Allied Market Research recently published a report, titled, ‘Lithium Niobate Modulator Market by Type (10 GHz, 20 GHz, 40 GHz, Others), by Wavelength Window (800 nm, 1060 nm, 1300 nm, 1550 nm, Others), by Application (Phase Keyed Optical Communications, Spectrum Broadening, Interferometric Sensing, Quantum Key Distribution, Others), by End Use (IT and Telecom, Aerospace and Defence, Industrial, Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.’ As per the report, the global lithium niobate modulator industry was pegged at $3.7 billion in 2021, and is expected to reach $6.5 billion by 2030, growing at a CAGR of 6.74% from 2022 to 2030.
Major Determinants of the Market Growth
Increase in demand for lithium niobate modulator in defense and aerospace industries and application in optical computing, digital & analogue signal processing, and communications have boosted the growth of the global lithium niobate modulator market. However, cost of modulator hampers the market growth. On the contrary, advanced technologies and deployment of 5G data network in the telecommunications field would open lucrative opportunities in the future.
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The interferometric sensing segment to manifest the highest CAGR through 2030
By application, the interferometric sensing segment is estimated to portray the highest CAGR of 7.47% during the forecast period, due to increasing adoption of 3G, 4G, and 5G and VoLTE networks. However, the phase keyed optical communications segment held the largest share in 2021, accounting for around one-fourth of the global lithium niobate modulator market.
The IT and Telecom Segment Dominated the Market
By end use, the IT and telecom segment held the largest share in 2021, contributing to more than one-thirds of the global lithium niobate modulator market. However, the aerospace and defense segment is projected to manifest the highest CAGR of 7.27% during the forecast period, as it assists in decreasing freight costs, tracking deliveries in real-time, and improving customer service.
North America held the Lion’s Share
By region, the global lithium niobate modulator market across North America held the largest share in 2020, accounting for nearly two-fifths of the market. This is due to high adoption of automated systems for warehouse & distribution centers and technological advancements. However, the market across Asia-Pacific is expected to register the highest CAGR of 7.76% during the forecast period, owing to rise in e-commerce, surge in adoption of automation solutions such as robotics technology, autonomous mobile robots, and greater need for fast last-mile delivery services.
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Major Market Players
- Beumer Group GmbH & Co. KG
- Daifuku Co., Ltd.
- Honeywell International Inc.
- Jungheinrich AG
- Kion Group AG
- Knapp AG
- Mecalux, S.A.
- Murata Machinery, Ltd.
- SSI Schaefer Group
- TGW Logistics Group GmbH