The chapter emphasizes the significance of photonics and optoelectronics for enabling Industry 5.0, a new era when cutting-edge technologies are seamlessly coupled with human-oriented ways in all sorts of industrial processes. Photonics, the science of using light to move information and other objects in ways similar to how electricity is used electronically, along with optoelectronics or electronics combined with optical functionality is transforming multiple industrial fields. Discussing high-tech use cases, it covers their application in smart manufacturing to improve accuracy and time to market; advanced communication systems to increase data speed at reduced costs as well examples of cutting-edge R&D concerning optoelectronic sensors for next-generation sensor web-based process systems. The chapter also discusses synergies between photonics, artificial intelligence, and the Internet of Things enabling intelligent and adaptive industrial systems. This integration will allow Industry 5.0 to design industrial environments that are both smarter, and more sustainable as well as human-friendly. This chapter presents an all-inclusive account of the recent progressions, obstacles, and prospective landscapes in photonics and optoelectronics conforming to their disruptive influence on industrial arena.