Press Releases

Global Market for Photonic Crystals to Reach $31.4 Billion by 2023

Photonic Crystals in LEDs, Solar Cells, Display Technology, Healthcare Technology Drive Growth

March 05, 2019

WELLESLEY, Mass., March 05, 2019 — A new report from BCC Research, “Photonic Crystals: Materials, Technologies and Global Markets,” estimates that by 2023, the market will reach $31.4 billion, up from $12.2 billion in 2018, indicating a significant compound annual growth rate (CAGR) of 20.8%.

Technology product designers are envisioning photonic crystals as the gateway toward fabrication of the next generation of devices in semiconductor-based technology. Photonic crystals are used to develop the perfect optical switch, as well as to enhance the efficiency of existing semiconductor-based products.

Top competitors in the photonic crystals domain include: BAE Systems (BAESY), Cree, Inc. (CREE), and Photonic Lattice, Inc.

Report Highlights

  • Market segment analysis. Biosensors present a rapidly emerging area for sensor applications in the optical domain. This segment of the market is estimated to grow from $265 million in 2018 to $1.6 billion by 2023 at a CAGR of 42.6%.
  • Market trend. From 2019-2023, market share will shift away from automotive, defense, surveillance, aerospace, consumer electronics, white goods, office space and computing segments to medicine, industrial and scientific, energy, utilities, lighting and telecommunication applications.
  • Global market analysis. The Asia-Pacific region leads the global photonic crystals market with $5.413 billion in sales in 2018, and is expected to grow to $13.970 billion by 2023, indicating a CAGR of 20.9%.

“The photonic crystals market offers significant potential in the near future and will continue to achieve double-digit growth. It helps that the theory behind their functioning is fairly well-established,” said BCC Research analyst Kaustubha Parkhi.

Market Barrier: Lack of uniformity

The major barrier to the growth of the photonic crystals market is the lack of uniformity in the way in which photonic crystals are viewed technically and commercially. The market is segmented by components and modules because each component and module have dynamics that are largely independent of the other. It is unlikely that photonic crystals will develop an independent supply chain. Rather, stakeholders related to these components and modules will most likely determine the path of photonic crystal adoption in their own supply chain. Additionally, different measuring units for each component and module, making it difficult for stakeholders to estimate future shipping volumes.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Photonic Crystals: Materials, Technologies and Global Markets( AVM059C )
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