Photonic IC Market To Reach USD 47.6 Billion By 2032 | (globenewswire.com)

Rise in the Use of Electronics and the Internet to Attract Industry Growth.

April 03, 2024 06:25

Fort Collins, Colorado, April 03, 2024 (GLOBE NEWSWIRE) -- The Photonic IC Market size was valued at USD 8.6 Billion in 2023 and is expected to reach a market size of USD 47.6 Billion by 2032 at a CAGR of 20.9%.

Photonic ICs are chips that contain two or more photonic components and use photons to process and transmit information to their destination. They are used in several applications, such as optical communication, sensing, biophotonics, and optical signal processing. Demand from the electronic industry for newer technologies to meet bandwidth needs and data transfer requirements contributes to the adoption of photonic ICs.

The technological advancement in photonic IC is a major factor driving their increasing adoption. The decrease in size and weight of the photonic ICs enables their use across new generations of embedded computing, majorly in smartphones and tablets. The extensive use of Si photonics leverages the feature of the high-resolution lithography toolset of the CMOS industry. This helps fabricate PICs on a wafer scale that reduces the overall size to a nano-scale. Additionally, there is an ongoing innovation in the PIC technology to increase the spectrum of applications across various domains.   

The growing areas of application of photonic IC present growth avenues to prominent market players and can contribute to market expansion during the forecast period. Innovation in PIC technology enables researchers and engineers to overcome technological challenges and develop new materials and fabrication techniques. Technologies such as quantum-enabled photonic increase computing speed, secure communications, and quantum cryptography.

Photonic IC Market Report Highlights:

• The global photonic IC market growth is anticipated at a CAGR of 20.9% by 2032.

• The electronic industry's demand for newer technologies to meet the growing bandwidth and data transfer requirements is a prominent factor contributing to market growth.

• North America accounted for a significant market share in 2023. This can be attributed to major players and innovations in the photonic integrated circuits technology by these participants, such as IBM, Luxtera, Micron Technology, Intel, and Anello Photonics.

• Some prominent players in the photonic IC market report include Agilent Technologies, Intel Corporation, Aifotec AG, NeoPhotonics Corporation, Infinera Corporation, Alcatel-Lucent, POET Technologies Inc., Hewlett Packard, Avago Technologies, Cisco Systems, Inc., Ciena Corporation, Enablence Technologies Inc., and Emcore Corporation.