According to the latest report by IMARC Group, titled “Photonic Integrated Circuit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global photonic integrated circuit market reached a value of US$ 7.42 Billion in 2021. A photonic integrated circuit (PIC) is a complex device comprising optical components, such as waveguides, lasers, polarizers, phase shifters, and detectors. It is manufactured using several materials, such as indium phosphide (InP), gallium arsenide (GaAs), lithium niobate (LiNbO3), silicon, and silica-on-silicon. As compared to electronic integrated circuits, PIC offers higher speed, enhanced performance and power efficiency, miniaturization, lower thermal effects, and greater integration capacity and compatibility. As a result, it finds extensive applications across the telecommunication, defense, aerospace, scientific research, automotive, agriculture, and healthcare industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Photonic Integrated Circuit Market Trends-
The global market is primarily being driven by significant growth in the telecommunication industry. PICs are widely used in optical communication, fifth generation (5G) wireless communication, data centers, and cloud services due to their lower cost, higher bandwidth, faster data transfer, minimum heat dissipation, and reduced power consumption. Furthermore, widespread product utilization in the healthcare industry in optical coherent tomography (OCT) for treating eyes, skin, and neurological diseases and across biosensors, diagnostic kits, and patient tracking systems is acting as another growth-inducing factor. Additionally, the integration of PICs in wearable technologies, such as augmented and virtual reality (AR/VR), to develop miniaturized optics with low-loss integration, a full spectrum of light colors, high power efficiency, and optimal resolution is providing an impetus to the market growth. Moreover, the widespread product adoption in the aerospace and defense industries to manufacture biochemical sensors and components for spacecraft, airplanes, and military gear is creating a positive outlook for the market. Other factors, including increasing application in quantum computing to reduce component size and enhance performance, increasing demand for miniaturized devices, and rising product utilization in the automotive sector due to growing inclination toward electrification, autonomous vehicles, and driver support systems, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 25.22 Billion by 2027, exhibiting a CAGR of 21.10% during 2022-2027.
- On the basis of component, the market has been divided into lasers, MUX or DEMUX, optical amplifiers, modulators, attenuators, and detectors.
- Based on the raw material, the market has been categorized into indium phosphide (InP), gallium arsenide (GaAs), lithium niobate (LiNbO3), silicon, and silica-on-silicon.
- On the basis of the integration, the market has been classified into monolithic, hybrid, and module integrations.
- Based on the application, the market has been divided into optical fiber communication, optical fiber sensor, biomedical, and quantum computing.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.?
- The competitive landscape of the industry has also been examined, with some of the key players being Broadcom Inc., ColorChip Ltd., Hamamatsu Photonics K.K., II-VI Incorporated, Infinera Corporation, Intel Corporation, LioniX International, POET Technologies and VLC Photonics S.L. (Hitachi Ltd.).
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