The resilient photonics sector continues to outperform GDP globally.
With growth across the globe proving sluggish, inflation rates easing but still stubbornly resilient, and the wider, turbulent geo-political context, we are doing really well as an industry. With more than 1,000 photonics companies operating in Europe alone, the 10-year CAGR in global photonics revenue is impressive – 7.3% up to 2022, with sector-jobs increasing more than 5% in the same period. Growth in core photonics has outpaced global GDP for a decade – quite an achievement. Core photonics revenue for 2024 is expected to reach $379bn on a mid-range forecast, with enabled products seeing steady growth of 4.3% CAGR in the same 10-year period. The latest analysis of 10 markets, including those covered here, suggests an overall global value of $2.4tn.
This SPIE research is featured in the upcoming May 16 launch of Photonics Frontiers, with the project's brief remaining broadly the same: to create a snapshot of great technology innovation. You can see last year's content here.
There are some changes in its second year. The view across life sciences and medical categories has been split but, across the whole subject spectrum, we delve into innovative applications and breakthroughs driven by photonics, with a special emphasis on implementations by original equipment manufacturers (OEMs). Project editor, Jessica Rowbury – former editor of Electro Optics – has found fascinating stories and sourced interviews from those working for and in the following markets:
• Aerospace
• Automotive
• Defence
• Environment and energy
• Life sciences
• Manufacturing
• Medical
• Optical communications
By showcasing how photonic technology is providing real-world solutions to specific issues in these markets, we hope we have created valuable insights that can help shape future development and illustrate just how quickly critical innovation can make a difference. Decision-makers in OEMs need this sort of context to decide where to source solutions, and we are confident our insights can help influence those choices.
Photonics Frontiers has been made possible by Avantes and Lumencor, who partnered with us on life sciences and medical coverage, and EPIC, longstanding partner of Electro Optics in all things European photonics. Share the content on your social-media channels (#PhotonicsFrontiers2024) and make sure you come back to Photonics Frontiers on May 16 for the launch. The print edition of Photonics Frontiers will be mailed with the June edition of Electro Optics from June 14.
