Space Exploration Investment Drives Photonic Integrated Circuits Market to Reach US$ 98.7 Billion by 2031: TMR Study

Wilmington, Delaware, United States, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global photonic integrated circuits market was valued at US$ 10.2 Bn in 2022 and is projected to expand at a CAGR of 29.2% from 2023 to 2031.

Increase in demand for next-gen communication technologies and rise in adoption of photonic technologies in the space sector are fueling market growth. Additionally, increase in integration of photonics in critical computing devices is anticipated to propel market progress in the next few years.

Growth of the space and IT & telecommunication sectors is likely to create lucrative market opportunities in the next few years. Photonic integrated circuits (PIC) refer to advanced integrated circuits that incorporate several photonic components, such as modulators, lasers, waveguides, and other optical elements, on a single chip. PICs utilize photons to transfer and process information, whereas traditional electronic circuits use electrons to transmit information.

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Market Snapshot:

Key Findings of Study

Rise in Investment in Space Exploration Fueling Market Development – PICs exhibit an array of distinguishing properties, including high bandwidth & data rates, miniaturization & size reduction, radiation tolerance, and secure communication, which are boosting their adoption in the space sector. Furthermore, PICs offer high-performance data communication, radiation tolerance, compact form factors, and energy efficiency which make them effective choice for advanced space applications, including earth observation, satellite communication, and interplanetary exploration. Hence, rise in investment in space exploration is driving market size.

Photonic integrated circuits, which are based on optical signals, are less susceptible to radiation effects of space environments, in contrast to electronic circuits that are subject to ionizing radiation.

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Rise in Adoption of High-speed Communication Propelling Market – Increase in demand for high-speed transmission in the IT& telecommunications sector is fueling the adoption of PICs, as they offer required bandwidth and superior performance in comparison to conventional electronic circuits. Businesses are consistently upgrading their networks to support high volume of data. PICs provide the medium to achieve faster and more robust network infrastructure. Adoption of PICs is anticipated to grow significantly, with advancement in technology and increase in prevalence of data-intensive applications. This, in turn, is expected to fuel market progress in the next few years.

Significant Demand for Hybrid Integration – In terms of integration type, the hybrid integration segment accounted for the leading market share of 53.6% in 2022. Hybrid integration allows inclusion of various functionalities, which may not be achievable with a single technology or material.

Hybrid integration approach could lead to improved performance, enhanced flexibility, and greater functionality in designing advanced photonic devices for various applications such as data communications, telecommunications, and sensing.

Extensive Use of Silicon in Manufacturing PICs – Based on raw material, the silicon segment is anticipated to expand at a CAGR of 34.1% during the forecast period. Silicon raw material offers a number of advantages including scalability, low cost, and the potential for large-scale production. Furthermore, extensive knowledge about silicon in the semiconductor industry, makes it an attractive material for the development of integrated photonic circuits.

Growth Drivers

• Advantages of PICs that make them suitable for next-gen space applications are fueling the PICs market

• Increase in need for high-speed communication is augmenting market growth

Regional Landscape

North America is anticipated to account for the leading market share during the forecast period. Presence of large number of data centers in the U.S. is a key factor fueling market statistics in the region. According to Cloudscene, the U.S. has nearly 2,700 data centers, which is almost 33% of the total count globally.

Rise in production of computing devices is boosting the market in Asia Pacific. According to the Observatory of Economic Complexity, China was a key exporter of PICs in 2020, with revenue of US$ 156 Bn.

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Competitive Analysis

The global landscape is fragmented, with the presence of several large and small-sized players. Most companies are engaging in various growth strategies, including product expansion, collaboration, and M&As to broaden their revenue streams. They are also developing next-gem photonic integrated circuits for advanced applications.

Prominent players in the photonic integrated circuits market include Broadcom, Inc., Ciena Corporation, Coherent Corp., Hewlett Packard Enterprise development LP, Intel Corporation, Huawei Technologies Co. Ltd., and Cisco Systems Inc.

The global photonic integrated circuits market has been segmented as follows:

Global Photonic Integrated Circuits Market, by Integration Type

• Monolithic Integration
• Hybrid Integration
• Module Integration
  

Global Photonic Integrated Circuits Market, by Raw Material

• Indium Phosphide
• Gallium Arsenide
• Lithium Niobate
• Silicon
• Silicon-on-Insulator
• Others (Silica-on-Silicon, Silicon Dioxide, etc.)

Global Photonic Integrated Circuits Market, by Component

• Lasers
• Waveguides
• Modulators
• Detectors
• Attenuators
• Multiplexers/De-multiplexers
• Optical Amplifiers
  

Global Photonic Integrated Circuits Market, by Application

• Optical Communication
  • FTTx and Access Networks
  • Microwave/RF Photonics
  • Long-haul and Transport Networks
  • Optical Datacom
• Sensing
  • Structural Engineering
  • Chemical Sensors
  • Transport and Aerospace
  • Energy and Utilities
• Optical Signal Processing
  • Optical Metrology
  • Optical Instrumentation
  • Quantum Optics
  • Quantum Computing
• Biophotonics
  • Medical Instrumentation
  • Photonic Lab-on-a-Chip
  • Analytics and Diagnostics
  • Optical Biosensors

Global Photonic Integrated Circuits Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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