Photonic Integrated Circuit Market
The global photonic integrated circuit (PIC) market is expected to exhibit a strong 25.9% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global photonic integrated circuit market was valued at USD 385.5 million in 2017 and is expected to rise to a valuation of close to USD 1.5 billion by 2023. The report presents a detailed analysis of the global photonic integrated circuit market’s historical growth trajectory in order to illuminate the readers on how the market has progressed over the historical review period. This database of historical information about the photonic integrated circuit market is also used to make accurate forecasts about the global photonic integrated circuit market’s likely growth trajectory over the forecast period from 2018 to 2023. Leading players in the global photonic integrated circuit market are also profiled in detail in the report in order to provide readers with an accurate analysis of the global market’s competitive landscape. The impact of the global COVID-19 pandemic on the global photonic integrated circuit market is also assessed in detail in the report.
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Photonic integrated circuits are a combination of photonic sensors and other electronic components. They use photons (light) to perform various optical functions. In a photonic integrated circuit, signals are processed using a combination of visible and infrared radiation. Photonic sensors are used in PICs to convert the light into an electric signal. Photonic integrated circuits have become widely popular in various applications, including nanoelectronics, LIDAR, calorimetry, and various silicon-based technologies. The growing use of photonic integrated circuits in quantum computing is likely to be a major driver for the global photonic integrated circuit market over the forecast period. Quantum computing has become a must-have in various crucial applications in recent years due to its higher processing speed and ability to multi-function easily. Developments in quantum computing have also come on at a rapid rate in recent years due to the significant investment made by major tech players in quantum computing. This has increased the demand from the photonic integrated circuit market in recent years and is likely to be a major driver for the global photonic integrated circuit market over the forecast period.
The high speed and high bandwidth provided by photonic integrated circuits have been the major drivers for the global photonic integrated circuit market over recent years. Along with their high speed and bandwidth, photonic integrated circuits also consume less energy than conventional integrated circuits, making them doubly attractive to end users. This is likely to remain the major driver for the global photonic integrated circuit market over the forecast period.
Leading players in the global photonic integrated circuit market include Mellanox Technologies Ltd., Kaiam Corporation, JDS Uniphase Corporation, Intel Corporation, Infinera Corporation, Hewlett-Packard Company, Finisar Corporation, Enablence Technologies Inc., EMCORE Corporation, CyOptics Inc., Ciena Corporation, Broadcom Inc., Alcatel-Lucent SA, Aifotec AG, and Agilent Technologies Inc.
The global photonic integrated circuit market is segmented on the basis of integration type, component, application, and region.
By integration type, the global photonic integrated circuit market is segmented into hybrid, monolithic, and module.
By component, the global photonic integrated circuit market is segmented into lasers, modulators, photo detectors, attenuators, and optical amplifiers.
By application, the global photonic integrated circuit market is segmented into optical fiber communication, optical fiber sensor, biomedical, quantum computing, and others. The quantum computing segment is likely to retain an important share in the global photonic integrated circuit market over the forecast period. Optical fiber communication is also likely to be an important application segment of the global photonic integrated circuit market over the forecast period.
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North America leads the global photonic integrated circuit market and is likely to remain in the leading position over the forecast period. Advanced photonic integrated circuit technology is available in the region, due to the growing presence of major market players in the region.