Photonics Market Size, Share, Growth Analysis, By Product Type(LED, Lasers, Detectors, and Sensors & Imaging Devices), By Application(Display [Display in Mobile Devices, Display in Televisions], Information & Communication Technology [Data Transmission, Data Storage]), By End-use Industry(Building & Construction [Smart Cities Construction], Media, Broadcasting & Telecommunication, Consumer & Business Automation), By Region - Industry Forecast 2024-2031

Global Photonics Market size was valued at USD 426 billion in 2022 and is poised to grow from USD 456.67 billion in 2023 to USD 796.46 billion by 2031, growing at a CAGR of 7.20% during the forecast period (2024-2031).

The global market will be driven by the increasing use of photonics-powered devices in healthcare, information and communication industries, as well as industrial products throughout the forecast period. Light-based technological advances have stimulated innovation to provide long-term solutions to global problems, which are considered important drivers of the global market. These products are becoming increasingly popular, and their use has widened considerably due to the introduction of time benefits. 

Furthermore, increasing innovations such as lidar and additives will fuel the growth of the photonics market. For decades, lidar technology has been used to study the distribution of gases and pollutants in the atmosphere. In recent years, it has become an important technology for self-driving cars. 

Although much of the industry has been affected by the pandemic, the outlook for the photonics market. This technology is an area of growing interest in laser, optical scanning systems and imaging solution applications. Supply disruptions could delay 5G deployment in many countries, while fiber optic cable costs could rise as fiber optic cable manufacturers such as China are adversely affected. 

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