NEW YORK, Sept. 27, 2016 /PRNewswire/ -- "Photonics market to witness CAGR of 8.4% during forecast period"
In a ReportLinker Review, 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 fiber optics communication networks and highly precise laser systems makes them preferable in various applications.
"Photonics market in manufacturing technology to register fastest growth"
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 fiber 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.
"Media, broadcasting, and telecommunication, the largest end-use industry for photonics"
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 fibers. Optical fibers are preferred over metallic wires due to greater safety and security. Moreover, optical fibers cater to high speed transmission requirements for 4G, LTE, and FTTx networks. Optical fibers 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 fibers.
"Asia-Pacific is the largest and the fastest-growing market for photonics"
Asia-pacific is estimated to be the largest and the fastest-growing market for photonics. The high growth rate in the region is owed to high demand from countries such as Japan, China, and India. China is projected to be the largest market for photonics in Asia-pacific in the near future. India is estimated to be the fastest-growing market in Asia-pacific. Growth of important industries such as building & construction and media, broadcasting, and telecommunication has increased the demand for photonics in the region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments gathered through secondary research.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 – 37%, Tier 2 – 50%, and Tier 3 – 13%
- By Designation - C level – 50%, Director level – 31%, and Others – 19%
- By Region - North America – 31%, Europe – 38%, Asia-Pacific – 25%, and RoW- 6%
The companies profiled in this market research report are Royal Philips N.V.(Netherlands), Schott AG (Germany), Nikon Corporation (Japan), Shin-Etsu Chemical Company Limited (Japan), Hoya Corporation (Japan), Corning Incorporated (U.S.), Asahi Glass Company Limited (Japan), II-VI Inc.(U.S.), Ohara Inc. (Japan), and American Elements (U.S.).
Read the full report: http://www.reportlinker.com/p04180618-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/photonics-market-by-application-end-use-industry--market-estimated-to-reach-usd-72422-billion-by-2021-300335245.html