Photonics includes the array of technologies, devices, goods, and processes that create, transmit, transform, sense, and/or manipulate light in any form, hue, or setting. Photonics is a distinctive fusion of classical and quantum physics, semiconductor technology, waveguide systems, nanotechnology, and innovations in optical materials.

While photonics represents the discipline and technology involved with photons, the fundamental units of light, numerous photonics products and procedures leverage the wave-like characteristics of light. Photonics signifies the use of light in any capacity, regardless of the underlying principles, often utilizing both classical and quantum perspectives.

The Photonics industry analysis anticipates a compound annual growth rate (CAGR) of 6.8% between 2024 and 2034, with the worldwide Photonics market expected to attain a size of USD 1,026.38 Billion by 2034, following a typical growth trajectory. The global revenue for the Photonics sector is projected to reach USD 836.83 Billion in 2024.

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Global Photonics Market Scope

Report Attributes

Description: Global Photonics Market Analysis and Forecast

Market Size in 2024: USD 836.83 Billion

Market Forecast in 2034: USD 1,026.38 Billion

CAGR % 2024-2034: 6.8%

Base Year: 2023

Historic Data: 2019-2023

Forecast Period: 2024-2034

Market Segments

By Product Type

Lighting Devices

Displays

Optical Components

Sensors

Communication Devices

Photovoltaics

Others

By Material

Glass

Polymers

Silicon

Quartz

Others

By Application

Telecommunication

Healthcare

Aerospace & Defense

Industrial Manufacturing

Consumer Electronics

Energy

Automotive

Others

Key Market Players

Trumpf

IPG Photonics Corporation

Hamamatsu Photonics K.K.

Lumentum Holdings Inc.

Coherent Corp.

Jenoptik AG

Excelitas Technologies Corp.

Corning Incorporated

Schott AG

ASML Holding

nLIGHT, Inc.

NKT Photonics A/S

Recent Developments

In October 2023, a Silicon Photonics Research Centre of Excellence was announced to be launched at IIT Madras with financial support from the MeitY. The facility is expected to bring critical training and improve the future ecosystem of PIC (photonic integrated circuit) production in India.

In July 2024, LPC, a global leader in the development of industrial laser systems announced moving to a new facility in Lake Mary, Florida. The area of a new 50,000-square-foot facility will allow for meeting the increasing demand for laser systems with the growing demand from the material processing industry and other industries applying welding and cutting technology.

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Applications with specific photonics terms

Astronomy / telescope / Earth observation

Augmented / virtual reality

Autonomous sensing

Bio-photonics

Directed Energy

Lighting / Solid-state lighting

Machine vision

Materials processing

Laser based cutting, welding, marking, joining, peening, texturing, 3D printing

Microscopy / microscope

Observation

Optical communications,

Quantum photonics

Situation awareness

Solar power

Spectroscopy / spectral

Key Takeaways

The report provides detailed insights into the photonics market, for clients to understand the primary drivers and opportunities.

The report comprises recent developments, and market sizing, including overall data, segment data, market-share data, growth and expansion data, profit and extract revenue data, and other substantial information.

The study includes technological innovations and preliminary trends that will help to find a competitive edge in the photonics market.

Understanding regional descriptions helps the client to distinguish demands for the photonics market across the regions and fill it to the target marketplace.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Photonics Market Segmentation, By Type

8. Photonics Market Segmentation, By Application

9. Photonics Market Segmentation, By End-Use Industry

10. Regional Analysis

11. Company Profiles

12. Competitive Landscape

13. Use Case and Best Practices

14. Conclusion

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