HOME › Research Insight › Companies also Adopted Mergers & Acquisitions, Agreement & Joint Ventures, and Partnerships as Key Strategies to Enhance Their Market Share in Photonics Market
Companies also Adopted Mergers & Acquisitions, Agreement & Joint Ventures, and Partnerships as Key Strategies to Enhance Their Market Share in Photonics Market
The global photonics market size is estimated to reach USD 724.22 billion by 2021, registering a CAGR of 8.4% between 2016 and 2021. High performance and energy savings offered by photonics products have made industries such as building & construction; media, broadcasting and telecommunication consumer & business automation; medical; safety & defense; and manufacturing to use photonics products. Photonics products provide longer lifespan and have high performance. The growing popularity of photonics in advanced lighting with the use of LEDs and CFLs; use of fiber optic cables for communication systems; and lasers for industrial processes and medical procedures has increased the demand for photonics globally. New product launches and expansions were the key strategies adopted by the major players to achieve growth in the global photonics market between 2012 and 2016. These two strategies together accounted for the major share of all the strategies adopted from 2012 to 2016. Some of the major players in the photonics market include Royal Philips N.V. (Netherlands), Schott AG (Germany), Nikon Corporation (Japan), Shin-Etsu Chemical Company Limited (Japan), Hoya Corporation (Japan), Corning Incorporated (U.S.), Asahi Glass Company Limited (Japan), II-VI Inc. (U.S.), Ohara Inc. (Japan), and American Elements (U.S.).
Beside new product launches and expansions, companies also adopted mergers & acquisitions, agreement & joint ventures, and partnerships as key strategies to enhance their market share and expand their geographical reach.
Royal Philips NV (Netherlands) launched a new luminaire, Philips Coral Care, which is used in aquariums. It enables coral to grow with different colours. This product is energy efficient, thereby, resulting in significant energy savings. Royal Philips N.V. has used new product launches and expansions as key strategies to enhance their market share and to cater the increasing demands of photonics. Schott AG (Germany) launched HelioJet SpectrumCC that finds application in the aerospace industry for functional & decorative lighting purpose. Through these new product launches, companies have enhanced their respective product portfolios and revenue generation.
Photonics Market by Application (Display, Photovoltaic, Lighting, Manufacturing Technology), End-use Industry (Building & Construction, Media, Broadcasting & Telecommunication, Consumer & Business Automation, Medical, Industrial) - Global Forecasts to 2021
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