Photonics Market Size, Share, Growth Analysis, By Product Type(LED, Lasers), By Application(Displays, Information) - Industry Forecast 2024-2031

Photonics Market size was valued at USD 630 billion in 2019 and is poised to grow from USD 675.69 billion in 2023 to USD 1100 billion by 2031, growing at a CAGR of 7.3% in the forecast period (2024-2031).

The field of photonics is the study of light. It examines the production, control, and perception of optical signals and photons. It is possible to explore the galaxy, help patients, and perhaps even solve crimes by using the qualities of vibrations and photons. The studying of photons with a variety of frequencies, such as gamma-rays, radio waves, X-ray, UV, and IR photons, is known as photonics.

Due to its widespread application in a variety of end-use categories, the photonics market is projected to expand dramatically over the course of the projected timeframe. Biosciences, manufacturing, electrical, communications technology, solar panels, cybersecurity, and defense are among the sectors covered. Given the rising amount of high medical and its widespread application in diagnostic imaging, the market is expected to expand over the course of the forecasted period.

In the following years, the global market for photonics will increase due to the raising worries about the security and protection of industry employees and homeland security. A further factor driving the industry's quick growth is the expanding inclination of using silicon photonics to increase transmission rate, which is being supported by the expanding semiconductor sector.

US Photonics Market is poised to grow at a sustainable CAGR for the next forecast year.