By 2022 end, global photonic crystals market is likely to be reaching the valuation of nearly US$60 Bn. The initial findings further indicate that the market awaits a robust growth outlook during the period of projection.
Development of QD LED in Next-Gen Displays to Boost Growth of the Photonic Crystals Market
Pervasive technology and advancements have introduced several innovations across industries. Research and development of next generation displays by leveraging technology has triggered their demand in various applications. This has further pushed the demand for advanced materials used in developing next-generation displays. For instance, quantum dots (QD) are a crucial substance used in the development of next-generation displays. In comparison with other display material, superior quantum yield properties along with fine spectral linewidth provided by quantum dots offer a wide array of colours along with highly efficient displays. Moreover, use of quantum dots in display technology provides high luminance and is being mulled upon by several display makers. Photonic crystals are used in quantum dots displays along with photonic stop band to enhance the extraction of light. In addition, photonic crystals facilitate the development of QD LEDs that are of higher intensity, by using moderate quantity of quantum dots. This helps in significantly reducing the total cost of display, as well as amount of cadmium. This is expected to influence the growth of photonic crystals market.
Although QD LED is in its nascent stage, it has gained significant traction and interest from manufacturers of high-end displays. Given this background, research on combining photonic crystals with quantum dots to provide bright and highly efficient displays for products such as TVs, tablets, laptops, and smartphones is in the offing. That said, use of photonic crystals in developing competitive and eco-friendly QD LED products is expected to augur well for the photonic crystals market.
Surging Use in Advanced Smart Windows to Create an Optimistic Scenario for Photonic Crystals Market
Use of photonic crystals in novel smart windows is expected to pave momentous pathways of growth for the market. Since past several years, increasing focus on minimizing energy consumption has resulted in development and use of advanced material in buildings. Likewise, smart windows are gaining high ground as an efficient way to reduce energy consumption in residential and particularly commercial buildings. By using photonic crystals in smart windows, regulation of the intensity of solar radiation has become possible, in turn preventing it from entering buildings during summer. Spatial propagation properties of photonic crystals have made them apt candidates in the manufacturing of advanced smart windows. This factor is likely to influence growth of the photonic crystals market.
Growing Research and Application of 2D Photonic Crystals Bode Well for Global Photonic Crystals Market
Photonic crystals have been receiving significant interest from a research and development standpoint since recent past. Property of 2D photonic crystals to manipulate light efficiently as compared to other material has resulted in them being studied over for several applications. This is expected to influence photonic crystals market growth. Moreover, since past few years, increasing adoption of thermophotovoltaic systems in applications such as power sensors, portable generators, portable computational an communication devices and small robotic platforms has been witnessed. This factor has fuelled the demand for 2D photonic crystals that are used as emitters in high-performance thermophotovoltaic systems as they offer spectral tailoring of a huge range of incidence angles and thermal radiation. In addition, they can also be used in developing microprocessors in optical computers and biomolecular sensors. 2D photonic crystals can also carry out interaction with ultra-cold atoms and are comparatively easier to formulate, fabricate, and analyse as compared to their 3D counterparts. In this backdrop, growing research on 2D photonic crystals in several industrial applications is likely to augur well for the market.
Asia Pacific Represents a Highly Profitable Photonic Crystals Market
Emerging economies in Asia Pacific are expected to account for a significant share in the photonic crystals market. Demand for photonic crystals in countries such as China, India, and Japan is poised to witness an upswing. This can be attributed towards their increasing use in the solar cells and manufacturing of LED displays for tablets, phones, and TVs. This is also backed by rising electronic sector with regards to demand and production in the region with China, Japan, South Korea, and India largely contributing towards its growth. For instance, according to 2022 IBEF (Indian Brand Equity Foundation) analysis, the production of domestic electronics in India grew from US$29 Bn in 2014-15 to reach US$67 Bn in 2020. It also stated that the production of domestic electronics will touch US$300 Bn by end of 2026 from US$75 Bn in 2021. In addition, NPW (National Policy on Electronics) was passed by the Indian Ministry of Electronics & Information Technology to fuel production of electronics in India. In this backdrop, growing electronics sector in Asia Pacific is poised to present an optimistic scenario for the market in the coming years.
Photonic Crystals Market: Competitive Scenario
A few of the major players in the photonic crystals market include IPG Photonics Corporation, DK Photonics, NKT Photonics, Corning Inc., NEC Corporation, NeoPhotonics, and Opalux Inc.
Regional Classification of the Global Photonic Crystals Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Photonic Crystals Market
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