The global sapphire technology market is still in its nascent stage; however, the technology is expected to witness growth over the next few years owing to increased adoption across several industries including information & technology, power electronic devices, aerospace & defense, etc. Sapphire technology is also used in the fabrication of substrates for light-emitting diodes, new generation TV receivers, projectors, microwave devices, window fabrication for civilian and military equipment, and windows for watches and devices. Further, increased adoption across the semiconductor industry has paved the way for a new revenue stream and is expected to favorably impact the sapphire technology market. The technology provides avenues for market growth due to cost-effective raw material prices. Additionally, the development of silicon on a sapphire substrate (SOS), and its surging demand across the LED industry is also expected to offer several market growth opportunities, particularly to new market entrants.
Sapphire technology is used increasingly in light-emitting diodes instead of filament lamps as it helps reduce power consumption, which is also expected to drive the sapphire technology market growth over the forecast period. Over the last few years, the range of products manufactured using sapphire technology has witnessed substantial growth as the quality requirements for working surfaces have become more stringent. Major industry participants include ACME Electronics Corporation, DK Aztec Co., Ltd., Fraunhofer-Gesellschaft, and Sapphire Technology Co., Ltd. The quality of available sapphire material has improved over time; however, it struggles to keep pace with the advancements with the LED technology. Therefore, key industry players focus on innovation to achieve sustainability. Further, manufacturers emphasize on vertical integration so as to exercise more control over sapphire materials manufacturing.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.