Photonic Integrated Circuits Market Set for 23% CAGR Growth by 2031
Transparency Market Research delivers key insights on the global photonic integrated circuits (PIC) market. In terms of revenue, the global photonic integrated circuits (PIC) market is estimated to expand at a CAGR of ~23% during the forecast period, owing to numerous factors regarding which, TMR offers thorough insights and forecasts in its report on the global photonic integrated circuits (PIC) market.
The global photonic integrated circuits (PIC) market is broadly affected by several factors, including usage of photonic integrated circuits (PIC) in the optical communication sector and increasing application in the biophotonics sector. Thus, expanding applications of photonic integrated circuits (PIC) in different sectors is propelling the global market for photonic integrated circuits (PIC).
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Photonic Integrated Circuits (PIC) Market: Dynamics
The photonic integrated circuit is used to combine a tunable laser and optical modulator. PICs develop smaller, high performance, and cost effective tunable solutions across various industries such as medical, consumer electronics, and aerospace. The development of the first PICs a few years ago capable of integrating multiple active functions and components was a tremendous achievement as well as a boost for the industry. Services, such as voice recognition and face recognition have witnessed rising demand with the development of IoT, embedded systems, and connected devices. Voice recognition in particular is witnessing rising application in retail, healthcare, banking, connected devices, smart home, and automobile sectors across the globe. Along with this, the demand for smart TVs and HDTVs is also growing significantly. These developments and innovations are based on an optical signal processing technique, which uses photonic integrated circuits at the core, thereby driving the photonic integrated circuits (PIC) market. The growth in the demand for these services coupled with the rise in various other applications of optical signal processing such as data mining and correlating gene data is likely to extensively boost the market for PICs during the forecast period.
Indium phosphide (InP) is the most advanced platform for high performance large-scale photonic integrated circuits (PICs). It is also the most used platform, and expected be the fastest growing platform during the forecast period, specifically due to the extensive availability of indium, and also as it entails modest cost of fabrication. This platform allows for the monolithic integration of all the required active elements (e.g., lasers, semiconductor optical amplifiers [SOAs], modulators, photo detectors), and passive components (e.g., waveguide interconnects, filters, couplers), thus enabling complex single-chip implementation of advanced transmitters and receivers. Compared to optical systems with discrete components, monolithic integration improves system reliability and provides significant reduction in packaging cost, system footprint, fiber coupling loss, and power consumption. Thus, indium phosphide (InP)-based photonic integrated circuits (PIC) have been widely used in coherent transmitter, receiver, wavelength-conversion, and packet-switching applications.
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Photonic Integrated Circuits (PIC) Market: Prominent Regions
The photonic integrated circuits (PIC) market in North America is expected to expand at a prominent growth rate during the forecast period, owing to the presence of key market players, technological advancements, and growth of optical communication and consumer electronic applications in the region. The photonic integrated circuits (PIC) market in North America is projected to witness favorable growth during the forecast period, due to significant rise in optical communication applications for high-speed transmission in communication equipment in the region, which is projected to reach US$ 2,758.8 Mn by 2031. The Asia Pacific photonic integrated circuits (PIC) market is likely to expand at the highest CAGR of 24.5% during the forecast period, owing to the presence of a large number of players manufacturing photonic integrated circuits (PIC) in the region.
Photonic Integrated Circuits (PIC) Market: Key Players
Key players operating in the global photonic integrated circuits (PIC) market are Agilent Technologies, Broadcom, Ciena Corporation, Enablence, II-VI Inc., Hewlett Packard, Huawei Technologies Co., Ltd., Infinera Corporation, Intel Corporation, Broadex Technologies Co., Ltd., Cisco Systems, Inc., MACOM, Mellanox Technologies, NeoPhotonics Corporation, Oclaro, Inc., TE Connectivity, Uniphase Inc., and VLC Photonics S.L.
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