The global lithium tantalate wafers market size is expected to reach USD 2.87 billion by 2024. Application of surface acoustic wave (SAW) devices in various industries is expected to fuel demand for lithium tantalate wafers. Increasing usage of surface acoustic waves in safety monitoring, communication, and defense applications is expected to drive the lithium tantalate wafers market. Owing to its versatile characteristics, surface acoustic wave devices are expected to gain traction in television and radio, geophysics, micro fluids, and flow measurement. In addition, the product has widespread application in smartphone components such as filters and oscillators.
However, bulk acoustic waves (BAW) is expected to account for a larger share in future, depending on how well it supports radio frequency (RF) integration. Nowadays, companies in the wireless industry are manufacturing smartphones and sourcing modules and functional blocks rather than discrete filters, which are invisible to end customers.
Electronics and photonics are mainly focused on developing efficient and faster ways of receiving, storing, and transmitting information. This has resulted in growing need to obtain a better non-linear optical material with higher efficiency. Among other oxide crystals, lithium tantalate (LiTaO3) has been of greater interest for many decades. High level of component integration through lithium tantalate in telecommunication is anticipated to boost the lithium tantalate market over the forecast period.
The telecom industry makes use of lithium tantalate modulators in coupling continuous wave lasers, optical transmitter subsystems, and number of laser wavelength, modulators, and power stabilization parts.
Japan’s attempt to integrate piezoelectric technology in floors of train stations for electricity generation is expected to drive the market over the forecast period. High concentration of consumer electronics and telecommunication enterprises and availability of cheap materials are anticipated to boost the market.
Increased Internet penetration has resulted in rising demand for data transfer, data storage, cloud computing, and Internet of Things (IoT). Rapid industrialization and untapped electro-optics industry in the Middle East and Latin America have opened opportunities for investors to expand their business.
Growing application of piezoelectric devices in cellular phones, laptops, and inkjet printers is a major factor driving the lithium tantalate wafers market in U.S. Furthermore, increasing usage of piezoelectric devices in the medical sector, health monitoring, and low power and portable energy sources is expected to drive product demand over the forecast period.
The U.K. market was valued at USD 23.9 million in 2016. It is expected to expand at a CAGR of 9.8 % over the forecast period owing to well-established laser industries in the region. Moreover, increasing import and export of optical components in U.K. is anticipated to add to market growth. Growing mobile usage has resulted in increase in bandwidth needs such as cloud computing, data storage, data transfer, and Internet of Things.
Growing consumption of fiber optics devices in Japan is anticipated to boost the lithium tantalate material market over the forecast period. Highly developed infrastructure, government funding for new manufacturing, and emerging technologies is expected to fuel demand for lithium tantalate materials in optoelectronics applications.
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Hexa Research has segmented the Lithium Tantalate Wafers Market report based on end use and region:-
Segmentation by End Use
• Laser Industry
• Electronic Industry
• Others
Segmentation by Region
• North America
• Europe
• Asia Pacific
• Rest of the World
Key Country Markets
• U.S.
• Germany
• U.K.
• China
• Japan
Key Players Analyzed:
• American Elements
• CASTECH INC
• The Roditi International Corporation
• Oxide Corporation
• Korth Kristalle GmbH
• United Crystals