Nanophotonics Global Market Report 2024

Nanophotonics, also known as nano-optics, focuses on the behavior of light at the nanometer scale and its interaction with objects of similar dimensions. It is a subfield of nanotechnology that explores the characteristics of light on nanometer scales.

The main products in the nanophotonic market include LED (Light Emitting Diode), OLED (Organic Light Emitting Diode), NFO (Nanophotonic Functional Objects), photovoltaic cells, optical amplifiers, optical switches, and holographic data storage systems. LEDs in nanophotonics are employed to control and manipulate the flow of light, utilizing various materials such as quantum dots, photonic crystals, plasmonics, nanotubes, and nanoribbons. These nanophotonic products find applications in various sectors, including but not limited to telecommunications, entertainment, consumer electronics, indicators and signs, lighting, non-visual applications, and other diverse areas.

The nanophotonic market research report is one of a series of new reports that provides nanophotonic market statistics, including nanophotonic industry global market size, regional shares, competitors with a nanophotonic market share, detailed nanophotonic market segments, market trends and opportunities, and any further data you may need to thrive in the nanophotonic industry. This nanophotonic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nanophotonics market size has grown exponentially in recent years. It will grow from $25.07 billion in 2023 to $33.66 billion in 2024 at a compound annual growth rate (CAGR) of 34.2%. The growth observed in the historical period can be attributed to various factors, including the increased demand for consumer electronics, growth in the healthcare sector, rising data traffic, the adoption of autonomous vehicles, and overall economic growth.

The nanophotonics market size is expected to see exponential growth in the next few years. It will grow to $97.88 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The anticipated growth in the forecast period can be attributed to factors such as the expansion of the IT and telecommunication industry, the increasing demand for high-speed data transfer, growth in the defense sector, a rise in research and development activities, and an increase in disposable income. Key trends expected during this period include the integration of quantum technologies, advancements in nanophotonic sensors and detectors, the development of integrated photonic circuits, a focus on environmental sensing applications, and increased industry collaboration to drive innovation and market expansion.

The growing demand for optical fibers and other telecommunication devices is fueling the expansion of the nanophotonic market. The incorporation of nanoparticles into optical fibers has enabled the integration of advanced features such as enhanced refractive index, sensing capabilities, and computation. For example, IEEE reports that India currently has an optical fiber-based network spanning 28 lakh (100,000) kilometers, falling short of the National Broadband Mission's target of deploying 50 lakh kilometers of optical fiber by 2024. This indicates the potential for further optical fiber installations with the rise in population, driving the demand and growth of the nanophotonic market.

The escalating demand for consumer electronics is a driving force behind the growth of the nanophotonic market. Consumer electronics encompass electronic devices designed for personal use, and nanophotonics, which involves manipulating light at the nanoscale, enables the development of smaller, faster, and more energy-efficient components essential for these devices. As per Deloitte Insights Magazine, sales categories such as computers (+34%) and TV sets (+12%) have outpaced smartphones (+1%) globally over the past three years, likely influenced by COVID-19 restrictions and increased time spent working and learning from home. Consequently, the rising demand for consumer electronics is expected to propel the nanophotonic market's growth.

The emergence of innovative nanophotonic-enabled products is a significant trend gaining traction in the nanophotonic market. The demand for products enabled by nanophotonics, including LES, OLEDs, and others, has seen notable growth in recent years. These nanophotonic-enabled products find applications in biotechnology, nanomedicine, and optical diagnostics. For instance, in January 2021, Thorlabs Inc., a privately held American optical equipment company, announced the release of the SPDC810 product line to address the expanding quantum photonics field. High-intensity photon sources, crucial for quantum photonics applications, are created using a fully integrated 405 nm pump source at the front end of a spontaneous parametric down-conversion (SPDC) device to generate photon pairs above 450 kHz at 810 nm.

Major players in the nanophotonics market are actively expanding their resources to establish nanophotonics technology manufacturing and research centers. These centers are dedicated facilities for producing nanoscale photonic components and conducting research in the nanophotonics field. For example, in October 2022, Quantum Computing Inc., a US-based quantum hardware and software company, announced plans to construct and operate a new state-of-the-art production and research facility for quantum nanophotonics technology. This initiative aims to enhance the company's existing chip creation capabilities.

In August 2021, Meta Materials Inc., a Canada-based advanced materials and nanotechnology company, acquired Nanotech Security Corp for C$1.25 million ($0.90 million). This acquisition allowed Nanotech Security Corp to augment and expedite META’s design-to-production roadmap while strengthening its position in commercializing metamaterials. Nanotech Security Corp, a Canada-based company specializing in secure and visually memorable nano-optic security features, brings expertise in nanophotonics research and development to the collaboration.

Major companies operating in the nanophotonics market include Carbon Solutions Inc., Cambrios Technologies Corporation, Catalytic Materials, Cnano Technology, Cree Inc., LG Display Co. Ltd., Nanocs Inc., Nanocyl S.A., Nanoco Technologies Ltd., nanoPHAB Inc., Nanosys Inc., Nanostructured & Amorphous Materials Inc., OSRAM Opto Semiconductors GmbH, Philips Lumileds Lighting Company LLC, QD Vision Inc., Quantum Materials Corp., TCL Display Technology Holdings Limited, Sharp Corporation, Novaled GmbH, International Business Machines Corporation (IBM), Fujitsu Limited, Altairnano, Nano Magic LLC., Imina Technologies SA, Kleindiek Inc., eSpin Technologies, Advanced Nano Products Co. Ltd (ANP), Hamamatsu Photonics K.K., Agiltron Inc., Seoul Semiconductor Co. Ltd., Jenoptik AG, Tech-X Corporation, Advanced Microelectronic Center Aachen GmbH, Nanophase Technologies Corporation, Nanospectra Biosciences Inc., Nanostart AG, Nanosurf AG, Nanotronics Imaging

Asia-Pacific was the largest region in the nanophotonic market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the nanophotonic market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the nanophotonic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The nanophotonic market consists of sales of grating couplers, SOI electro-optical modulators, photonic crystals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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