Photonic Integrated Circuits (PIC) Market Outlook
According to a new report by Expert Market Research titled, “Global Photonic Integrated Circuits (PIC) Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global photonic integrated circuits (PIC) market size is projected to grow at a CAGR of 27.50% between 2024 and 2032. Aided by increasing demand for data centre applications and increasing demand for photonic ICS over electronic ICS, the market is expected to grow significantly by 2032.
Photonic integrated circuits (PIC), also known as integrated optoelectronics devices, are entities that consolidate multiple photonic functions. They primarily allow for the manipulation and transfer of optical signals, reducing the gap between photonics and electronics. Being compact and power-efficient, PICs have gradually emerged as the backbone for various high-speed, high-capacity telecommunication, and data communication systems.
One of the significant photonic integrated circuits (PIC) market trends is the growing shift towards high-speed data services, supported by the 5G revolution and expanding broadband infrastructure globally. This shift necessitates efficient, cost-effective, and compact solutions to manage vast volumes of data, propelling the demand for PICs.
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Moreover, the rising adoption of cloud services, coupled with the proliferation of data centres, has further bolstered the photonic integrated circuits (PIC) market demand. The burgeoning requirements for efficient data storage and retrieval systems have enhanced the importance of PICs, given their prowess in facilitating quick data transfer with minimal energy consumption.
Furthermore, sensing applications represent a burgeoning frontier for the PIC market. From environmental monitoring to industrial process control, the demand for precise, real-time data is relentless. PICs, with their superior sensing capabilities, offer an optimal solution, ensuring real-time data acquisition and processing with better accuracy.
The photonic integrated circuits (PIC) market analysis highlights the role of PICs in biomedical applications. They are fast gaining traction in medical imaging systems, given their precision and efficiency. Optical coherence tomography and endoscopic imaging are some of the many biomedical processes that are benefitting from the integration of PICs.
The drive towards miniaturised electronic devices, be it consumer gadgets or specialised industrial equipment, fuels the growth of the PIC market. The need for compact, efficient, and power-conserving components is higher than ever. PICs, given their intrinsic design and operational advantages fulfil this need efficiently. Their ability to handle multiple optical functions simultaneously makes them the preferred choice for various applications.
The expanding realm of quantum computing further supports the photonic integrated circuits (PIC) market growth. Quantum computers, focused to revolutionise computing, rely heavily on PICs to handle and process quantum information. As research in this domain intensifies and quantum computers come closer to reality, the importance of PICs in this domain is expected to further rise.
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Photonic Integrated Circuits (PIC) Market Segmentation
The market can be divided based on type, raw material, component, application, and region.
Market Breakup by Type
- Monolithic Integration
- Hybrid Integration
Market Breakup by Raw Material
- III-V Material
- Lithium Niobate
- Silica-on-Silicon
- Silicon-on-Insulator
- Others
Market Breakup by Component
- Lasers
- Modulators
- Detectors
- Transceivers
- Multiplexers/De-multiplexers
- Optical Amplifiers
Market Breakup by Application
- Telecommunications
- Biomedical
- Data Centers
- Optical Sensors(LiDAR)
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global photonic integrated circuits (PIC) market. Some of the major players explored in the report by Expert Market Research are as follows:
- Infinera Corporation
- II-VI Incorporated
- NeoPhotonics Corporation
- Intel Corporation
- Lumentum Operations LLC
- Others
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