Photonics Market is predicted to reach USD 1179.485 billion at a CAGR of 7.50% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Photonics Market”.

The photonics market is estimated to register a CAGR of 7.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global photonics market - Signify (The Netherlands), Shin-Etsu Chemical Company (Japan), Nikon Corporation (Japan), SCHOTT (Germany), Hoya (Japan), Corning (U.S), American Elements (U.S), Ohara (Japan), Asahi Glass, II-VI (U.S).

Market Highlights

The global photonics market is accounted to register a CAGR of 7.50% during the forecast period and is estimated to reach USD 1179.485 billion by 2032.

The requirement for photonic-enabled linked services and the broad use of additive manufacturing (AM) to create intricate parts and prototype tools are responsible for the product uptake across a number of industrial verticals. Accordingly, major improvements in the healthcare system and the growing need for non-invasive disease detection have made photonics easier to integrate into point-of-care technologies and imaging methods, which is another driver driving expansion. Furthermore, a promising future for the industry is being created by the widespread product integration in home security systems, switches, amplifiers, light modulation devices, light detection and ranging (LiDAR), and the integration of Internet of Things (IoT) solutions.

Segment Analysis

The global photonics market has been segmented into application, end use industry, and type.

On the basis of application, the market is segmented into Displays, Information & Communication Technology, Photovoltaic, Medical Technology & Life Sciences (Biophotonics), Measurement & Automated Vision, Lighting, and Production Technology. The displays segment was attributed to holding the largest market share in 2022. Photonic crystal displays perform better and offer better display quality. These photonic crystal displays may have their colour band altered using a certain technique. This material does not require a lot of crystal in a single display panel since it reflects every colour in the visible spectrum.

Based on end use industry, the global photonics market has been segmented into Building & Construction, Media, Broadcasting and Telecommunication, Consumer & Business Automation, Medical, Safety & Defense and Industrial. The broadcasting and telecommunication segment was expected to hold the largest market share in 2022. Photonic technology is needed for data production, processing, storage and retrieval, acquisition, and utilization. Equipment for manufacturing components and photonic materials are used in each of these processes. It also provides services based on photonics.

On the basis of type, the market is segmented into LED, Lasers, Detectors, Sensors, and Imaging Devices, Optical Communication Systems & Components, and Consumer Electronics & Devices. The LED segment was attributed to holding the largest market share in 2022. LEDs are being more widely used in television backlights and mobile phone backlights due to their enhanced illumination, display, and energy economy. The development of a low-carbon economy is at risk because of these products.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Photonics Market Research Report

Regional Analysis

The global photonics market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe photonics market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The photonics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World photonics market comprises of Middle East, Africa, and Latin America.

The largest market share for photonics was maintained by the North American regional sector due to the growing adoption of cutting-edge next-generation technology in North America. The progress in the United States can be attributed to growing government funding for photonic-enabled technologies and R&D as well as uses of laser optics.

Moreover, the Europe market has been persistently growing over the forecast period. Photonics provides answers to major societal problems like energy production and efficiency, population aging healthily, climate change, and security. The European region holds a prominent place in the global analysis of basic photonics, accounting for a considerable share of this analysis.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period primarily owing to the considerable rise in the total number of participants. The rise of the regional market is also anticipated to be aided by the increased adoption of communications and information technology.

Furthermore, the rest of the world's photonics market is divided into the Middle East, Africa, and Latin America. Over the course of the projection period, significant growth in the photonics market share is anticipated in the remainder of the world. Demand for photonics is rising in this region, and this growth is closely correlated with the growth of related markets such manufacturing technology, safety & defense applications, lighting, and healthcare.

Key Findings of the Study

• The global photonics market is expected to reach USD 1179.485 billion by 2032, at a CAGR of 7.50% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the significant increase in the overall number of participants. It is also projected that the growing use of information and communications technology would contribute to the growth of the regional market.


• Based on type, the LED segment was attributed to holding the largest market in 2022, with an approximate market share of 40%.


• Signify (The Netherlands), Shin-Etsu Chemical Company (Japan), Nikon Corporation (Japan), SCHOTT (Germany), Hoya (Japan), Corning (U.S), American Elements (U.S), Ohara (Japan), Asahi Glass, II-VI (U.S).