand for high-speed communication is one of the key factors responsible for boosting the demand for wavelength division multiplexers. Regulations shift towards Energy Efficient Equipment, the requirement for high-speed transfer of data, storage systems, and development in the emerging economies are the factors which benefit the global photonics market.
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However, huge initial investments, counterfeit technology, technological obsolescence, lack of proper international standards, slow rate of adoption, and lack of awareness among the consumers are the various factors which may hamper the growth of the overall photonics market.
North America accounted for the highest market share globally on account of growing demand for quick diagnostics along with demand for high-speed computing. Furthermore, factors including rising need for quick and fast diagnosis and high demand for negligible hostile surgery are also anticipated to fuel the demand for the global photonics market. The market is poised for growth owing to the increasing geriatric population levels. Asia-Pacific is projected to witness the fastest rate of growth over the forecast period owing to factors such as growing industrial development of emerging nations of China, South Korea, India, and Malaysia. Factors which propel the growth of the photonics market in this region is increased initiatives taken by the government, huge capitalization and investments by the major industry participants and improving facilities for health care.
The fundamental companies of the photonics market produce LEDs, detectors, lenses, optical filters, fiber optics, photonic components, materials, lasers, image sensors, prisms, and gratings. The major industry participants making huge investments and venturing into the global photonics market include Hewlett-Packard Company,