Market Overview
The photonic integrated circuit (PIC) refers to the combination of electronic components and photonic sensors that make use of the photons to perform different optical functions. In the photonic integrated circuit, the photonic sensors play an important role in converting the light signals into electrical signals. The photonic integrated circuit finds wide application in calorimetry, nanoelectronics, silicon-based technologies, and Lidars. In comparison to the traditional integrated circuits, PIC offers numerous benefits. High bandwidth, high speed, and low energy consumption are the major benefits of using photonic integrated circuits.
The ongoing innovations and developments in the fiber optics and photonics field are expected to boost the growth of the global market of the photonic integrated circuit. The increasing demand of PIC in the semi-conductor industry also propels the market growth. In addition, the testing of 5G technology is further expected to accelerate the growth of the global photonic integrated circuit market. The increase in the use of PIC in the optical fiber sensing and quantum computing applications are other significant factors that drive the growth of the market.
The use of the photonic integrated circuits offers the end-users with faster and smaller products that consume much less energy. The increase in the demand for efficient and eco-friendly products is further a driving factor of the global photonic integrated circuit market. The global market of the photonic integrated circuit is expected to reach a CAGR of 25.9% during the forecast period. However, the compactness of the photonic integrated circuit is a prominent disadvantage that is likely to hinder the growth of the global market.
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Market Segmentation
The global photonic integrated circuit market is segmented on the basis of component, integration type, application, and geographical region.
On the basis of component, the global market of the photonic integrated circuit is classified into lasers, modulators, optical amplifiers, attenuators, and photodetectors.
On the basis of integration type, the global market of the photonic integrated circuit is divided into hybrid, monolithic, and module.
On the basis of application, the global photonic integrated circuit market is segmented into the optical fiber sensor, quantum computing, biomedical, optical fiber communication, and others. The segment of optical fiber communication is expected to witness faster growth during the forecast period.
Regional Segmentation
On the basis of geographical region, the global market of the photonic integrated circuit is segmented into Asia Pacific, North America, Europe, and the rest of the world. North America is the leading market segment in the global photonic integrated circuit market owing to the increase in the development of sensors and integrated circuits in the region. Europe is expected to experience significant growth in the photonic integrated circuit market during the forecast period. Asia Pacific region is projected to register the fastest growth during the forecast period owing to the presence of key players in countries such as China, Japan, and South Korea.
Industry News
The demand for photonic integrated circuits is increasing across different industries. The major players of the global photonic integrated circuit market are focusing on new product development and partnerships in order to strengthen their market positions. The key players are adopting effective strategies to cater to the growing demands of different industries efficiently.
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