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 ,