Photonics Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Waveguides, Optical Modulators, Optical Interconnects, LED, Wavelength Division, Multiplexer Filters, Photo Detectors, Lasers, Amplifiers, and Others), By Application (Consumer, Electronics, Displays, Safety and defense Technology, Communication, Metrology, Sensing, Medical & Healthcare, High-Performance Computing, and Others), and Region Forecast 2019-2030  

Photonics Market size was valued at US$ 612.9 million in 2023 and is poised to grow at a significant CAGR of 7.5 % from 2024-2030. owing to the rising application in silicone-based photonics, increasing usage of photonics for non-invasive healthcare, and growing use of photonics-enabled devices in information and communication industries production sectors throughout the projected period. Moreover, the growing demand of minimally invasive surgery across the globe is expected to drive the market. With applications ranging from diagnostics to surgical instruments to therapies, the medical device business is a rapidly growing area of potential for optical and photonics technology.

However, the high cost of photonic products and the requirement for substantial amounts of labor are hampering the market growth. Photonics is the study of radiant energy and waves, which may be used to treat diseases, explore the world, and even solve crimes. Advances have aided advancements in fiber optics and the advent of electricity in the photonics sector, accelerating the conversion process. Photonics advancements have also led to continual improvements in the performance of both OPV and OLED technologies.

Key Developments

• In January 2021 - Machine learning will benefit from the development of light-carrying chips. Researchers at the University of Muenster are developing innovative methodologies and process architectures to deal with these challenges in a highly efficient manner, collaborating with an international team. They have now demonstrated that so-called photonic processors, in which data is processed using light, may process information even faster and in parallel, which electronic chips are incapable of achieving.
• In April 2019 - TRUMPF completed the acquisition of Philips' photonics division. Laser diodes from Philips Photonics are utilized in smartphones, digital data transmission applications, and sensors for autonomous driving. TRUMPF Photonics Components was formed because of the acquisition. TRUMPF will get access to a new market segment due to the acquisition, which will complement its current high-power diode laser business.