Photonic IC Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2029
Photonic IC Market: Overview
Photonic integrated circuits (ICs) are fast becoming part of modern circuits. The evolution of the photonics technology and its simultaneous rise in applications are the key pivots for the expansion of the photonic IC market. A wide range of optical devices or components can be integrated with the photonic IC. Some of the key components are lasers, MUX/DEMUX, optical amplifiers, modulators, and attenuators. End-use industries in the photonic IC market benefit from numerous salient features of these ICs, most prominent of which are perhaps high speed data transmission rate and high scalability.
Some of the key end-use industries that are expected to contribute steady revenues in the photonic IC market are aerospace, industrial, and telecommunication, utilities, and energy sectors. Key materials used are Gallium Arsenide (GaAS), Lithium Niobate (LiNbO3), and Indium Phosphide (InP). Various ways on integration are monolithic, module, and hybrid.
Photonic IC Market: Key Trends
The drive for optimum performance and electronic miniaturization is a key trend bolstering the growth of the photonic IC market. Advances made in sensing capabilities, and emerging optical communications, and improvements made in optical signal processing functionality are key factors boosting the application of photonic ICs. Cloud computing is a promising paradigm that has expanded the avenue for players in the photonic IC market.
A vast window of opportunity comes from the medical sector. An emerging paradigm is photonics, as it is one of the novel applications for which photonic ICs are being harnessed. Growing deployment of photonic ICs in telecom networks is boosting the growth of the photonic IC market. Rise in demand for connected devices has also fueled the prospects in the photonic IC market. Extensive application of fiber optics in communication technologies has been contributing steady growth prospect to the photonic IC market. Rise in photonic IC-based optical communication has boosted the business propositions of the market.
Photonic IC Market: Competitive Development Analysis and Key Developments
Aspiring players are keen on harnessing the potential of advanced photonic ICs. Some of the key companies are engaged in the development of quantum dot lasers. They are taken into consideration because they can be assembled onto silicon photonics. Researchers have confirmed that QD lasers have high optical feedback tolerance, hence attracting their interest. Some of the companies are leaning on coming out novel integration technologies for lasers and high-efficiency modulators.
In recent years, some of the companies at the forefront of research into photonic IC market have conducted proof-of-concept studies. In this regard, silicon-on-insulator (SOI) platform has attracted special interest. All such studies will pave way to new directions to photonic IC market, hence players will be able to capitalize on new application areas such as silicon photonics.
Photonic IC Market: Regional Assessment
Some of the regions in the photonic IC market could be Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America has emerged as remarkably lucrative regional market. This is because the technology infrastructure for PIC-based optical communication has made remarkable progress. Extensive research and development has been made in silicon photonics by players in the region. Another lucrative region is Asia Pacific. The growth of this regional market is underpinned by rise in deployment of electronics that can support high-speed data transmission. The regional market has also benefitted from the low-cost fabrication techniques in some of its economies.
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