The photonics market is estimated to witness high growth owing to increased application of photonics in healthcare. Photonics involves the study and application of light, specifically its interaction with matter at different wavelengths in the electromagnetic spectrum. Photonics products such as laser systems, image sensors, optical fibers and fiber optic cables are commonly used in manufacturing, defense, healthcare, and telecommunications. In healthcare, photonics helps in early detection of diseases, minimally invasive surgeries, laser therapeutic procedures, and production of innovative materials for implants. With the rising global aging population and increasing healthcare expenditure, demand for photonics-based devices in diagnostic imaging, laser therapies, and biophotonics has surged greatly in recent years.

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.

Key Takeaways
Key players operating in the photonics market are Carl Zeiss AG (Scantinel Photonics GmbH), Hamamatsu Photonics KK, Schott AG, Intel Corporation, Photonics SAS (Keopsys), Polatis Photonics Inc., Philips Photonics (Trumpf GmbH), Alcatel-Lucent SA, Osram Licht AG, Molex Inc. (Koch Industries), IPG Photonics, Infinera Corporation, Finisar Corporation, NEC Corporation, and Innolume GmbH. The market offers opportunities due to increasing R&D investments by governments and key players. Technological advancements such as fiber optics, telecommunications lasers, solid-state lighting, digital imaging have propelled the photonics market.

Market Drivers:
The key drivers fueling growth of the Photonics Market Demand include rising demand for fiber optic networks, increasing adoption of infrared technologies in industrial, military and medical applications, growing demand for 3D sensing technologies in smartphones and expanding applications of LEDs in general lighting. With 5G rollouts and the need for high bandwidth connectivity, deployment of fiber optic cables is increasing rapidly across telecommunication infrastructure and data centers globally. This is directly driving demand for photonics components like optical fibers, lasers and photo detectors.

Get More Insights On- Photonics Market

Discover the Report for More Insights, Tailored to Your Language: