Silicon Photonics Market Trend Analysis By Component & Type Forecast 2024
Market Overview
The global silicon photonics market, according to Market Research Future (MRFR), is slated to acquire a substantial market valuation of USD 1 billion by 2023, at a noteworthy CAGR of 22% over the review period (2017 to 2023).
Competitive Analysis
The major market players identified by MRFR in the silicon photonics market are Cisco Systems, Inc. (U.S.), Infinera Corporation (U.S.), Intel Corporation (U.S.) Mellanox Technologies Ltd. (U.S.), IBM Corporation (U.S.), Hamamatsu Photonics K.K. (Japan), Finisar Corporation (U.S.), STMicroelectronics N.V. (Switzerland), Das Photonics (Spain), Luxtera Inc. (U.S.), among others.
The major market players are expected to contribute substantially to the growth of the global silicon photonics market over the review period, by focusing on mergers, acquisitions, strategic business partnerships. These are expected to offer favorable conditions for the market to expand over the review period.
Drivers and Restraints
The significant factors influencing the market growth of silicon photonics are the rapidly increasing internet traffic and decreasing bandwidth, along with growing needs for cloud computing performance in data centers. Moreover, silicon photonics technology has superior features such as the relatively higher optical functions integration, high density of interconnects, low environmental footprint, and a low error rate, which contribute towards the growth of the market over the assessment period. The higher adoption rate of silicon photonic technology in end-use industries such as healthcare, metrology and sensors, military, and aerospace.
One of the major restraining factors that has an impact on the global silicon photonics market is the high consumption of power by external laser devices used for the manufacturing of photonic computers using silicon chips. On the other hand, the rising demand from data and telecommunication industry, increasing investment in research and development projects across the globe are expected to create a scope of opportunities for the market over the review period.
Segmental Analysis
The global silicon photonics market is segmented on the basis of component, product, and application.
On the basis of components, the market has been bifurcated into active components and passive components. The products available in the silicon photonics market are active optical cables, optical engines, optical multiplexers, RF circuits, transceivers, and variable optical attenuators. The applications of silicon photonics are found in end-use industries such as commercial, consumer electronics, data communication, defense, medical and life science, and telecommunications.
Regional Analysis
The global Silicon Photonics Market, on the basis of region, is segmented into Asia Pacific, Europe, North America, and Rest of the World. North America region is estimated to lead the silicon photonics market over the review period, and acquire a substantial market share over the review period. This growth is attributed to the adoption of advanced technologies and government support along with the increase in demand for the data transfer over the review period. The presence of major market players in the region is also expected to drive the market over the forecast period.
The European region is also one of the major regional markets for silicon photonics and is expected to register a substantial makret share over the review period. Europe has similar economic conditions like North America, and thus is expecte to witness a similar growth trajectory in the foreseeable future.
Asia-Pacific in the silicon photonics market is expected to acquire the fastest CAGR and significant market valuation, driven by the growing population, growth in urbanization and growing demand for data transfer. Moreover, the global market players are realizing the potential of the asia pacific market, thus, are expected to invest heavily to expand their regional markets. This is expected to prove consequential to the growth of the silicon photonics market over the review period.
LIST OF TABLES
TABLE 1 SILICON PHOTONICS MARKET, BY COMPONENTS
TABLE 2 SILICON PHOTONICS MARKET, BY PRODUCT
TABLE 3 SILICON PHOTONICS MARKET, BY APPLICATION
TABLE 4 SILICON PHOTONICS MARKET, BY REGION
TABLE 5 NORTH AMERICA SILICON PHOTONICS MARKET, BY COMPONENTS
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 SILICON PHOTONICS MARKET BY COMPONENTS (%)
FIGURE 3 SILICON PHOTONICS MARKET: BY PRODUCT (%)
FIGURE 4 SILICON PHOTONICS MARKET: BY APPLICATION (%)
FIGURE 5 SILICON PHOTONICS MARKET: BY REGION (%)
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