The photonics market size was USD 520.0 billion in 2017 and is projected to reach USD 780.4 billion by 2023, at a CAGR of 7.0% between 2018 and 2023.
How has the scope for Photonics market been widened by technological advancements?
Several new technological advancements have led to new areas of application, which widens the scope of photonics. Areas of advancement in technologies include 3D printing, displays, green photonics, photodetectors, sensors, and imaging. Shortwave-infrared radiation (SWIR) is used for precise diagnosis of ear infections. Polymers are being researched to be used in displays. These displays possess the unique property of being flexible unlike the currently used LCD, LED, or OLED. These technologies provide a high level of sophistication that is expected to boost the photonics market.
Similarly, the use of thin-film solar cell technology offers an energy-efficient process for the manufacturing of solar photovoltaic cells with lower manufacturing cost and lesser materials. Also, advancements in laser technology find usage in space science applications. All these advancements are expected to provide ample opportunities for the photonics market, globally.
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Is the high cost of photonics-enabled products and services posing a challenge to the market growth?
Photonics-enabled products provide better performance and are energy-efficient as compared to other products. However, these products are relatively costlier. The use of optical fibers, though, will have cost benefits in the long term. The cost incurred for network installations, laying optical cables, and data centers for the storage of huge volumes of data are very expensive. Services that use these products, such as high-speed transmission and the Internet, are available at higher prices. The installations of photovoltaic cell panels (solar panels) are also expensive. However, with increasing market penetration of these products, the manufacturing capacities of these products are expected to increase, which will help manufacturers achieve economies of scale. This is expected to reduce the prices of these products. This challenge was observed to be overcome in the case of LED that witnessed reduction in the existing prices.
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