IMARC Group, a leading market research company, has recently releases report titled “Photonic Integrated Circuit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023–2028.” The study provides a detailed analysis of the industry, including the global photonic integrated circuit market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is Photonic Integrated Circuit?
A photonic integrated circuit (PIC) is a device that integrates multiple photonic functions, such as generating, manipulating, and detecting light, onto a single chip. It is made from indium phosphide, silicon, and silica and can operate over different optical wavelength ranges. It exhibits extremely low signal latency due to high-speed photon movement and enables rapid data communication. It is more economical as compared to electronic circuits and requires less space due to the integration of various optical components. It resists electromagnetic interference and promotes energy efficiency by minimizing power loss. It offers secure data transmission through the inherent properties of optical signals. It is integrated into LiDAR systems for autonomous driving applications. It is widely used in fiber-optic communication systems to enhance data transmission capabilities. Besides this, it is also employed in medical imaging and various sensing applications, like environmental monitoring.
How Big Is the Photonic Integrated Circuit Market?
The global photonic integrated circuit market size reached US$ 9.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 19.6% during 2023–2028.
Photonic Integrated Circuit Market Trends and Drivers:
The expansion of telecommunications networks worldwide, which include 5G, represents one of the key factors catalyzing the need for advanced optical components like PICs to support high-speed communications. Additionally, the rising data consumption, especially in cloud computing and internet services, is driving the demand for high-speed data processing and transmission capabilities, which is positively influencing the market. Apart from this, the increasing sales of autonomous passenger and commercial vehicles are resulting in the rising need for advanced sensors like LiDAR, which, in turn, is favoring market growth. Furthermore, rapid urbanization and industrialization, coupled with the rise in industrial automation, are catalyzing the need for high-speed control systems and data transfer. Moreover, the widespread use of PICs in satellite communication and other aerospace applications is offering a favorable market outlook. Continuous innovations in design and fabrication technology are making PICs more accessible and versatile, which is strengthening the growth of the market. Besides this, the increasing consumer reliance on smartphones, laptops, personal computers (PCs), and other home appliances, along with the escalating demand for high-speed data transfer in consumer electronics, is propelling the need for PICs. The development of smart homes and cities across the globe is creating a positive market outlook. Smart cities require advanced communication infrastructure integrated with PICs for seamless communication. Additionally, strategic collaborations between industries and educational institutions are supporting innovation and training in photonics. The leading market players are increasingly investing in research and development (R&D) activities in photonics to enable breakthroughs in PIC technology. Moreover, governing authorities of several countries are taking initiatives, such as offering incentives and implementing regulations that promote the adoption of advanced technology, which is augmenting the market growth.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
Breakup by Raw Material:
Breakup by Integration:
Breakup by Application:
Breakup by Region:
The report provides a comprehensive analysis of the industry key players listed below:
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.).
Key highlights of the Report:
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