The latest research study “Photonic Integrated Circuit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global photonic integrated circuit market size reached US$ 7.42 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 25.22 Billion by 2027 exhibiting a CAGR of 21.10% during 2022-2027.
A photonic integrated circuit (PIC) comprises of various photonic and electronic components and devices, such as detectors, lasers, waveguides, modulators, optical interconnects, etc., in a single platform with nanometer-scale feature sizes. It usually relies on light for information signaling and transfer. A photonic integrated circuit aids in improving the performance of scientific instruments, subsystems, constituents, etc. In line with this, it offers additional reliability, functionality, scalability, etc., as compared to discrete systems. Consequently, a photonic integrated circuit finds extensive applications in metrology, optical sensors, sensing in agriculture and autonomous driving, biomedical devices, including lab-on-a-chip, etc.
Note: 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.
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Photonic Integrated Circuit Trends and Drivers:
The expanding defense sector across several countries is primarily driving the photonic integrated circuit market. Besides this, the widespread product adoption in fiber-optic communication for manufacturing externally modulated lasers (EML) is also catalyzing the market growth.
Moreover, photonic integrated circuits permit weight, size, power, and cost reductions for advanced data processing, spacecraft microprocessors, communication and processor buses, etc., that play an important role in small spacecraft platforms. This, along with the growing number of data centers, is acting as another significant growth-inducing factor.
Additionally, the shifting consumer preferences from analog towards the digital modes of operation, numerous technological advancements in photonics, and the escalating demand for PICs over electronic ICS are also positively influencing the global market. Apart from this, the increasing miniaturization of devices is anticipated to fuel the photonic integrated circuit market over the forecasted period
|Photonic Integrated Circuit Market Report Scope|
|Market size value in 2021||US$ 7.42 Billion|
|Market forecast in 2027||US$ 25.22 Billion|
|Growth Rate||CAGR of 21.10% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Raw Material, Integration and Application.|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||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.).|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Component:
- Optical Amplifiers
Breakup by Raw Material:
- Indium Phosphide (InP)
- Gallium Arsenide (GaAs)
- Lithium Niobate (LiNbO3)
Breakup by Integration:
- Monolithic Integration
- Hybrid Integration
- Module Integration
Breakup by Application:
- Optical Fiber Communication
- Optical Fiber Sensor
- Quantum Computing
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- North America
o United States
o South Korea
o United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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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