The Photonics Market size was USD 910.7 billion in 2023 to USD 1507.3 billion by 2031 and grow at a CAGR of 6.8% over the forecast period of 2024-2031.
Photonics is one of the growing uses in health care, information and communication as well as industrial production market. The global market growth is driven by the expanding adoption of photonics-enabled devices across key sectors such as healthcare, information and communication, and industrial production. Breakthroughs in light-based technologies have ignited a surge of innovation, offering sustainable solutions to global challenges and serving as significant catalysts for market expansion. These products are experiencing rising popularity, fueled by their ability to deliver long-term benefits.
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Moreover, the market will be propelled by emerging innovations such as Lidar and additive manufacturing. Lidar technology, traditionally used for atmospheric gas and contaminant analysis, has gained prominence in recent years, particularly in autonomous driving applications. Its evolution into a critical technology for autonomous vehicles underscores its growing importance and its role in driving growth in the photonics market.
KEY DRIVERS:
Increasing demand for energy-efficient and green products
Photonics-based technologies are often more energy-efficient than their traditional counterparts. For example, LED lighting is significantly more energy-efficient than incandescent lighting. As consumers and businesses become more focused on sustainability, the demand for photonics products is expected to grow.
Growing use in healthcare, information and communication, and industrial production
RESTRAIN:
Immature technology in some regions.
While advancements are happening rapidly, some specific photonic technologies are still in their early stages. This means they might not be reliable or mature enough for widespread commercial use. The technology needs time to refine and reach a point where it can consistently deliver on its promises.
Lack of universal standards for many components and systems.
OPPORTUNITY:
The rising demand for photonics technologies stems from various industries and applications, driven by several factors
The photonics market presents numerous opportunities for growth. which includes advancement in healthcare, telecommunications and renewable energy sectors. Emerging fields like quantum computing and augmented reality offer novel avenues for photonics innovation driving future growth and technological breakthrough.
Rising demand from healthcare sector for medical imaging, diagnostics, and therapeutics.
CHALLENGES:
The Lack of awareness and education about photonics systems
Many industries and individuals may not fully grasp the capabilities and potential applications of photonics systems. This lack of understanding can lead to underutilization of photonics technologies and missed opportunities for innovation and improvement. Photonics systems can be complex, involving intricate principles of optics, electronics, and materials science. This complexity can deter individuals from delving deeper into photonics-related topics.
Precise alignment of delicate optical components is crucial for optimal performance in many photonic devices.
The Russian-Ukraine war was disrupting photonics market by supply chain disruptions, increased geopolitical tensions affecting trade and uncertainty in investment. Change in economic and political landscapes could influence market dynamics and the consumer confidence in the affected regions & beyond.
In the neon gas supply chain, Russia and Ukraine have different roles to play. The war has affected their ability to carry out normal functions. Ukraine, a significant global supplier of semiconductor-grade neon gas crucial for high-intensity excimer lasers used in chip fabrication, faces disruption. Prior to the invasion, the semiconductor sector was already struggling with capacity issues. With key Ukrainian companies responsible for gas purification ceasing operations, the industry is facing additional challenges. Since neon is the major raw material required for the photonics, the Russia Ukraine war has affected the market, since they are the major provider of the neon.
An economic slowdown can significantly affect the photonics market as businesses and consumers may reduce spending on technology and innovation. Demand for photonics products in industries such as telecommunications, healthcare, and manufacturing may decline, leading to decreased revenue for photonics companies. Reduced investment in research and development could stifle innovation and technological advancement in the sector. Additionally, uncertainty and market volatility may deter investors, further dampening growth prospects
By Type
LED
Optical Communication system and Components
Lasers, Detectors
Sensors and Imaging devices
Consume electronics and device
Lasers play an important role in mission-critical inertial navigation systems utilized across aerospace and military sectors. These include ring laser gyroscopes employed in aerial and marine navigation, as well as guidance systems for missiles and UAVs (unmanned aerial vehicles).
By Application
Lighting Displays
Photovoltaic
Medical technology and life sciences (Bio photonics)
Production technology
measurement and automated vision
Information and communication technology.
By End Use Industry
Building and construction
Safety and Defence
Medical
Media broadcasting and telecommunications
Industrial
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Asia Pacific region dominated the Photonics market with the market share of 50 % in 2023. The Asia Pacific market is poised for rapid growth due to its early adoption advantage and increasing investment in research and development. Notably, China has emerged as a key player in photonics innovation, boasting leading companies with local production facilities and a robust supply chain. With a well-established market and significant export capabilities, China is expected to gain substantial market share in the photonics sector.
The increasing of photonics in advancing next-generation integrated electronics is projected to drive market expansion in the region.
In North America, market growth will be fueled by the presence of tech giants like Facebook and Microsoft, which demand optimized data processing and transmission for their extensive data centre networks. Photonics technologies offer significant enhancements in high-speed data processing and transfer, crucial aspects of modern computing systems. Additionally, the potential of photon-based quantum computers to operate at ambient temperatures provides a competitive edge over electron-based counterparts, which require colder environments.
In Europe, market expansion is anticipated, supported by the European Commission's initiatives to bolster companies manufacturing photonics devices. Through facilitating access to cutting-edge European technologies, the Commission aids companies in scaling up their innovations and validating them with advanced infrastructure and expertise. This assistance enables companies to develop new and innovative photonics products, driving growth in the European market.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Some of the major key players in the Photonics Market are Innolume, Neophotnics Corporation, IPG Photonics Corporation, II - VI Incorporated, Hamamatsu Photonics K.K, Molex, TRUMPF, Sicoya GMBH, One Silicone chip photonics Inc, RANOVUS and other players.
Innolume -Company Financial Analysis
In September 2023, Vodafone collaborated with Salience and iPronics to investigate the possibilities of silicon photonic chips for Open RAN.
The development of light carrying chips will benefit machine learning in January 2021. In cooperation with an international team, researchers from the University of Munster develop innovative methodologies and process architecture to address these challenges in a highly efficient manner.
| Report Attributes | Details |
| Market Size in 2023 | US$ 910.7 Billion |
| Market Size by 2031 | US$ 1507.3 Billion |
| CAGR | CAGR of 6.8% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (LED, Optical Communication System And Components, Lasers, Detectors, Sensors And Imaging Devices, Consume Electronics And Device) • By Application (Lighting Displays , Photovoltaic, Medical Technology And Life Sciences [Bio Photonics] Production Technology, Measurement And Automated Vision , Information And Communication Technology) • By End Use Industry (Building And Construction , Safety And Defence, Medical, Media Broadcasting And Telecommunications, Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Innolume, Neophotnics Corporation, IPG Photonics Corporation, II - VI Incorporated, Hamamatsu Photonics K.K, Molex, TRUMPF, Sicoya GMBH, One Silicone chip photonics Inc, RANOVUS |
| Key Drivers | • Increasing demand for energy-efficient and green products • Growing use in healthcare, information and communication, and industrial production |
| Market Opportunities | • The rising demand for photonics technologies stems from various industries and applications, driven by several factors • Rising demand from healthcare sector for medical imaging, diagnostics, and therapeutics. |
Ans: The Photonics Market is expected to grow at a CAGR of 6.8%.
Ans: Photonics Market size was USD 910.7 billion in 2023 to USD 1507.3 billion by 2031.
Ans: Increasing demand for energy-efficient and green products to drive the market growth.
Ans: Lack of universal standards for many components and systems to hinder the market growth.
Ans: Asia Pacific region dominated the Photonics market with the market share of 50 % in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Photonics Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 LED
9.4 Optical Communication system and Components
9.5 Lasers, Detectors
9.6 Sensors and Imaging devices
9.7 Consume electronics and device
10. Photonics Market Segmentation, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 Lighting Displays
10.4 Photovoltaic
10.5 Medical technology and life sciences (Bio photonics)
10.6 Production technology
10.7 Measurement and Automated vision
10.8 Information and Communication technology
11. Photonics Market Segmentation, By End-Use Industry
11.1 Introduction
11.2 Trend Analysis
11.3 Building and construction
11.4 Safety and Defence
11.5 Medical
11.6 Media broadcasting and telecommunications
11.7 Industrial
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Photonics Market by Country
12.2.3 North America Photonics Market By Type
12.2.4 North America Photonics Market By Application
12.2.5 North America Photonics Market By End-Use Industry
12.2.6 USA
12.2.6.1 USA Photonics Market By Type
12.2.6.2 USA Photonics Market By Application
12.2.6.3 USA Photonics Market By End-Use Industry
12.2.7 Canada
12.2.7.1 Canada Photonics Market By Type
12.2.7.2 Canada Photonics Market By Application
12.2.7.3 Canada Photonics Market By End-Use Industry
12.2.8 Mexico
12.2.8.1 Mexico Photonics Market By Type
12.2.8.2 Mexico Photonics Market By Application
12.2.8.3 Mexico Photonics Market By End-Use Industry
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Photonics Market by Country
12.3.2.2 Eastern Europe Photonics Market By Type
12.3.2.3 Eastern Europe Photonics Market By Application
12.3.2.4 Eastern Europe Photonics Market By End-Use Industry
12.3.2.5 Poland
12.3.2.5.1 Poland Photonics Market By Type
12.3.2.5.2 Poland Photonics Market By Application
12.3.2.5.3 Poland Photonics Market By End-Use Industry
12.3.2.6 Romania
12.3.2.6.1 Romania Photonics Market By Type
12.3.2.6.2 Romania Photonics Market By Application
12.3.2.6.4 Romania Photonics Market By End-Use Industry
12.3.2.7 Hungary
12.3.2.7.1 Hungary Photonics Market By Type
12.3.2.7.2 Hungary Photonics Market By Application
12.3.2.7.3 Hungary Photonics Market By End-Use Industry
12.3.2.8 Turkey
12.3.2.8.1 Turkey Photonics Market By Type
12.3.2.8.2 Turkey Photonics Market By Application
12.3.2.8.3 Turkey Photonics Market By End-Use Industry
12.3.2.9 Rest of Eastern Europe
12.3.2.9.1 Rest of Eastern Europe Photonics Market By Type
12.3.2.9.2 Rest of Eastern Europe Photonics Market By Application
12.3.2.9.3 Rest of Eastern Europe Photonics Market By End-Use Industry
12.3.3 Western Europe
12.3.3.1 Western Europe Photonics Market by Country
12.3.3.2 Western Europe Photonics Market By Type
12.3.3.3 Western Europe Photonics Market By Application
12.3.3.4 Western Europe Photonics Market By End-Use Industry
12.3.3.5 Germany
12.3.3.5.1 Germany Photonics Market By Type
12.3.3.5.2 Germany Photonics Market By Application
12.3.3.5.3 Germany Photonics Market By End-Use Industry
12.3.3.6 France
12.3.3.6.1 France Photonics Market By Type
12.3.3.6.2 France Photonics Market By Application
12.3.3.6.3 France Photonics Market By End-Use Industry
12.3.3.7 UK
12.3.3.7.1 UK Photonics Market By Type
12.3.3.7.2 UK Photonics Market By Application
12.3.3.7.3 UK Photonics Market By End-Use Industry
12.3.3.8 Italy
12.3.3.8.1 Italy Photonics Market By Type
12.3.3.8.2 Italy Photonics Market By Application
12.3.3.8.3 Italy Photonics Market By End-Use Industry
12.3.3.9 Spain
12.3.3.9.1 Spain Photonics Market By Type
12.3.3.9.2 Spain Photonics Market By Application
12.3.3.9.3 Spain Photonics Market By End-Use Industry
12.3.3.10 Netherlands
12.3.3.10.1 Netherlands Photonics Market By Type
12.3.3.10.2 Netherlands Photonics Market By Application
12.3.3.10.3 Netherlands Photonics Market By End-Use Industry
12.3.3.11 Switzerland
12.3.3.11.1 Switzerland Photonics Market By Type
12.3.3.11.2 Switzerland Photonics Market By Application
12.3.3.11.3 Switzerland Photonics Market By End-Use Industry
12.3.3.1.12 Austria
12.3.3.12.1 Austria Photonics Market By Type
12.3.3.12.2 Austria Photonics Market By Application
12.3.3.12.3 Austria Photonics Market By End-Use Industry
12.3.3.13 Rest of Western Europe
12.3.3.13.1 Rest of Western Europe Photonics Market By Type
12.3.3.13.2 Rest of Western Europe Photonics Market By Application
12.3.3.13.3 Rest of Western Europe Photonics Market By End-Use Industry
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia-Pacific Photonics Market by Country
12.4.3 Asia-Pacific Photonics Market By Type
12.4.4 Asia-Pacific Photonics Market By Application
12.4.5 Asia-Pacific Photonics Market By End-Use Industry
12.4.6 China
12.4.6.1 China Photonics Market By Type
12.4.6.2 China Photonics Market By Application
12.4.6.3 China Photonics Market By End-Use Industry
12.4.7 India
12.4.7.1 India Photonics Market By Type
12.4.7.2 India Photonics Market By Application
12.4.7.3 India Photonics Market By End-Use Industry
12.4.8 Japan
12.4.8.1 Japan Photonics Market By Type
12.4.8.2 Japan Photonics Market By Application
12.4.8.3 Japan Photonics Market By End-Use Industry
12.4.9 South Korea
12.4.9.1 South Korea Photonics Market By Type
12.4.9.2 South Korea Photonics Market By Application
12.4.9.3 South Korea Photonics Market By End-Use Industry
12.4.10 Vietnam
12.4.10.1 Vietnam Photonics Market By Type
12.4.10.2 Vietnam Photonics Market By Application
12.4.10.3 Vietnam Photonics Market By End-Use Industry
12.4.11 Singapore
12.4.11.1 Singapore Photonics Market By Type
12.4.11.2 Singapore Photonics Market By Application
12.4.11.3 Singapore Photonics Market By End-Use Industry
12.4.12 Australia
12.4.12.1 Australia Photonics Market By Type
12.4.12.2 Australia Photonics Market By Application
12.4.12.3 Australia Photonics Market By End-Use Industry
12.4.13 Rest of Asia-Pacific
12.4.13.1 Rest of Asia-Pacific Photonics Market By Type
12.4.13.2 Rest of Asia-Pacific Photonics Market By Application
12.4.13.3 Rest of Asia-Pacific Photonics Market By End-Use Industry
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Photonics Market by Country
12.5.2.2 Middle East Photonics Market By Type
12.5.2.3 Middle East Photonics Market By Application
12.5.2.4 Middle East Photonics Market By End-Use Industry
12.5.2.5 UAE
12.5.2.5.1 UAE Photonics Market By Type
12.5.2.5.2 UAE Photonics Market By Application
12.5.2.5.3 UAE Photonics Market By End-Use Industry
12.5.2.6 Egypt
12.5.2.6.1 Egypt Photonics Market By Type
12.5.2.6.2 Egypt Photonics Market By Application
12.5.2.6.3 Egypt Photonics Market By End-Use Industry
12.5.2.7 Saudi Arabia
12.5.2.7.1 Saudi Arabia Photonics Market By Type
12.5.2.7.2 Saudi Arabia Photonics Market By Application
12.5.2.7.3 Saudi Arabia Photonics Market By End-Use Industry
12.5.2.8 Qatar
12.5.2.8.1 Qatar Photonics Market By Type
12.5.2.8.2 Qatar Photonics Market By Application
12.5.2.8.3 Qatar Photonics Market By End-Use Industry
12.5.2.9 Rest of Middle East
12.5.2.9.1 Rest of Middle East Photonics Market By Type
12.5.2.9.2 Rest of Middle East Photonics Market By Application
12.5.2.9.3 Rest of Middle East Photonics Market By End-Use Industry
12.5.3 Africa
12.5.3.1 Africa Photonics Market by Country
12.5.3.2 Africa Photonics Market By Type
12.5.3.3 Africa Photonics Market By Application
12.5.3.4 Africa Photonics Market By End-Use Industry
12.5.3.5 Nigeria
12.5.3.5.1 Nigeria Photonics Market By Type
12.5.3.5.2 Nigeria Photonics Market By Application
12.5.3.5.3 Nigeria Photonics Market By End-Use Industry
12.5.3.6 South Africa
12.5.3.6.1 South Africa Photonics Market By Type
12.5.3.6.2 South Africa Photonics Market By Application
12.5.3.6.3 South Africa Photonics Market By End-Use Industry
12.5.3.7 Rest of Africa
12.5.3.7.1 Rest of Africa Photonics Market By Type
12.5.3.7.2 Rest of Africa Photonics Market By Application
12.5.3.7.3 Rest of Africa Photonics Market By End-Use Industry
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Photonics Market by country
12.6.3 Latin America Photonics Market By Type
12.6.4 Latin America Photonics Market By Application
12.6.5 Latin America Photonics Market By End-Use Industry
12.6.6 Brazil
12.6.6.1 Brazil Photonics Market By Type
12.6.6.2 Brazil Photonics Market By Application
12.6.6.3 Brazil Photonics Market By End-Use Industry
12.6.7 Argentina
12.6.7.1 Argentina Photonics Market By Type
12.6.7.2 Argentina Photonics Market By Application
12.6.7.3 Argentina Photonics Market By End-Use Industry
12.6.8 Colombia
12.6.8.1 Colombia Photonics Market By Type
12.6.8.2 Colombia Photonics Market By Application
12.6.8.3 Colombia Photonics Market By End-Use Industry
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Photonics Market By Type
12.6.9.2 Rest of Latin America Photonics Market By Application
12.6.9.3 Rest of Latin America Photonics Market By End-Use Industry
13. Company Profiles
13.1 Innolume
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Neophotnics
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Corporation
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 IPG PhotonicsCorporation
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 II - VI Incorporated
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Hamamatsu PhotonicsK.K
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Molex
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 TRUMPF
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Sicoya GMBH
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 One Silicone chip PhotonicsInc
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16.Conclusion
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