Europe Photonics Market

Europe Photonics Market Size (2024-2029):

The Europe Photonics Market is expected to grow at a CAGR of 8.26% during the forecast period 2024-2029. The market value was at US$ 220.12 million in 2023, and the value is expected to reach US$ 354.43 million by the end of 2029.

Market Drivers and Restraints:

The photonics market in Europe is very dynamic and mergers and acquisitions take place very often. This creates a very good ecosystem for the photonics industry.  In addition to this, the LED market due to its high efficiency and energy-saving characteristics is in high demand proving a robust product to meet the demand. This is one of the driving factors for the photonics business. Europe is also a big hub for energy production, a lot of investment has gone into producing energy from renewable sources. Wind power projects are very popular. and the use of photovoltaic cells is widespread, which is very dominating when it comes to the demand for photonics products.

Impact of COVID-19 on the European Photonics Market:

The European photonics industry was facing the consequences of the US-China tariff issues before the pandemic which disrupted the supply chain. With Europe becoming a hotspot in the early stages of the pandemic in 2020, major players in the market had to eschew production activities. This came with the expected low demand for consumer electronics products and a dip in production activities all across Europe. Many industries such as display, photovoltaic, etc had to operate at reduced capacities, and with little to no demand for their products, the overall market embraced a state of crisis. The prevalent situation got better with time and production activities resumed in the mid-2020. Experts say that the market is expected to operate at a fully functional capacity in 2021. 

EUROPE PHOTONICS MARKET REPORT COVERAGE:

Market Segmentation 

Europe Photonics Market - By Product:

• LED and Laser
• Detectors
• Sensors
• Imaging Devices

Europe Photonics Market - By Application:

• ICT
• Production Techniques

Europe Photonics Market - By End-User:

• Media Broadcasting and Telecom
• Consumer & Business Automation

Europe has focused highly on laser-based manufacturing, and many companies are developing a new generation of laser products that are very affordable and making a huge impact in the manufacturing sector. The reliability of these laser products is also very high.
Micro-optics are increasing the demand for indoor customized high-end lighting. The adoption of smart lighting in the European region is also growing very fast, many companies are coming up with smart lighting products that offer a diverse range of selections for customers.
The Europe photonics market has registered significant growth in the last few years, and it is likely to expand with the rising need from the conductive ink industry. Along with photonics, the display industry is also expected to dominate the market in the forecasted period.

Market Regional Analysis:

• Germany
• Italy
• France
• United Kingdom

Germany, Switzerland, and Poland show regional dominance in Europe. Aachen-based company Vanguard Photonics is developing photopolymerization techniques that will help in the high-volume production of micro-optics. Companies based in Switzerland and Denmark are now addressing multilevel optics and laser writing techniques which further adds to the value chain of photonic products.

Market Key Players:

• Vanguard photonics
• Fluence technology
• Vorbeck Materials
• Nil Technology
• GLOphotonics

Market Recent Developments:

• Europe Photonics Industry Consortium (EPIC) which is the leading association in Europe of photonics companies, announced that the photonics market is doing very well, and can expect significant growth.