Photonic Integrated Circuit Market is anticipated to strike a CAGR of 25.9% over the forecast period of 2017-2023.
High-speed performance and wider bandwidth provided by photonic integrated circuits (PIC) are popularizing them in the semiconductor industry. Market Research Future (MRFR) reveals that the fast-paced growth of the semiconductor industry is likely to accelerate the growth of the photonic integrated market growth. In 2017 the photonic integrated circuit market valued at USD 385.5 million. MRFR asserts that the market is likely to value at USD 1,492.4 million by the end of the assessment period.
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SMART Photonics, one of the fastest-growing tech-startup that develops cost-effective and customizable photonic integrated circuits generated €20.5 million revenue in 2019. This exhibits the expansiveness of the photonic integrated circuit market.
TE Connectivity (Switzerland), Agilent Technologies, Inc. (US), Alcatel-Lucent SA (France), Aifotec AG (Germany), Ciena Corporation (US), Broadcom Inc. (US), EMCORE Corporation (US), CyOptics Inc. (US), Finisar Corporation (US), Enablence Technologies Inc. (Canada), Infinera Corporation (US), Hewlett-Packard Company (US), JDS Uniphase Corporation (US), Intel Corporation (US), Mellanox Technologies Ltd (US), Kaiam Corporation (US), NeoPhotonics Corp (US), Luxtera Inc. (US), OneChip Photonics Inc. (US), Oclaro Inc (US), and others.
Growing applications of photonic integrated circuits across high-cash industries such as the semiconductor, the automotive, and the healthcare industries are likely to promote its market growth. In the healthcare industry, PICs are used in developing medical sensors (optical coherence tomography) that enhance the effectiveness of diagnostic solutions. As the patient population widens due to the changing lifestyle, the need for effective medical solutions is surging. This is noted to be one of the major factors that is expected to encourage the market growth. Semiconductors are extensively used in electronic devices. Trends in the telecom industry such as 5G connectivity are expected to rise the sales volume of smartphones. Hence, the increase in the production of advanced consumer electronics, PICs incorporated is likely to gain traction for its global market. The automobile industry is expanding its innovation base. PICs are deployed extensively in self-driving cars that features light detection and ranging (LiDAR). The growth of the PICs market can be attributed to the rigorous development of effective automotive.
The global photonic integrated circuit market has been segmented into component, integration type, and application.
By integration type, the market has been segmented into monolithic, hybrid, and module.
By component, the market has been segmented into modulators, lasers, attenuators, photo detectors, and optical amplifiers.
By application, the market has been segmented into quantum computing, optical fiber sensor, optical fiber communication, biomedical, and others.
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By region, the photonic integrated circuit market has been studied across Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
North America is likely to lead in the global photonic integrated circuit market. Presence of numerous data centers and network service providers and high adoption of fiber optic in the telecom industry are factors that are expected to impel the photonic integrated circuit market growth. In Europe, extensive research activities are noted to develop better miniaturized version of PICs. High funding from cash-rich companies that are functioning in the market and from governments are expected to benefit the Europe market. In Asia Pacific, innovations such as bio-photonics in countries such as Japan, India, and China are likely to surge the regional photonic integrated circuit market. Presence of high network connectivity and availability of cheap data is escalating sales of consumer electronics, which is anticipated to catalyze the APAC market growth.
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