Advances in Laser Technology Spurs Market Growth in Photonic Applications, Reports BCC Research

Wellesley, Mass, Jan. 17, 2017 (GLOBE NEWSWIRE) -- Advances in Laser Technology Spurs Market Growth in Photonic Applications,
Reports BCC Research

Wellesley, Mass., Jan 17, 2017 – Laser technology has been the key in the development of sensors and detectors, which has transformed the processes of applications across numerous industries. BCC Research reveals in its new report that the high cost of laser technology-based photonic sensors and detectors should fall as research and development yields advances in this emerging technology.

Photonics is the science of light (photon) generation, manipulation and detection through transmission, emission, signal processing, modulation, switching, detection and sensing, and amplification. The photonic sensor and detector market comprises sensors and detectors that are developed using photonic technology.

The global tools and components for photonic applications market should reach nearly $10.6 billion and $19.2 billion in 2016 and 2021, respectively, demonstrating a five-year compound annual growth rate (CAGR) of 12.7%. The sensor segment should grow from $2.5 billion in 2016 to nearly $4.6 billion by 2021, at a five-year CAGR of 12.6%. The integrated circuit (IC) segment is expected to total $2.9 billion in 2021, up from $1.6 billion in 2016, reflecting a five-year CAGR of 12.2%.

Increasing demand for high-speed data transmission of large amounts of data is a major factor fueling market demand for tools and components of the photonic application market. Demand for data storage on external servers and access to large numbers of users also are expected to positively impact this market. In turn, this is driving demand for the deployment of photonic tools across various application segments.

In the image sensing and detection market, laser technology coupled with photonics has drawn significant interest. Industry experts suggest that laser technology-based photonic sensors and detectors should reduce power consumption while providing accurate sensing and detection functions in harsh environments, unlike with conventional sensors. Photonic sensors can perform optimally at temperatures of 200°C or higher, whereas conventional sensors have several limitations when deployed in such environments.

"The price of these devices is currently high, as this is a relatively new technology, but prices are expected to decrease with further R&D," says BCC Research analyst Sinha G. Gaurav. "The cost-effectiveness of laser-based photonic sensors and detectors is expected to be much higher than that of conventional devices. This should significantly bolster the photonic laser market."

Tools and Components for Photonic Applications (PHO025A) analyzes the global markets for tools and components used for photonic applications. The report also examines the market by technology, by application, by components and by geography. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.

About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit Follow BCC Research on Twitter at @BCCResearch.