According to a recent Future Market Insights report, the Photonic Integrated Circuit (PIC) Market is expected to reach US$ 1.1 billion in 2021 and grow at a CAGR of 21.5% between 2022 and 2032. By the end of 2032, the market is expected to be worth $9.4 billion.
Photonic integrated circuits (PIC) technology has advanced rapidly in China over the last decade. Between 2022 and 2032, the Chinese market is expected to reach US$ 807.8 million, with an absolute growth opportunity of US$ 710.5 million.
Several material platforms and technologies have been developed to create photonic integrated devices for a wide range of broadband communication applications, including optical and wireless networks, optical interconnects, and optical coherent communication.
Silicon Photonic MEMS has exceptional potential for low-power and high-performance photonic devices, as well as laying the groundwork for efficient integration in very large-scale photonic integrated circuits, which are required in programmable and reconfigurable photonic integrated circuits.
With the help of these initiatives, many scientific achievements and breakthroughs have been made, including silicon photonics transceivers, InP-based transceivers, and optical and microwave signal processing devices. PICs technology is expected to be continuously supported in the coming years, as it is regarded as one of the critical enabling technologies for supporting a variety of national significant assignments and strategies, such as broadband communication, supercomputing, and data center.
The Market Study’s Key Findings
- The global photonic integrated circuit market is expected to reach US$ 1.3 billion by 2022.
- During the forecast period, the Hybrid Integration segment is expected to have the highest CAGR of 21.5%.
- The United States is expected to remain the dominant market, with an absolute dollar growth opportunity of $2.4 billion between 2022 and 2032.
- During the forecast period of 2022-2032, China’s market is expected to grow at the fastest rate of 23.6%.
“the rise of the Internet of Things (IoT), cloud, streaming video, and 5G adoption will benefit the Photonic Integrated Circuit (PIC) industry in the coming years.” According to a Future Market Insights analyst,
More Details Are Available
Future Market Insights presents an unbiased analysis of the Photonic Integrated Circuit (PIC) Market in its new offering, presenting historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals significant growth in the Photonic Integrated Circuits (PIC) Market by Integration Type (Monolithic Integration, Hybrid Integration, Module Integration), Application (Optical Communications, Sensing, BioPhotonics, Optical Signal Processing), Raw Materials (Indium Phosphide, Gallium Arsenide, Lithium Niobate, Silicon, Silica-on-Insulator, Others), Components (Lasers, Modulators, Detectors (North America, Europe, Asia Pacific, and RoW).