Global Photonic Crystal Market to reach $60,230 million by 2022: Allied Market Research

Solar & PV cells is the most lucrative application segment in the market, followed by image sensors and optical fibers. In solar & PV cells, photonic crystals are utilized to stimulate enhanced light trapping to make efficient use of solar energy

Allied Market Research forecasts the global photonic crystal market to reach $60,230 million by 2022, growing at a CAGR of 8.0% from 2016 to 2022. In 2015 it was valued at $34,199 million and two-dimensional (2D) photonic crystal segment held two-thirds share of the total market.

Photonics is the technology that merges optics with electronics. These crystals received attention of both academic & industrial research, and are providing new tools for the manipulation of photons. Photonic crystals are used in energy & displays, information & telecommunication industry, healthcare, optics manufacturing, education & research, optical sensing energy and others. These are majorly used in several end use industries, as they enable the reduction of size of the photonic crystal-based components. Rise in demand for photonic crystals in LEDs, remarkable growth in R&D activities, and distinctive properties of these crystals drive the growth of the photonic crystals market. However, challenges associated with the formulation of these crystals is projected to hamper the market growth.

The report emphasizes on the photonic crystals and its different types that include one-dimensional (1D), two-dimensional (2D), and three-dimensional (3D) photonic crystals. Applications covered in the study include optical fiber, LEDs, image sensors, solar & PV cells, lasers, discrete & integrated optical components, and others. The report further analyses the photonic crystals market trends and future opportunities in several end use industries such as industrial, aerospace & defense, life sciences & healthcare, R&D, and others.

Development of green photonics technologies and economic development in emerging economies are expected to provide significant growth opportunities to the industry players. However, complications in the manufacturing of photonic crystals are projected to hamper the market growth during the forecast period states the report.

Presently, the 2D photonic crystal segment is of substantial interest owing to the dimensional lattice structures, specifically square lattice, hexagonal lattice, honeycomb lattice, and others, and is expected to maintain its dominance throughout the analysis period. In addition, these crystals are easier to analyze & formulate.

Optical fiber application segment generated the highest revenue in 2015, with almost one-fourth of the total market share, followed by LED segment. Optical fiber-based photonic crystals offer much greater control over light and design freedom to achieve variety of peculiar properties.

Industrial end user segment dominated the global market with almost half of the share in 2015. Photonic crystals are used in multiple industrial applications such as lighting & displays, optical sensing, solar energy, and others.

Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research said “Rise in demand for photonic crystals in numerous applications owing to its unique optical properties and upsurge in research activities are the prime drivers of the market. However, manufacturing challenges associated with the photonic crystal are projected to hamper the market growth during the forecast period.”

Key Findings Of The Photonic Crystal Market

• In 2015, Asia-Pacific dominated the global market with around half of the share, in terms of revenue.
• The 3D photonic crystal segment shows the highest growth rate, in terms of revenue, registering a CAGR of 31.1% from 2018 to 2022.
• In 2015, 2D photonic crystal was the dominant segment with two-thirds of the share in the overall market, in terms of revenue.
• In 2015, optical fibers was the leading application segment with one-fourth of the share, in terms of revenue.
• Solar & PV cells is expected to grow at the highest CAGR of 8.6%, in terms of revenue.
• Aerospace & defense is projected to grow at a highest CAGR of 8.4%, in terms of revenue, during the forecast period.

According to the research firm Solar & PV cells is the most lucrative application segment in the market, followed by image sensors and optical fibers. In solar & PV cells, photonic crystals are utilized to stimulate enhanced light trapping to make efficient use of solar energy. Solar energy is the potential resource to replace fossil fuel, which is expected to cater the world’s increase in demand for steady power supply, thus providing lucrative growth opportunity to the photonic crystals industry players in the near future.

Asia-Pacific accounted for 60.9% of the total patents registered during 2010‐2017. North America and Europe accounted for 15.9% and 9.1% share, respectively, in the same period.

The demand for photonic crystals is high in Asia-Pacific due to increase in research initiatives to examine the optical properties of photonic crystals and their uses in practical applications.