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(Medical-NewsWire.com, October 29, 2019 ) Market Overview
Photonics is the physical science of light (photon) generation, detection, and manipulation through emission, transmission, modulation, signal processing, switching, amplification, and sensing.
• Photonics is the science and technology of generating, detecting, and controlling photons, which are particles of light. Interest for photonics is nearly high in medicinal and social insurance part because of expanding interest for an early and accurate diagnosis. Photonics is seen as one of the key empowering advancements before, prompting the development of new items and administrations with impressive economic advantages. The highlights of the photons and waves can be utilized to fix ailments, explore the universe, and even solve crimes. The interest for photonics is additionally high in displays because of changing prerequisite of clients and rising extra cash.
• The continued evolution of data centers from 10- and 40-Gbps modules to 100-, and soon 400-Gbps modules, led by U.S. tech giants such as HP, IBM, and Intel, are further boosting the demand for photonics as the need for smaller size and lower cost of the end-products act as major influencing factors.
Market Dynamics
• The shift in focus towards energy-efficient products and rise in adoption of photonics technology are the key drivers for the market growth globally. The global focus on reduction of energy consumption and exploration of alternative renewable energy resources have propelled R&D activities in the photonics industry, as the application of the innovative technology ensures commercial and profitable manufacturing of a wide range of end-products. The photonics integrated end-products offer energy savings and cost-effectiveness owing to a compact footprint, the maturity of the technology, and the establishment of technology-focused high-end manufacturing facilities.
• The rise in the adoption of photonics technology is the other key driver that playing a crucial role in market growth. Photonics technology is at the forefront of cutting-edge, high-performance electronics and optical components and systems, enhancing product innovation and development in the fields of display screens, lighting, communication, medical technology & life science, and information technology among many others. The automotive heads-up display and center stack display systems implemented photonics technology for improved customer satisfaction and enhanced electromechanical performance. For instance, the global shipment value of automotive monitor displays was 88.5 million units in 2014, 146.5 million units in 2017, and is estimated to be 166.5 million units by 2020.
• Environmental regulations regarding the availability of raw materials and technological and infrastructural challenges are the market restraints that are hampering the growth of the market. The development of end-products regarding better performance and enhanced sustainability faces considerable challenges, ranging from energy losses to lack of smooth integration and standardization of light-based technologies with conventional systems, electronics, protocols, standards, and other photonics systems. The high demand for robust LED and OLED display systems with improved power, intensity, wavelength tuning specifications is hampered by the high cost of technical system deployment and maintenance of subsequent product upgradation cycles, coupled with the prospect of facing a challenging operating environment.
Market Segmentation
• Based on application, the global market for Photonics is broadly segmented as production technology, measurement, medical technology, communication, lighting, information, display, photovoltaics, and others. Display photonics market was valued at $129.67 billion in 2018 and is expected to reach US$ XX billion by 2026 with a CAGR of XX% during the forecast period 2018 to 2026. This segment held 25% of the global market share in 2018. The rise in usage of high-resolution displays and touch-panel displays for portable devices, including LCD and OLED based products, have positively influenced the growth of photonics market in the segment, with consumer electronics goods supplementing the high demand of end-products.
The display products using photonics technology include LCD, LED-backlit, LED, OLED systems, and display materials such as display glass, liquid crystals, and OLED materials. The market in the Asia Pacific photonics market is much developed, and leading by market share, owing to the strong presence of panel display manufacturers in China and Japan.
• The companies are focused on the launch of innovative end-products to increase sales revenue and increase market share. For instance, in October 2018, Optoma Corporation introduced a new range of interactive flat panel displays (IFPDs) in 65", 75" and 86" formats and have extensive connectivity with versatile plug and play compatibility with Windows, Mac and Chrome OS devices.
https://www.datamintelligence.com/download-sample/photonics-market">Geographical Analysis
• The global Photonics Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. Global Photonics Market was valued at US$ 500.20 million in 2018 and is expected to grow at a CAGR of XX% to reach US$ XX million by 2026.
• North America Photonics market was valued at US$ 66.06 billion in 2018 and is expected to grow at a CAGR of XX% to reach XX US$ million by 2026. The continued support from various governmental institutions and strategic collaborations between industries and academia are the key factors driving the growth of the North America Photonics Market. The US accounted for 76% of share of North America photonics market. The photonics market in the US is leading in regional market share owing to the continued technological innovations related to data transmissions through short- and long-distance hauls and the presence of key market players in the region. The market scenario in Canada is expected to witness stable growth in the region owing to wide applications in critical end-user segments such as defense and security, environmental protection, and sensing and measurement in the oil, gas, paper and forestry industries.
• Asia Pacific Photonics market was valued at $319.72 billion in 2018 and is expected to grow at a CAGR of XX% to reach XX US$ million by 2026. The Asia Pacific Photonics Market is segmented by country into China, Taiwan, Japan, South Korea, and Rest of Asia Pacific. An increased focus on photonics-based nanotechnology research has become a driving factor in the region, and growth of the electronic and renewable energy industries have further boosted the demand for end-products. The market in China is leading by market share owing to robust growth displayed by photonics industry in manufacturing, telecommunications and consumer electronics, coupled with widespread technological evolution. The companies are focused on mergers & acquisitions to expand product portfolio and strengthen market position. For instance, in November 2018, Philippines-based II-VI Incorporated and Finisar Corporation entered into a definitive merger agreement under which II-VI will acquire Finisar in a cash and stock transaction with an equity value of approximately $3.2 billion.
https://www.datamintelligence.com/download-sample/photonics-market">Competitive Analysis
• Some of the key players in the photonics market are 3SP Technologies S.A.S, Corning Incorporated, Hamamatsu Photonics K.K, Hoya Photonics, Inc., II-VI Incorporated, Infinera Corporation, Innolume GmbH, IPG Photonics Corporation, Koninklijke Philips N.V., and TOPTICA Photonics AG.
• Major Companies in the Photonics market are engaging in the acquisition of smaller companies. Companies operating in the Photonics market are forming partnerships and alliances for development of novel technologies.
• On Nov 14, 2018, Cosemi Technologies Inc., a developer of high-speed connectivity solutions, acquired Optella Co., a provider of optical connectivity for long-reach optical interconnect applications.
• On Nov. 13, 2018, Geospace Technologies acquired from PGS Americas Inc. all intellectual property and related assets of PGS’s OptoSeis fiber optic sensing technology business.
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