Photonics Market

Market Overview:

The global photonics market size reached USD 849.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 1,352.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.15% during 2024-2032. The thriving consumer industry due to the rising reliance on smartphones, televisions, laptop computers, and gaming consoles, increasing utilization of light emitting diodes (LEDs), and escalating demand for 3D printing are strengthening the market growth.

Photonics represents a technology or an area of study that deals with the science of generating, detecting, controlling, and manipulating photons, radiant energies, and light. It is considered a subset of various optic disciplines, including geometrical, physical, and quantum. It includes a light-emitting diode (LED), imaging devices, laser, sensors, and detectors as standard product types. These photonics-enabled devices offer higher energy efficiency, a longer life span, better accuracy, and faster operations than their counterparts. Apart from this, photonics ensures data transmission, generates less heat, and minimizes energy consumption cost-effectively. Based on these properties, it finds extensive applications in displays, photovoltaics, machine vision, image processing, optical components, and medical technologies.

Photonics Market Trends:

Thriving consumer electronics industry

As per the IMARC Group’s report, the global consumer electronics packaging market reached USD 22.6 Billion in 2023. Laser diodes and photodetectors are common optoelectronic components used in consumer electronics. These components are essential in gadgets, such as smartphones, televisions, laptop computers, and gaming consoles. The demand for higher display quality, more energy-efficient lighting, and faster data transfer is propelling the photonics market growth. High-resolution cameras, facial recognition systems like infrared sensors and laser-based depth sensors rely heavily on photonics. Many wearables, including smartwatches and fitness trackers, rely on photonics for health monitoring and interactive displays. Photonics is essential for creating new display technologies, such as organic light-emitting diode (OLED) and microLED displays. These are found in high-end televisions, smartphones, and AR/VR gadgets. The growing demand for brighter, clearer, and more energy-efficient screens is also offering a favorable market outlook.

Rising utilization of LED lighting

One of the key reasons for light emitting diode (LED) lighting adoption is its superior energy efficiency when compared to other lighting technologies like incandescent and fluorescent bulbs. LEDs require substantially less energy to provide the same degree of brightness, resulting in significant cost reductions in home, commercial, and industrial applications. LEDs turn more electricity into light while wasting less as heat, which is consistent with global initiatives to cut energy use. LEDs last significantly longer than incandescent bulbs, resulting in decreased replacement and maintenance expenses. These advantages raise demand for LED lighting systems that rely on photonic technology, which is expanding the photonics market share. The effort towards environmental sustainability and decreasing carbon footprints is leading to a larger adoption of LED lighting, which is considered an environment friendly option. The emergence of smart homes and smart cities is creating the need for LED lighting solutions that use Internet of Things (IoT) technology. Photonics is at the heart of smart lighting solutions, which enable users to remotely manage lighting systems using mobile devices or automated systems. The IMARC Group’s report shows that global LED lighting market is expected to reach USD 178.0 Billion by 2032.

Growing demand for 3D printing

As per the IMARC Group’s report, the global 3D printing market reached USD 24.0 Billion in 2023. Many advanced 3D printing methods like stereolithography (SLA) and selective laser sintering (SLS) rely on laser technology, a critical component of photonics. These technologies employ concentrated lasers to cure or fuse materials layer by layer, resulting in complicated 3D structures. This method uses ultraviolet (UV) lasers to harden liquid resin into 3D sculptures. Precision and accuracy of these lasers are dependent on advances in photonic components. Selective laser sintering (SLS) is a process that converts powdered material into solid forms using high-powered lasers. The demand for efficient, high-quality SLS lasers is driving photonics innovations. As 3D printing is gaining traction in areas, such as aerospace, automotive, and healthcare, there is a rise in the demand for photonic technologies that allow laser-based printing. 3D printing, also known as additive manufacturing, is being utilized in industry to build complex and high-precision items. Photonic technologies, particularly high-power lasers and optical systems are important for realizing these capabilities. These businesses employ 3D printing to create lightweight and customizable components.

Key Market Segmentation:

IMARC Group provides the photonics market analysis of the key trends in each segment of the global photonics market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, application, and end user.

Breakup by Type:

• LED
• Lasers, Detectors, Sensors and Imaging Devices
• Optical Communication Systems and Components
• Others
   

Breakup by Application:

• Surveying and Detection
• Production Technology
• Data Communication
• Image Capture and Display
• Medical Technology
• Lighting
• Others
   

Breakup by End User:

• Building Construction
• Media, Broadcasting and Telecommunication
• Consumer Electronics
• Medical
• Safety and Defense
• Industrial
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global photonics market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:

• ams-OSRAM AG
• Genia Photonics Inc.
• Hamamatsu Photonics
• II-VI Incorporated
• Infinera Corporation
• Intel Corporation
• IPG Photonics
• Koninklijke Philips N.V.
• Ocean Insight (Halma plc)
• Teem Photonics
   

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Photonics Market News:

• August 2024: Fujitsu announced plans to establish an Open All-Photonics Network (APN) Lab in Düsseldorf, Germany to popularize APNs and promote the global expansion of the Innovative Optical and Wireless Network (IOWN).
• September 2024: Laserline acquired 70% of the shares of the US laser specialist WBC Photonics, headquartered in Boston. Through this strategic acquisition, the German diode laser manufacturer is expanding its solution portfolio to include blue laser systems with particularly very high beam qualities of better than 4 mm mrad.

Report Coverage: