diff --git a/packages/grafana-ui/src/components/Icon/Icon.tsx b/packages/grafana-ui/src/components/Icon/Icon.tsx
index 59135b9a89f..f6bb0645f2f 100644
--- a/packages/grafana-ui/src/components/Icon/Icon.tsx
+++ b/packages/grafana-ui/src/components/Icon/Icon.tsx
@@ -42,65 +42,67 @@ const getIconStyles = (theme: GrafanaTheme2) => {
   };
 };
 
-export const Icon = React.forwardRef<SVGElement, IconProps>(
-  ({ size = 'md', type = 'default', name, className, style, title = '', ...rest }, ref) => {
-    const styles = useStyles2(getIconStyles);
+export const Icon = React.memo(
+  React.forwardRef<SVGElement, IconProps>(
+    ({ size = 'md', type = 'default', name, className, style, title = '', ...rest }, ref) => {
+      const styles = useStyles2(getIconStyles);
 
-    if (!isIconName(name)) {
-      console.warn('Icon component passed an invalid icon name', name);
-    }
-
-    // handle the deprecated 'fa fa-spinner'
-    const iconName: IconName = name === 'fa fa-spinner' ? 'spinner' : name;
-
-    const svgSize = getSvgSize(size);
-    const svgHgt = svgSize;
-    const svgWid = name.startsWith('gf-bar-align') ? 16 : name.startsWith('gf-interp') ? 30 : svgSize;
-    const svgPath = getIconPath(iconName, type);
-
-    const composedClassName = cx(
-      styles.icon,
-      className,
-      type === 'mono' ? { [styles.orange]: name === 'favorite' } : '',
-      {
-        [styles.spin]: iconName === 'spinner',
+      if (!isIconName(name)) {
+        console.warn('Icon component passed an invalid icon name', name);
       }
-    );
 
-    return (
-      <SVG
-        aria-hidden={
-          rest.tabIndex === undefined &&
-          !title &&
-          !rest['aria-label'] &&
-          !rest['aria-labelledby'] &&
-          !rest['aria-describedby']
+      // handle the deprecated 'fa fa-spinner'
+      const iconName: IconName = name === 'fa fa-spinner' ? 'spinner' : name;
+
+      const svgSize = getSvgSize(size);
+      const svgHgt = svgSize;
+      const svgWid = name.startsWith('gf-bar-align') ? 16 : name.startsWith('gf-interp') ? 30 : svgSize;
+      const svgPath = getIconPath(iconName, type);
+
+      const composedClassName = cx(
+        styles.icon,
+        className,
+        type === 'mono' ? { [styles.orange]: name === 'favorite' } : '',
+        {
+          [styles.spin]: iconName === 'spinner',
         }
-        innerRef={ref}
-        src={svgPath}
-        width={svgWid}
-        height={svgHgt}
-        title={title}
-        className={composedClassName}
-        style={style}
-        // render an empty div with the correct dimensions while loading
-        // this prevents content layout shift whilst the icon asynchronously loads
-        // which happens even if the icon is in the cache(!)
-        loader={
-          <div
-            className={cx(
-              css({
-                width: svgWid,
-                height: svgHgt,
-              }),
-              composedClassName
-            )}
-          />
-        }
-        {...rest}
-      />
-    );
-  }
+      );
+
+      return (
+        <SVG
+          aria-hidden={
+            rest.tabIndex === undefined &&
+            !title &&
+            !rest['aria-label'] &&
+            !rest['aria-labelledby'] &&
+            !rest['aria-describedby']
+          }
+          innerRef={ref}
+          src={svgPath}
+          width={svgWid}
+          height={svgHgt}
+          title={title}
+          className={composedClassName}
+          style={style}
+          // render an empty div with the correct dimensions while loading
+          // this prevents content layout shift whilst the icon asynchronously loads
+          // which happens even if the icon is in the cache(!)
+          loader={
+            <div
+              className={cx(
+                css({
+                  width: svgWid,
+                  height: svgHgt,
+                }),
+                composedClassName
+              )}
+            />
+          }
+          {...rest}
+        />
+      );
+    }
+  )
 );
 
 Icon.displayName = 'Icon';