Photonic Integrated Circuit Market Comprehensive Research Study, Historical Analysis and Growth Rate 2023
Top Key Drivers & Trends
The global market for photonic integrated circuit has been exploring opportunities for several years to strengthen its position and its upstart functions. In the latest, according to Market Research Future, the market for photonic integrated circuit market is ready to take many steps ahead by reaching a valuation of USD 1,492.4 million from USD 385.5 million in 2017, while staggering at a CAGR of 25.9%, during the forecast period (2018–2023).
As per the study, the photonic integrated circuit has a wide array of applications mainly in Nano-electromagnetics, Lidars, calorimeter as well as silicon-based technologies. Due to the pivotal role of applications, the market for a photonic integrated circuit is accelerating year by year at a steady pace, which can result in the market’s growth in the foreseeable time.
At the same time, the significant benefit that photonic integrated circuit offers, which is bringing developments and innovations in the field of photonics, also has an eminent hand in boosting the market over the years. In the latest, the testing phase of 5G technology is highly expected to motivate the global photonic integrated circuit market to expand at a rapid pace.
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With this, on the other side, there has been a considerable demand for photonic integrated circuit among the end-users that creates less energy consumption and functions in the best way for smaller and faster products. By this scenario, companies are taking more interest in researching and developing photonic integrated circuit solutions to make it more efficient. These factors have also been coped up an essential one that could redirect the pace of the market’s growth and reach higher valuation than previous years during the forecast period.
On the flip side, the factor of the most significant disadvantage of using a photonic integrated circuit is its compactness that creates the buzz. As the size of the photonic integrated circuit gets reduced, its operational performance also degrades, which could be a reason for the downfall of the market’s progress during the forecast period.
Market Key Players
The well-known players in the photonic integrated circuit market are listed are Aifotec AG (Germany), Agilent Technologies, Inc. (US), Broadcom Inc. (US), Alcatel-Lucent SA (France), CyOptics Inc. (US), Ciena Corporation (US), Enablence Technologies Inc. (Canada), Kaiam Corporation (US). Adding to these names, more names such as Infinera Corporation (US), Intel Corporation (US), Hewlett-Packard Company (US), EMCORE Corporation (US), and Mellanox Technologies Ltd (US) and JDS Uniphase Corporation (US). These players have been contributing a significant proportion to market growth.
Segmentation of Market: Photonic Integrated Circuit
The segmental analysis of the global photonic integrated circuit has been conducted by the elements of type, component, and application.
In terms of integration type: Hybrid, monolithic, and module are the segments.
In terms of component: Lasers, photodetectors, modulators, attenuators, and optical amplifiers are the segments.
In terms of application: Quantum computing, Optical fiber communication, biomedical, optical fiber sensor are the segments.
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Top Regional Drivers
Europe, North America, Asia-Pacific, and the rest of the world are the key regions that have been included in the study of the global photonic integrated circuit.
As per the study, the market in North America seems to lead the market as the region has a high number of developments in the integrated circuits and sensors. Such an event has led the market to inflate instantaneously. It is the US and Canada are witnessing the maximum growth of the market, which will also boost the same in the coming years.
At the same line, Europe also follows North America in the photonic integrated circuit market with having a significant growth rate over the assessment period.
While in the countries like Japan, China, and South Korea also accounted for a significant share in the photonic sensor market, thus, making Asia-Pacific the highest growing region during the assessment period.
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