Global Photonics Market to Expand At 5.8% CAGR due to Increasing Demand for Minimally Invasive Surgeries
The global photonics market is consolidate in nature as it is led few leading companies in the market. To form a firm hold in the market the leading players are investing in mergers and acquisitions, new product launch, and expanding the geographical reach. Moreover, to enhance their market share, these players are also engaged in research and development activities to offer better quality of product to their customers. Some of the few leading players in the market are Hewlett-Packard Co., Hamamatsu Photonics K.K., Finisar Corp., IBM Corp., 3S Photonics S.A.S., Luxtera, Inc., and Infinera Corp.
According to the statistics provided by Transparency Market Research, the global photonics market is expected to rise at 5.8% CAGR during the forecast period from 2014 to 2020. The valuation of this market is likely to reach US$765.89 bn by the end of 2020 progressing from US$509.75 bn earned in 2013.
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The application of photonics is widely seen in the medical and healthcare sector and during the forecast period, it is expected to rise at 7.4% of CAGR. The growing demand for minimally invasive surgeries across the globe is one of the major factor for the growth of this segment. moreover, increasing need for early and accurate diagnosis has created the need for photonics in medical and healthcare segment. Based on geography, in 2013, North America led the global photonics market. increasing demand for high speed and accurate communication and presence of business utilities has been driving the need for photonics in this region.
Growing application of photonics is various areas such as medical and healthcare, sensing, metrology, communication, display, consumer electronics, safety and defense technology, and various other is driving the demand in the photonics market. Moreover, demand for photonics is comparatively high in medical and healthcare sector due to increasing demand for early and accurate diagnosis. Rising preference for minimally invasive surgeries has also boosted the demand for photonics based instruments in medical and healthcare. On the other hand, the demand for photonics is also high in displays due to changing requirement of customers and rising disposable income. Emerging economies like India, China, Japan, and others are also driving the demand for displays with the increasing manufacturing utilities in these regions.
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Despite the growing application of photonics in various sectors, few challenges are also present in the market that could hamper the growth of this market. One of the major challenge is the thermal effect affects the embed components at a nanometer scale. The component integration of photonics into small circuits that is largely faced by photonics component manufacturers is also affecting the growth of the photonics market at the global level. Moreover, inefficient electroluminescence as it use light sources in the optical network also poses a significant challenge in this market. However, growing demand for photonics based instruments is rising in emerging economies, which may dive the overall market’s growth.