Photonic crystals have paved the way to numerous possibilities for optical industry along with other end-user industries. These optical structures influence the movement of photons and comprise of particular high dielectric and low dielectric regions. The photonic crystals gained limelight as a breakthrough technology with the discovery of its quality for light manipulation. Since this discovery, their end-user industries have increased in number which includes optical fiber, LED, image sensor, solar & photovoltaic (PV) cell, laser, discrete and integrated optical components, among others.
Photonic crystals are still undergoing research across the world to enhance their capabilities further and the future seems bright in this regard. Several end-user industries are also exploring the capabilities of the current photonic crystal technology to upgrade their products and offerings. For instance, WaveOptics, a global provider of pioneering Augmented Reality (AR) waveguides, is using these crystals along with waveguide based technology in order to develop enhanced optics for AR.
The future photonic crystals industry is projected to create a wide range of opportunities for the existing and new players alike. The global photonic crystals market is expected to reach $53.6 billion by 2021, growing at a CAGR 8.5% from 2017 to 2021. Photonic crystals have undoubtedly proved their superiority over other materials when it comes to optics and this has fuelled extensive research and development in this area. Although the fabrication of 3D photonic crystals are creating friction in the market, substantial investment by the industry in research and development and rising demand of photonic crystals in solar and photovoltaic cell, mainly in the emerging economies such as India, China, and Brazil, are creating opportunities which will aid the market growth in the future.
The prominent crystals available in the market are one-dimensional, two-dimensional and three-dimensional. In 2016, two-dimensional photonic crystals dominated the market with a market share of 66.5%. However, it is anticipated that the three-dimensional crystals will witness the highest growth in the coming four years as the variety of its application is increasing gradually. The major applications which utilize the advantages of photonic crystals in the market are optical fiber, LED, image sensor, solar & PV cell, laser, discrete and integrated optical components and others.
Optical fiber dominated the market in 2016 with a considerable market share of 33.7%, and its demand is expected to increase further in the future. Solar and PV cells are expected to dominate the market in the coming years as the world is moving towards a cleaner and renewable energy sources due to climate change. Photonic crystals are essential to convert solar energy into electricity and are used to stimulate enhanced light trapping in solar cells.
BIS Research has conducted an extensive market research on ‘Global Photonic Crystals Market- Analysis & Forecast- 2017 to 2021‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.