Global Photonic Crystal Market was worth USD 54.80 billion, and It Is Projected to Grow to USD 99.26 billion by 2027, at a compound annual growth rate (CAGR) of 8.2% over the forecast period 2020 to 2027.
Photonic crystals are a singular example of a technologically advanced technology that has yet to get a solid foothold in the main industry. They are typically used as appealing optical materials that are able to influence and control how light flows. They have optical nanostructures, and they are present naturally. They are able to manipulate photons the same way that ionic lattices found in semiconductors alter electrons.
The development of numerous technological advancements has allowed the market for photonic crystals to offer an extensive and growing array of applications. A few of the most well-known applications for photonic crystals for display applications include LEDs, optical fibres, super-continuum sources and laser, solar and PV cells, integrated and discrete optical components, as well as biosources. Of all these categories, the optical fibre segment holds the majority of the worldwide photography market. The market for photonic crystals within optical fibres is predicted to increase significantly until the year 2018.
In addition to its broad range of display applications, photonic crystals are also utilized to make thin-film optics, which require very or low reflection coatings over lenses or mirrors. Since optical crystals are able to have more than three dimensions, they also have been used in fundamental and applied research. At the same time, optical crystals with two dimensions are mainly used to serve commercial needs.
While photonic crystals are able to be utilized for a variety of commercial and industrial applications, problems with the use and extraction of these crystals hinder the expansion of the worldwide market for photonic crystals. The slow acceptance of this technology is due to the physical limitations and insufficient efficiency that photonic crystals have. However, the gradual increase in the utilization of photonic crystals in display and optical fibre segments are anticipated to increase the market for photonic crystals in the near future.
The market for crystals of photonics will be likely to see an increase in the demand for industrial products across a variety of verticals and applications. Due to their flexibility, photonic crystals are a viable option in a variety of industries that are that deal with display and optics. The future growth of the sector will be based in large part on the strategies adopted by the various stakeholders. The ease of use of the basic process of photonic crystals will be expected to lead to new possibilities for industrial applications.
The Key Market Segmentation of the Global Photonic Crystal Market:
Global Photonic Crystal Market can be divided into Application, Types, End-User and Geographical landscapes, etc.
Photonic Crystal Market Segmentation By Application:
Solar & PV Cell
Discrete & Integrated Optical Component
Photonic Crystal Market Segmentation By End-User:
Aerospace & Defense
Life Sciences & Healthcare
R&D & Othe
Photonic Crystal Market Segmentation By Types:
1-D PHOTONIC CRYSTALS
2-D PHOTONIC CRYSTALS
3-D PHOTONIC CRYSTALS
Photonic Crystal Market Segmentation By Geographical Landscape:
The Middle East and Africa
Major Key Players in the Global Photonic Crystal Market Are:
IPG PHOTONICS CORPORATION
FURUKAWA ELECTRIC CO. LTD.
NKT PHOTONICS A/S
PHOTONIC LATTICE INC.
PHOTEON TECHNOLOGIES GMBH
The Covid-19 Impact Analysis:
The COVID-19 virus is affecting industries across the globe, and experts predict that the world’s economy will take the most toll in 2020 and even 2021. In key industries like semiconductors, electronic products, automobiles and IT-related services, this problem has caused significant harm. Production and distribution of many electronic products and components have been affected by lockdowns for a short period, as well as export freezes and regional lockdowns. Many sectors are experiencing severe delays because of production and supply chain issues and slowdowns.
The Global Photonic Crystal Market Report Highlights:
From the revenue point of view, the Optical Fiber section is expected to grow to 33.85 USD Billion by 2027.
In February of 2018, TDK Corporation acquired Chirp Microsystems, Inc. The acquisition will accelerate the business of actuators and sensors of TDK and will provide a wide selection of sensor technologies that include temperature, friction, and high magnetic sensors as the company’s sensor business expand.
From a Product Type point of view, The two-dimensional Photonics segment is expected to expand at a faster CAGR of 8.8 %.
In the market for photonic crystals, the LEDs Display segment is expected to see significant growth. Because of the increased usage of solar power over oil and coal in various sectors, solar cells and PV panels are predicted to increase in a steady manner over the forecasted timeframe.
From the revenue point of view, The Industrial segment is expected to grow by more than 8.4%.
The aerospace and defence industry is anticipated to experience significant growth over the next few years because of image sensors’ extensive use for navigation and image sensing, as well as optical fibres to improve communication.
The Asia Pacific is accounted for the biggest market, with a market share of 45.9% in 2019 in the Photonic Crystals Market.
It is expected that the North American region is expected to see significant growth due to the development of numerous new technologies that have broadened the range of the commodities market and is having a positive impact on the growth of the industry. The recent increase in defence and aerospace industries is expected to further boost market expansion within the region
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