Worldwide Photonics Market Expected To Reach USD$ 810.8 Billion By 2020 Date: 2016-09-18 The Photonics market was estimated at USD$ 611.6 billion in 2015, and is anticipated to reach USD$ 810.8 billion by 2020, expanding at a CAGR of 5.8% between 2016 and 2020. The application of photonics in the field of medical and healthcare is the fastest growing segment, growing at a CAGR of 7.4% from 2014 to 2020. Increasing demand for accurate and early diagnosis is one of the major factors fueling the demand for photonics based instruments in the medical and healthcare segment. In addition, the demand for minimally invasive surgeries is also expected to boost the demand for photonics based instruments in medical and healthcare segment globally. However, display is the largest application segment for photonics based instruments valued at USD$ 156 billion in 2014. Changing customer requirements owing to increasing disposable income in the developing countries of Asia Pacific is fueling the demand for displays. Apart from this, large number of manufacturing utilities and upcoming business units in China, Japan and Taiwan among others are also expected to boost the demand for displays in the forecast period. North America held the largest market share in the global photonics market in 2013 and the photonics market in North America is expected to reach USD$ 277.02 billion by 2020. Presence of large number of business utilities and increasing demand for high speed and accurate communication are some of the major factors fueling the demand in North America. Europe is second largest market for photonics globally. However, Asia Pacific is the fastest growing market growing at a CAGR of 7.0% from 2015 to 2020. India, China and Japan are some of the major countries boosting the photonics market in Asia Pacific. Rapid industrialization and the growing number of business utilities due to foreign investments are the major factors enhancing the demand for photonics in this region. Growth in Emerging Markets, legislations move towards Energy Efficient Equipment, and need for high-speed data transfer and storage systems are the drivers for the photonic markets. On the flipside, lack of proper International standards, high initial investments, slow adoption rate, counterfeit technology, lack of awareness and, technological obsolescence are the constraining the market. Read Full Report: http://www.gosreports.com/global-biophotonics-industry-2016-market-research-r eport/ Joanna | Executive – International Business and partner Relations E-mail: [email protected] | Tel: 1-510-400-8520 Web: www.gosreports.com News: http://www.gosreports.com/worldwide-photonics-market/
The Photonics market was estimated at USD$ 611.6 billion in 2015, and is anticipated to reach USD$ 810.8 billion by 2020, expanding at a CAGR of 5.8% between 2016 and 2020. Read Full Report: http://www.gosreports.com/global-biophotonics-industry-2016-market-research-report/
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