The global photonic crystals market is on a trajectory to reach a valuation of nearly US$60 billion by the end of 2022, according to recent industry reports. These findings indicate a robust growth outlook for the market in the near future, driven by technological advancements and innovative applications.
Development of QD LED in Next-Gen Displays to Boost Growth
The research and development of next-generation displays, particularly quantum dots (QD) technology, is a major driver of the photonic crystals market. Quantum dots offer superior quantum yield properties and fine spectral linewidth, resulting in vibrant and efficient displays. Photonic crystals play a vital role in enhancing light extraction in quantum dot displays, leading to higher intensity and cost-efficient displays. This innovation is particularly attractive to high-end display manufacturers, paving the way for the markets expansion.
Surging Use in Advanced Smart Windows
The integration of photonic crystals into smart windows is poised to revolutionize energy-efficient building designs. Photonic crystals enable precise regulation of solar radiation, preventing excessive heat from entering buildings during the summer months. This application in advanced smart windows is expected to drive significant growth in the photonic crystals market.
Growing Research and Application of 2D Photonic Crystals
The research and development of 2D photonic crystals have gained momentum due to their efficient light manipulation capabilities. These crystals find applications in thermophotovoltaic systems, power sensors, portable generators, optical computers, and biomolecular sensors, among others. Their versatility and ease of fabrication make them a preferred choice for various industrial applications, further contributing to market growth.
Asia Pacific Emerging as a Highly Profitable Market
Asia Pacific, particularly countries like China, India, and Japan, is witnessing a surge in demand for photonic crystals. They are extensively used in solar cells and the manufacturing of LED displays for electronic devices such as tablets, phones, and TVs. The booming electronics sector in the region, with major contributions from China, Japan, South Korea, and India, is driving market growth. Initiatives like the National Policy on Electronics (NPW) in India are expected to further fuel the production of electronics, creating a promising environment for the photonic crystals market.
Key players in the photonic crystals market include IPG Photonics Corporation, DK Photonics, NKT Photonics, Corning Inc., NEC Corporation, NeoPhotonics, and Opalux Inc.
With the market poised for remarkable growth, industry stakeholders are focusing on innovative solutions and collaborations to harness the full potential of photonic crystals in various applications.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/photonic-crystals-market
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