Photonics is the science and technology that can generate, control and detect photons and light waves, which are light particles. The French physicist Pierre Aigrain coined the term “photonics” in 1967. Since then, it has been widely used. However, there is an alternative term to photonics. It is called lightwave technology.
As per the definition of photonics, light plays a central role. Well, the used light encompasses infrared and ultraviolet lights. When it comes to the photonics market, it was valued at 520 million US dollars in 2019.
Additionally, it is expected to reach $3702.1 million by 2025. Photonics is essential to everyone since it is used in different applications. So, you can read further to know about them. After that, you can learn how a market analysis for photonics is conducted and the highlights.
Importance and application of photonics
One of the key technologies of the 21st century is photonics. It exhibits strong market growth by supplementing electronics in the optoelectronics form. Optoelectronics is also called optronics. You can ensure that photonics will be utilized more in the future. It has penetrated deep into the market and has sold immensely in a few areas in recent times.
For instance, laser diodes are utilized in CD/DVD players. Well, photonics generate light with laser or laser-emitting diodes. So silicon photonics, along with photonic integrated circuits, is set to grow immensely.
Many government institutions and research funding agencies are now aware of the importance of photonics in fields like science, technology, and the whole economy. In addition, the countless Nobel Prizes awarded in recent years depict the importance of photonics.
When it comes to applying photonics, it is utilized in optical fiber communications for faster internet access. Especially during the ongoing situation of COVID-19, when digitalization is one of the most effective tools for sustainability, the requirement of effective data centers and higher speed interconnects have become a necessity. Additionally, the applications include quantum cryptography and optical data storage.
It is also used in infection sciences and cancer research, therapy in ophthalmology, high-speed cameras, and infrared motion detectors. It is used in space technology and defense. For instance, defense and space technology includes night vision, satellite surveillance systems, imaging, anti-missile systems, etc.
Other applications of phonetics in various industries include Data Communication, Telecommunication, Healthcare, Consumer Electronics, Defense, and Security.
Market analysis conducted in 4 steps
When a market analysis is conducted, it helps you understand your competitor’s position, potential customer segments and their purchasing patterns, the overall economic environment, and industry regulations. Below are four steps of market analysis.
1. Industry overview: In this step, you will include key industry metrics like projected growth, size, and trends. Industry research is not at all similar to market research. Industry research focuses on businesses identical to yours, whereas market research helps you learn about customers.
Industry research helps you understand the competitive market and the demand for your products in the future. For instance, you might want to know the trends of dining out if you are opening a restaurant.
2. Define your target market: You can get to know your ideal customers in this step. In case you have more than one customer, it is called market segmentation. You can refine your research by identifying the market size, demographics, location, psychographics, behavior, and trends.
3. Competition: With a good competitive analysis, you can gain an understanding of the competitor’s weaknesses. You can provide products or services by filling the gaps and differentiating yourself from the competitors.
4. Pricing and forecast: Many people buy high-priced products since expensive products lead to high quality. So, if you are selling an expensive product, make sure you market the product indicating the quality.
Although the product might be low-priced, make sure you convey the product’s quality. When it comes to forecasting, you must utilize it as a business goal. Additionally, you can track your sales and compare them with the number of sales you expected to sell.
Highlights of the photonics market
The demand for the Photonics UV-C LED light has increased during the COVID-19 pandemic. That’s because it can be utilized in disinfecting the virus. In addition, LED products are not only energy-efficient but also economical.
When it comes to the photonics market, they have the largest share. Since COVID-19 affected China drastically, the prices of fiber optic cable might increase.
