Analyst, Research and Markets, has just released “Photonics Market by Application (Display, Photovoltaic, Lighting, Manufacturing Technology), End-use Industry (Building & Construction, Media, Broadcasting & Telecommunication, Consumer & Business Automation, Medical, Industrial) – Global Forecasts to 2021″. In this report, the photonics market size is estimated to reach USD 724.22 billion by 2021, at a CAGR of 8.4% between 2016 and 2021. High performance and energy saving photonics products such as high speed fibre optics communication networks and highly precise laser systems makes them preferable in various applications.
The photonics market in the manufacturing technology application segment is projected to witness the highest growth during the forecast period. Photonics products are used in manufacturing units for cutting and welding operations using lasers. Lasers are replacing traditional machine tools in manufacturing applications as low cost fibre laser and industrial pulse lasers are being developed. Photonics are also used in the manufacturing of consumer electronics such as DVD players, television, and optical mouse pointers.
The media, broadcasting, and telecommunication sector is estimated to be the largest end-use industry for photonics. The industry is growing due to rising demand for optical fibres. Optical fibres are preferred over metallic wires due to greater safety and security. Moreover, optical fibres cater to high speed transmission requirements for 4G, LTE, and FTTx networks. Optical fibres have witnessed an increase in demand due to investments in telecommunications and information technology and new developments in countries such as China, the U.S., India, and Western and Eastern European countries. Mobile phones and personal computing are promoting the use of photonics in the media and broadcasting industry by enabling data exchange using optical fibres.