Photonics Market Business Driving Factors, Key Companies and Current Trends Analysis

Felton, Calif., USA, Dec. 23, 2020 — /EPR Network/ —

The global Photonics Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global photonics market was valued at over USD 600 billion in 2015 and is expected to reach USD 979.90 billion by 2024. It has witnessed a radical change in the technology of photonics in the recent past, based on the research activities performed. The photonic technology has been developed and implemented in many verticals. The advances in the global photonics market have been stimulated owing to the developments in the field of fiber optics.

Key Players:

• 3SP Technologies
• Coherent
• Finisar Corporation
• Genia Photonics
• Hamamatsu Photonics
• Infinera Corporation
• Innolume GmbH
• IPG Photonics
• Luxtera
• Redfern Integrated Optics

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Growth Drivers:

Some of the major factors driving the global photonics market include a better substitute for the conventional technology, increased requirement for higher security and safety solutions, and growth in the wireless technology. On the contrary, lack of awareness among the consumers, lack of technological and industrial standards, and the requirement for huge initial capital investment is projected to negatively impact the overall photonics market growth.

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.

Photonics Product Outlook:

• Waveguides
• Optical modulators
• Optical interconnects
• LEDs
• Wavelength Division Multiplexer (WDM) filters
• Photo detectors
• Lasers
• Amplifiers

Photonics Application Outlook:

• Consumer electronics
• Displays
• Safety & defense technology
• Communication
• Metrology
• Sensing
• Medical & healthcare
• High-performance computing

Regional Outlook:

North America accounted for the highest market share globally on account of growing demand for quick diagnostics along with demand for high-speed computing. 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.

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