According to a new market research report published by Acute Market Reports “Liquid Crystal Tunable Filter Market (Wavelength Type – Visible (VIS)-400 to 700 nm and Near-infrared (NIR) – 780- 2500 nm), (Application- Agriculture, Medical, Military, Forensic, Chemical Spectroscopy, Semiconductor Process Control Others (Pharmaceuticals, Archeology & Art, etc.))– Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall liquid crystal tunable filter market worldwide was valued at US$ 39.8 Mn in 2018 and is set to grow with a CAGR of 9.8% during the forecast period.
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Growing demand of tunable filters is driving the growth for liquid crystal tunable filters market. The tunable filters market is valued at more than US$ 110 Mn in 2018 and growing with rapid pace. This filter is used to transmit wavelength of light by using electronically controlled liquid crystal components. Numerous advantages of these filters such as wide wavelength range, high switching speed, two-dimensional imaging and large apertures among others, sets them apart from other tunable filters. Wide application of these filters in various industries including medical, agricultural, forensic, and pharmaceutical among others, are the other growth factors for the market. Due to aforementioned factors, we expect that liquid crystal tunable filter market to grow with a rapid pace throughout the forecast period from 2019-2027.
Based on application, the semiconductor process control segment has the largest, accounted for more than 24 % of the market share. Growing demand for semiconductor process control equipment’s is driving the growth for the segment. The semiconductor process control equipment market is growing with more than 3.5% growth rate annually. Growing demand for IoT devices and technological advancements in telecommunication industry are other major growth factors for the segment. Consequently, the semiconductor process control segment to witness a healthy growth during the forecast period. On the other hand, the chemical spectroscopy segment will be the fastest growing segment owing to rising demand of liquid crystal tunable filters in the segment.
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Based on the geography, North America has the highest share in liquid crystal tunable filters market. North America accounted for more than 30% of the market share in 2018. North America has highest share owing to huge investments in technological advancements and growing demand for semiconductor process control equipment’s in the region. Asia Pacific will be the second largest region for liquid crystal tunable filters owing to increasing investments in technological advancements. Adoption of these filters in emerging economies of Asia Pacific region such as China is the major growth factor. As a consequence, Asia Pacific will be the fastest growing region throughout the forecast period.
Some of the major companies profiled in the report include Channel Systems, Inc., Perkinelmer Inc., Thorlabs, Inc., Santec Corporation, Kent Optronics, Inc., Semrock, Inc., Meadowlark Optics, Inc. , ChemImage Corporation, AA Opto Electronic, EXFO Corporation, among others.