NEWARK, Del, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The Future Market Insights recently released an analysis report on the photonic integrated circuit market as it exhibited global sales of US$ 1.1 Bn in 2021. With 21.5% projected growth, the market during 2022 - 2032 is expected to reach a valuation of US$ 9.4 Bn.
According to the photonic integrated circuits (PIC) market research by FMI, the market is expected to be the highest revenue-generating category, estimated to register a projected CAGR of 21.5% during 2022 – 2032.
According to the estimations by Future Market Insights, leading market research and competitive intelligence provider, the photonic integrated circuits (PIC) market increased at a robust CAGR of 25.5% from the year 2017-2021.
Key Insights
- The photonic integrated circuit market is downsizing gadgets and increasing the level of integration. Such circuits support high-speed data transfer, which in return is suitable for a wide range of applications in several sectors including industrial, aerospace, communications, utilities, and energy. Attributing to these factors, the photonic integrated circuit market is expected to propel throughout the forecast period.
- There is a high demand for photonic integrated circuits in quantum computing and optical fiber sensing applications. Photonic integrated circuit corporations provide advantages such as simple photonic integrated circuit design with reduced energy consumption, smaller and faster goods, and efficient and eco-friendly products.
- In comparison to traditional ICs, photonic integrated circuits have lower costs due to downsizing, a smaller size due to merging many components and functions on a single chip, and enhanced power efficiency.
- Sophisticated breakthroughs and innovations in the photonics and fiber optics market are accelerating its growth. The surging need for high-speed and efficient data transmission in data centers presents growth prospects to the market.
- The rising demand for enhanced communication and processing needs to be combined well with flexible, downsized, and power-efficient circuits, which are factors that will drive the growth of the photonic integrated circuit industry.
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Competitive Landscape
Agilent Technologies, Broadcom, Ciena Corporation, Enablence, II-VI Inc., Hewlett Packard, Huawei Technologies Co., Ltd., Infinera Corporation, Intel Corporation, Broadex Technologies Co., Ltd., Cisco Systems, Inc., MACOM, Mellanox Technologies, NeoPhotonics Corporation, Oclaro, Inc., TE Connectivity, Uniphase Inc., VLC Photonics S.L., POET Technologies are some of the key companies profiled in the full version of the report.
The leading market players in the photonic integrated circuit market are focusing on massive investments in product launches, partnerships, mergers and acquisitions, and expansions in order to gain a competitive advantage in the industry.
More Insights into Photonic Integrated Circuit Market
The North American region is emerging as one of the most lucrative markets with double-digit projected growth. In the North American region, high demand for photonic integrated circuits can be seen owing to several data centers and internet applications of fiber optic communications.
The ever increasing demand for high-speed data transmission has raised cloud computing data traffic, and the surging adoption of IoT has resulted in a potential boom in the photonic integrated circuit market in the region.
Mobile, video, and other cloud-based apps are meticulously working on increasing bandwidth usage which is in return placing strain on service providers. Companies are expected to construct their optical networks around the PIC, propelling the sector ahead.
The need for high data transmission has accelerated demand for cloud computing, and data traffic, and the surging adoption of the Internet of Things has resulted in a potential boom in the photonic integrated circuit market in the region.
The United States is anticipated to dominate the global photonic integrated circuit market by accounting for the highest global revenue of US$ 2.8 Bn by the end of 2032 and accounting for approximately 30% of the global revenue.
Owing to the ever-increasing demand for smart device integration paired with a favorable regulatory environment for the development of medium and small enterprises is expected to boost the US market.
As per the industry estimates, the number of Amazon Prime subscribers in the United States will surge from 142.5 Mn in 2020 to 153 Mn in 2022. These positive prospects are anticipated to bolster growth in the photonic integrated circuit market.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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