Market Analysis
The global photonic integrated circuit market will touch USD 31.5327 billion at a 20.47% CAGR by 2032, as per the latest Market Research Future report.
Key Players
Eminent industry players profiled in the photonic integrated circuit market report include
- Agilent Technologies, Inc. (US)
- Aifotec AG (Germany)
- AlcatelLucent SA (France)
- Broadcom Inc. (US)
- Ciena Corporation (US)
- CyOptics Inc. (US)
- EMCORE Corporation (US)
- Enablence Technologies Inc. (Canada)
- Finisar Corporation (US)
- HewlettPackard Company (US)
- Infinera Corporation (US)
- Intel Corporation (US)
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Drivers
Preference for Photonic ICs to Bolster Market Growth
The preference for photonic ICs over the traditional ICs will bolster market growth over the forecast period. A photonic integrated circuit is affordable compared to conventional ICS owing to its downsizing, small size for the consolidation of various functionalities and parts into one chip, and for being more power efficient.
Opportunities
Expanding Defense Sector to offer Robust Opportunities
The expanding defense sector will offer lucrative opportunities for the photonic integrated circuit market over the forecast period. Modern military operations widely depend on advanced technologies for precision targeting, surveillance, and communication. PICs play an imperative part to enhance such capabilities. High-speed and secure data transmission in the military sector is crucial.
Restraints and Challenges
Lack of Digitalization to act as Market Restraint
The lack of digitalization, the lack of standardization, and limited skilled technicians may act as market restraints over the forecast period.
Market Segmentation
The global photonic integrated circuit market is bifurcated based on application, component, and type.
By type, monolithic will lead the market over the forecast period.
By component, lasers will domineer the market over the forecast period.
By application, optical fiber communication will spearhead the market over the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic proved beneficial for the photonic integrated circuit market. Its producers got a chance and developed a new point-of-care testing gadget which can accurately and quickly determine if any patient is infected using virus receptors. Supply chain disruptions and demand volatility are issues which most organizations had to face. The semiconductor industry and photonic integrated circuit market however were not impacted directly by the catastrophic impacts of the epidemic. Thus the pandemic possessed a beneficial impact and offered an opportunity for device development.
Regional Analysis
North America to Spearhead Photonic Integrated Circuit Market
North America will spearhead the photonic integrated circuit market over the forecast period for the increasing use of WAN applications for data centers and fiber-optic communications. The increasing need for the high-speed data transmission boosts the load on the cloud computing network coupled with the rapid IoT rollout that favors market growth in the region. Further, with the rising generation of data as well as consumption & bandwidth needs, enterprises have begun shifting towards integrated circuits. Such components utilize photons and light rather than electrons and electricity to provide greater efficiency and bandwidth, hence they are likely to be chief enablers of several future apps. PICs are being utilized for supporting several novel technologies like quantum computing.
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