North America to emerge as an important region in the Photonics Market
Posted by rohan on January 27th, 2020
The photonics market was valued at $ 633.3 billion (USD) in 2018 and is expected to reach $ 11.11 billion (USD) in 2024, with a CAGR of 7.89% during the forecast period (2019-2024).
Photonics is a research field that uses radiant energy (such as light), which are photons and waves that can be used to treat diseases, explore the universe and solve crimes. The development of the market was stimulated by the development of the fiber optic field and the introduction of electricity. The development of photonics has continuously improved the performance of OPV and OLED technology.
Sansui Electric Co., Ltd. announced a partnership with Jaina Group in New Delhi to establish a TV, washing machine, refrigerator and air conditioning manufacturing unit in Gurgaon in June 2020. They intend to invest INR 1,000 crore per year, and these initiatives are expected to expand the market.
Market Drivers and Restraints:
As the application of optoelectronics increases, there are many areas such as medicine and health, detection, instrumentation, communication, visualization, consumer electronics, security and defense technology, and others that are driving demand in this market. In addition, as the need for early and accurate diagnoses increases, the demand for photonics in the medical and healthcare sectors is relatively high. The growing preference for minimally invasive surgery has increased the demand for photon-based devices in the pharmaceutical and healthcare industry.
One of the main limitations is the thermal effect that affects the components integrated into the nanometric scale. The incorporation of photonic components in the small circuits that are mainly faced by the manufacturers of photonic components is also affecting the growth of the market worldwide. Also, due to the use of light sources in optical networks, inefficient electroluminescence poses a significant challenge in the market.
To know more read:
Report Segmented as:
The world photonics market is broken down by product into waveguides, optical modulators, optical interconnections, LEDs, wavelength split multiplex filters, optical detectors, lasers, amplifiers and others. By application into consumer electronics display, security and defense technology, communications, instrumentation, detection, medicine and health, high-performance computing and more.
North America is projected to be the leading region during the forecast period as the adoption of next-generation advanced technologies increases. Europe is expected to garner a significant rate during the forecast period. The Asia-Pacific market, which is expected to grow at a substantial rate during the forecast period, incorporates considerable growth opportunities. In emerging nations like China, Japan, Singapore and Taiwan, the development of photonic technology is expected to lead the local market during the forecast period.
Key market players:
Major industry companies include Honeywell Safety Products, Dunlop Boots, JAL Group, Rock Fall, Uvex Safety Group, VF Corporation, Anbu Safety, Wolverine and Hewats.
View sample and decide:
Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.
Market Data Forecast is a firm working in the areas of market research, business intelligence and research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Sales Manager at Market Data Forecast
Like it? Share it!
About the Authorrohan
Joined: September 20th, 2017
Articles Posted: 1,346
More by this author