June 14, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, June 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the nanophotonics market, the increasing demand for optical fibers and other telecommunication devices is driving the growth of the nanophotonic market. Adding nanoparticles to the optical fibers has enabled the latest and most advanced features like improved refractive index, sensing, and computation.
For instance, according to IEEE, a professional association for electronic and electrical engineering, India has an optical fiber-based network reaching 28 lakh (100,000) kilometers, compared to the National Broadband Mission's goal of deploying 50 lakh kilometers of optical fiber by 2024. This means that the country still has scope to install more optical fiber with a rise in population. Hence, the demand for optical fiber will drive the nanophotonic market.
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The global nanophotonics market share is expected to grow from $13.84 billion in 2021 to $18.25 billion in 2022 at a compound annual growth rate (CAGR) of 31.8%. The global nanophotonics industry growth is expected to reach $57.4 billion in 2026 at a CAGR of 33.2%.
Innovative nanophotonic-enabled products are a key trend gaining popularity in the nanophotonics market. The demand for nanophotonic-enabled products has increased in the past few years. Nanophotonic-enabled products include LEDs, OLEDs, and others. These nanophotonic enabled products are also used in biotechnology, nanomedicine, and also in optical diagnostics. For example, in January 2021, Thorlabs Inc., an American privately held optical equipment company, announced the product release of the SPDC810 product line that is expected to cater to the rapidly expanding quantum photonics field. High-intensity photon sources are important for quantum photonics in various applications, from basic photon-matter interactions to device characterization. Therefore, designers employ a fully integrated 405 nm pump source that is adjustable at the front end of a spontaneous parametric down conversion (SPDC) device to generate photon pairs above 450 kHz at 810 nm.
Major players in the nanophotonics market are Carbon Solutions, Cambrios Technologies, Catalytic Materials, Cnano Technology, Cree, LG Display, Nanocs, Nanocyl, Nanoco Technologies, nanoPHAB, Nanosys, Nanostructured & Amorphous Materials, OSRAM Opto Semiconductors, Philips Lumileds Lighting, QD Vision, Quantum Materials, TCL Display Technology, Sharp Corporation, Novaled GmbH, IBM Corporation.
The global nanophotonics market analysis is segmented by product into LED, OLED, NFO, photovoltaic cells, optical amplifier, optical switches, holographic data storage system; by material into quantum dots, photonic crystals, plasmonic, nanotubes, nanoribbons; by application into telecommunications, entertainment, consumer electronics, indicator and signs, lighting, non-visual applications, others.
Asia-Pacific was the largest region in the nanophotonics market in 2021. North America is expected to be the fastest-growing region in the global nanophotonics market during the forecast period. The regions covered in TBRC’s global nanophotonics market research report is Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Nanophotonics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide nanophotonics market overviews, analyze and forecast market size and growth for the whole market, nanophotonics market segments and geographies, nanophotonics market trends, nanophotonics market drivers, nanophotonics market restraints, nanophotonics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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