Global Photonics Market is Estimated to Reach $930 Billion by 2024, Says Accurize Market Research
Global Photonics Market report published by Accurize Market Research forecast that the global market is expected to reach $930 billion by 2024; growing at a CAGR of 6.7% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising tourism industry, advancement in standard of living and hectic lifestyle to drive the growth of the market
Rising demand from applications such as information & communication technology, displays, medical technology, and life sciencesfuelthe demand for the global photonics market. Furthermore, incessant R&D coupled with improvement in technologyalso boosts the growth of the market.
Market Segmentation
The global photonics market has been bifurcated on the basis of product, application, and geography. On the basis of product, the market includes wavelength division multiplexer filters, lasers, waveguides, amplifiers, optical interconnects, LED, optical modulators, photo detectors, and other products. The photonics market by application includes displays, consumer electronics, metrology, communication, sensing, high performance computing, medical and healthcare, safety & defense technology, and other applications.
By geography the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of Russia, Germany, Italy, France, UK, and Rest of Europe. Asia-Pacific is segmented into China, Japan, India, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
“Wavelength Division Multiplexer Filters accounted for the major market share in the product type segment”, says Accurize
In the product type segment, wavelength division multiplexer filters accounted for the major market share in 2017. While, others segment is expected to grow with the fastest CAGR during the forecast period 2017 – 2025. Displays dominated the application segment with maximum market share in the year 2017 and are anticipated to continue its dominance during the forecast period. The high growth is attributed owing to growing implementation of displays in smartphones and other consumer electronic products.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
North America dominated the market with 36% market share in 2017. Whereas, Asia-Pacific is expected to attain the fastest CAGR during the forecast period driven by factors such as growth of key industries such as media, telecommunication, broadcasting, and building and construction in emerging nations such as India, China, and Japan.
Top players in the market
The key players operational in the market includesCorning Incorporated, Asahi Glass Company Limited, Schott AG, American Elements, Hoya Corporation, Royal Philips N.V., Shin-Etsu Chemical Company Limited, Nikon Corporation, II-VI Inc. and Ohara Inc.,among others
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