Photonics: Asia Pacific Fastest Growing Market by 2021 Sep 2016 | Page 2
Photonics Market: Global Forecasts to 2021“ Photonics market to witness CAGR of 8.4 % during forecast period”
The photonics market size is estimated to reach USD 724.22 billion by 2021, at a CAGR of 8.4 % between 2016 and 2021. High performance and energy saving photonics products such as high speed fiber optics communication networks and highly precise laser systems makes them preferable in various applications.
“ Photonics market in manufacturing technology to register fastest growth”
The photonics market in the manufacturing technology application segment is projected to witness the highest growth during the forecast period. Photonics products are used in manufacturing units for cutting and welding operations using lasers. Lasers are replacing traditional machine tools in manufacturing applications as low cost fiber laser and industrial pulse lasers are being developed. Photonics are also used in the manufacturing of consumer electronics such as DVD players, television, and optical mouse pointers.