The global photonic crystals market to reach $53,607.1 million by 2021: Research and Markets

Research and Markets forecasts the global photonic crystals market to reach $53,607.1 million by 2021, growing at a CAGR of 8.5% between 2017 and 2021.

The photonic crystals market is driven by a number of factors such as superior properties of photonic crystals, increasing demand from various end-use applications, as well as photonic crystals in LED. However, fabrication of 3D photonic crystals is hampering the growth of the photonic crystals market. Substantial investment in research & developmental activities, increasing demand of photonic crystals in solar & photovoltaic cell, especially in the emerging economies such as India, China, and Brazil, are expected to create opportunities in the photonic crystals market. The photonic crystals market is segmented into three types: one-dimensional, twodimensional and three-dimensional. The two-dimensional photonic crystal dominated the global photonic crystals market with a market share of approximately 66.5% in 2016. During the forecast period, the 3D photonic crystals market is expected to grow at a faster rate in comparison to other photonic crystals. Factors such as wider variety of applications are further aiding the market growth said the research firm.

On the basis of application, photonic crystals market is segmented into seven major applications which include optical fiber, LED, image sensor, solar & PV cell, laser, discrete and integrated optical components and others. The optical fiber application segment dominated the global photonic crystals market with a market share of approximately 33.7% in 2016. The rising demand for fiber optics is due to the increase in the demand of the smartphone, since it utilizes optical fibers for LED light.

Research and Markets expects the Solar & PV application segment to register the highest CAGR in the forecasted period. This is because solar energy is one of the potential options to replace fossil fuels, as it is pollution free and also, available in abundance. Further, the solar cell or PV cells are also used to convert solar energy into electricity. Photonic crystals are used to stimulate enhanced light trapping in solar cells to make use of solar energy.

On the basis of end-use industry, photonic crystals market is divided into four segments which include industrial, aerospace & defense, life sciences & healthcare & others (research & development). Industrial segment dominated the global photonic crystals market. This dominance is expected due to the increase in the usage of photonic crystal in telecommunication, electronics, laser, and solar energy based products, among others, as photonic crystals are used to stimulate enhanced light trapping to make use of solar energy.