Impact Of Covid-19 Outbreak On Photonic Integrated Circuits (PIC) MarketGlobal Photonic Integrated Circuits (PIC) Market: Overview
According to a new research report pertaining to the photonic integrated circuits (PIC) market, published by Transparency Market Research, the global photonic integrated circuits market is expected to reach a value of ~ US$ 3.3 Bn by 2027, expanding at a CAGR of ~ 23% from 2019 to 2027. According to the report, the global PIC market would continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period.
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Increasing Use of PICs for Communication Systems Driving the Market
In terms of application, the global photonic integrated circuits market has been segmented into optical communication, sensing, optical signal processing, and biophotonics.
The optical communication segment in the PIC market is anticipated to dominate the market, due to a rise in the demand for optical communication systems that transmit large volume of data at high speed over a long distances.
Furthermore, the adoption of optical communication systems offers additional advantages over electric communication, such as high bandwidth capability, low latency, and superior flexibility.
Moreover, sensing applications are also anticipated to play a major role in driving the photonic integrated circuits market in the near future, as photonics offer electromagnetic immunity, metal-free operation, and low-cost integration with electronic devices, as well as high sensitivity in the field of optical sensing.
The optical communication segment in the PIC market is anticipated to expand at a significant CAGR from 2019 to 2027. The sensing segment in the photonic integrated circuits market is also anticipated to expand at a substantial CAGR during the forecast period.
Increasing Use of Silicon Technology in Photonic Integrated Circuits
The report on the PIC market offers detailed segmentation of the global photonic integrated circuits market in terms of integration type (monolithic integration, hybrid integration, and module integration), raw material (indium phosphide, gallium arsenide, lithium niobate, silicon, silicon-on-insulator, and others), components (lasers, modulators, detectors, attenuators, multiplexers/de-multiplexers, and optical amplifiers), and application (optical communication, sensing, optical signal processing, and biophotonics). The global photonic integrated circuits market has also been segmented based on region (North America, Europe, Asia Pacific, Middle East and Africa, and South America).
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Among the raw materials, the silicon segment accounted for a substantial share of the global photonic integrated circuits market in 2018, and is anticipated to gain a higher market share during the forecast period, owing to low-cost integration of silicon-based PICs by using silicon-based semiconductor manufacturing techniques.
North America to be a Highly Lucrative Market for PICs
North America witnesses high investments in optical communication and sensing applications. The optical communication segment is anticipated to dominate the global photonic integrated circuits market throughout the forecast period, owing to the increasing penetration of PICs in long-haul and transport networks across the U.S. and Canada.
Furthermore, with significant investments in sensing and biophotonics applications in the region, the photonic integrated circuits market in North America is anticipated to expand at a high CAGR during the forecast period.
Moreover, the optical signal processing segment is anticipated to gain traction in the PIC market during the forecast period, owing to the increasing demand for higher bandwidth and data transfer rates for optical signal processing networks.
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