PHOTONICS MARKET ANALYSIS

Photonics MarketSize and Trends

The global photonics market size was valued at USD 757.3 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. The Photonics Market is expected to grow during the forecast period. Its growth can be attributed to its growing applications in various sectors, such as information and communication technology, medical technology, solar energy, and security and defense. The market is also projected to experience strong growth due to the increase in demand for energy efficient lighting, data transmission and sensing technologies.

Global Photonics Market Trends:

Growing importance of LiDAR technology is a major trend in the market

LiDAR technology in recent years has become important for autonomous driving, as it analyzes the distribution of gases and pollutants in the environment. Due to the technological developments in light-based technologies, the number of innovations are growing in the industry by providing eco-friendly solutions to global challenges. This in turn is driving the market growth. Moreover, with the wide use of laser in data center and telecommunications applications, the laser market IC is likely to grow. Some of the vendors are focused on implementation of technologies such as hybrid silicon laser, which in turn is likely to drive demand for photonics in the coming future. Thus, this trend is likely to boost growth of the global photonics market during the forecast period.

Rapid advancement in the IC semiconductor miniaturization is a growing trend

Along with the rapid technological developments in IC semiconductors miniaturization, the demand for X-ray science, imaging, photovoltaics, quantum optics, terahertz technology, optoelectronics, and organic optical communications is expected to increase significantly in the coming years. This is further anticipated to boost the need for photonics, which in turn is expected to drive growth of the global photonics market during the forecast period.