Photonic Crystals Market size has experienced a significant growth in past couple of years and is expected to soar at high CAGR during the forecast years. The growth is attributed to rise in demand of product in LEDs and increased research and development operations in various region. Additionally, its demand is also increasing due to its excellent properties including unusual optical dispersion and exceptional control over light behaviour.
Advancement of green photonics innovations and economic improvement in emerging economies are anticipated to offer enormous growth potential opportunities. Increasing applications of LEDs, images sensors, laser and solar cells has foster the photonic crystals market in last five years.
Currently, the product is a subject of interest for modern industry research as well as academics. These crystals are optical Nano-structures having dielectric materials assembly that possess distinct refractive indices. It is generally used for novel applications including bio-photonics, quantum engineering, optoelectronics and optics. Flourishing optics industry owing to modern lifestyle of today’s era and ongoing research on the product will fuel photonic crystals market till 2024.
Regular application of photonic crystals is in attractive optical materials that can manipulate and control the flow of light. They are discovered naturally and possess optical nanostructures. They can control photons similarly as that of ionic cross sections in semiconductors manipulate electrons. Complications in extracting the product may restrain its future growth. However, increasing industrial and commercial applications of these crystals will reinforce the photonic crystals market.
Photonic crystals market is divided based on its types into one dimensional, two dimensional and three dimensional. Currently, two-dimensional type segment holds significant share owing to its dimensional cross-sectional structure which includes, honeycomb lattice, hexagonal lattice and square lattice. The dominance of the segment is likely to be the same due to its easy analysis coupled with ease to formulate properties. The complexity involved in producing three dimensional will further enhance the two dimensional photonic crystals market.
Various applications of photonic crystals market are discrete and integrated optical components, lasers, solar & PV cells, image sensors, LEDs and optical fibres. Optical fibre contributes majorly owing to its superior properties of controlling flow of light and freedom to design by achieving specific properties. LEDs application follows the trend after optical fibres. Solar and PV cells is likely to grow with significant CAGR in the forecast period owing to increasing use of solar energy over fossil fuels in various industries. Some other wide applications of the product include manufacturing of thin film optics that need high or low reflection coatings over lenses or mirrors.
Based on the end user industry, photonic crystals market is categorized into industrial, aerospace, defence, and healthcare industry. industrial applications hold the major market share owing to increasing use of product in lightings, displays, optical sensing and solar energy.
North America photonic crystals market has evolved gradually and is anticipated to register significant gains in projected years. The advent of multiple high-tech technologies and advancements has diversified the application range of product market which is having a positive outlook on the industry demand. Upsurge in aerospace & defence industries in the region has raised the product usage. Europe is booming at a substantial rate in photonic crystals market followed by North America and is expected to soar at moderate CAGR owing to rising R&D activities in the region. Several market leaders are trying to innovate new technologies enhancing the applications of the product.
Asia-Pacific is considerable photonic crystals market owing to growing number of initiatives in R&D activities. Further, increasing government support and research & development operations in Australia, China, Japan and Korea has augmented the product usage in the region. Increasing use of 2-D in various commercial applications will fuel the photonic crystals market between 2017 and 2024.
Global photonic crystals market is highly fragmented and competitive in nature. Some of the key players present globally, are IPG, NKT, Corning, DK, GLO, Furukawa electric and Photeon. Several other well-known manufactures are ICX, Luminus Devices, Al=gilent Technologies, NEC, CPC, Omniguide, Lighwave Power, MicroContinuum and Epistar.