In the latest report from Photonics21 and Tematys, Insights into the dynamic photonics market (2019-2022), the global photonics components and systems market reached €820 billion ($865, £645 billion) in 2022, up from €634 billion in 2019. The compound annual growth rate of 6.8% coincides with that reported for the photonics components market alone by SPIE in January 2024 and is 2-3 time the growth in global GDP over the same period illustrating the continue strength of the industry.
The largest segment is photonic products used by consumers, valued at €235 billion ($247.5 bn), with the environment, energy and lighting segment showing the highest growth (12.5% CAGR)
Tematys report Europe as having 15% of the global photonics components and systems market (€125 billion) contributing ~3% of all manufacturing in Europe. The UK is reported by Tematys as having the 3rd largest photonics industry in Europe after Germany and France. This latest analysis estimates the UK industry at €14.8 billion excluding services and €17.5 billion including services, closely aligned to the PLG figures released in 2023 which quantified the UK photonics industry at £15.2 billion including services.
Tematys predict the global photonics components and systems industry will continue to grow to over €1.1 trillion ($1.2 trillion) by 2027.
