Austin, July 18, 2024 (GLOBE NEWSWIRE) -- The Photonic Integrated Circuit Market Size was valued at USD 10.08 Billion in the year 2023. It is expanding at a CAGR of 18.14% over the forecast period from 2024-2032.
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The photonic integrated circuit market is incredibly growing due to its high data processing and transmission. PICs combine the functionalities of many photonic devices such as lasers, detectors, and modulators into one. Miniaturization in consumer electronics is also increasing the demand for photonic integrated circuit market. Smaller devices are more powerful; they are more powerful, because each time a device is developed to make it do even more things, it is also reduced in size by half. Thus, we can do even more things with the tiny but mighty gadgets into which our old devices have developed. Small cheap satellites replacing large expensive ones is one of the business currents of the 21st century, and the satellite business can be a good example of such an item in the list of spheres. Thus, 663 commercial small-sats have been built by 2012, with more than 80% of them designed for remote sensing. Moreover, ISRO’s PSLV-C44 successfully placed Microsat-R and Kalam-sat V2 satellites into orbit. The latter is the smallest one in the world; it weighs 1.2 kg, and its dimensions are 4 cm х 4 cm × 4 cm. It was built by schoolchildren for just 1.2 million rupees.
Moreover, the integration of PICs in various applications, including telecommunications, healthcare, and aerospace, is expected to create significant growth opportunities. The ability of PICs to provide high-speed, low-latency data transmission makes them ideal for applications requiring real-time data processing and communication. Additionally, ongoing research and development efforts to improve the performance and reduce the cost of PICs are expected to further drive market growth.
Photonic Integrated Circuit Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 10.08 billion |
| Market Size by 2032 | USD 45.05 billion |
| CAGR | 18.14% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis:
By Substrate Material:
In 2023, silicon had the largest market share of 56.45% and was the leading market. A silicon photonic integrated circuit combines the advantages of economics based on the material of silicon electronics and photonics used to help transmit and receive data at higher speeds. Thus, silicon PICs are used in telecommunications, data centers, optical connectors, and other applications to handle data amounts more quickly and reliably.
The gallium arsenide PICs have a fast CAGR of 18.61% during 2024-2032. GaAs PICs offer a faster switching speed. PIC based on gallium arsenide will be able to transmit data much more quickly at higher speeds.
By Integration Type:
The Hybrid Integrated PIC was the leader of the market in 2023 with a share of 53.55%. Hybrid Integrated PIC is the technology that combines the electronic and photonic components on a chip. The built-in optics are better for interconnecting circuits such as lasers, detectors, modulators, and waveguides. These enable seamless communication among them and the necessary components, contributing to efficient and high-speed data transmission.
Monolithic Integration PICs are growing at a faster rate with a CAGR of 18.46% during 2024-2032. A monolithic photonic integrated circuit is used to generate, detect, manipulate, or otherwise process light.
By Integration Level:
In 2022, Medium-Scale photonic integrated circuits held the majority share of 42.36%. The dominance of the segment is because the technology allows multiple optical functions, including the integration of lasers, waveguides, modulators, and detectors with the electronic circuits required for the control and processing of data. Medium-scale PIC photonic integrated circuit technology is highly efficient, with the capacity for compact photonic systems, resulting in advanced applications like high-speed optical communication, optical sensing, and quantum computing.
The Large-scale segment has captured a CAGR of 18.50% during 2024-2032. The growth of the segment is due to the utilization of a very large number of minute optical components all integrated on a singularly constituted chip – much in a similar fashion to how electronic integrated circuits work.
Key Regional Development:
The photonic integrated circuit market in North America has a share of 38.91% in 2023 and dominates the region over the forecast period. The growing demand for data centers and vast area network applications of fiber optic communication, high-speed data communication, and channelization is accelerating market growth. Moreover, photonic integrated circuits and multiplexers assemblies have had a strong impact on the growth of the North American market. High-precision clocks and self-generated radar have been built in the U.S. military for photonic integrated circuits. The military is also progressing toward the production of photonic integrated circuits at high performance for position, navigation, and timing, replacing GPS with no GPS signals.
Asia-Pacific is expanding at a CAGR of 19.00% during the projection period. The electronics and telecom sector in this area has been rapidly expanding. Moreover, the swift relocation of the manufacturing bases of modern semiconductor production lines from South Korea, Taiwan, and Japan., China to Southeast Asian countries, such as Korea, and Japan, has made Asia-Pacific a major region.
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Recent Developments:
- In October 2023, the New York Center for Research, Economic Advancement, Technology, Engineering, and Science recently announced its partnership with PsiQuantum for integrated photonics R&D. This will focus on the combination of ultralow waveguides with barium titanate.
- In August 2022, Integrated photonics has had a significant presence in high-speed communications. Now, photonics are extending even deeper and wider by becoming application-specific devices. Application-specific photonics cause numerous issues in both technical and operational areas.
Key Takeaways
- Gain an overview of the status of the Photonic Integrated Circuit Market, key dynamics, pricing, and opportunities across products and regions at a glance.
- Track recent technology trends, startups, product launches, and regulations in the PIC space to identify new opportunities and emerging risks in the market.
- Receive a comprehensive analysis of which products are growing the fastest and dominating the market across regions to identify investment opportunities.
- Background understanding of key growth objectives prevailing in North American and Asia-Pacific markets to penetrate new markets.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Photonic Integrated Circuit Market Segmentation, By Substrate Material
8. Photonic Integrated Circuit Market Segmentation, By Integration Type
9. Photonic Integrated Circuit Market Segmentation, By Integration Level
10. Photonic Integrated Circuit Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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