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Photonic Integrated Circuit Market 2019 where III-V Material to Hold a Major Market Share with Top Manufacturers and Business Opportunities

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Global Photonic Integrated Circuit Market 2019-2024 Growing at a CAGR of 26.4%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.

— Market Overview

The global photonic integrated circuit market was valued at USD 472.5 million in 2018, and is expected to register a CAGR of 26.4% over the forecast period (2019-2024). Photonic integrated circuit (PIC) technology is widely used to transfer huge amounts of data at a very high speed and finds applications in the field of optical fiber communications. One of the most significant drawbacks that PICs address is the power consumption issue. In fact, it is estimated that annually more than 5% of all the electricity generated, globally, was used in data center establishments, and this consumption is rising by at least 1.7% every year. But in the case of photonic ICs, it is estimated that the power consumed in such critical applications could be reduced by at least 50%.

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Similar to the traditional PICs, which operate at wavelengths of 1.3 and 1.55?m, even hybrid PICs find great applications in telecommunication business and data centers. The need for high rate of data transfer, which cannot be accommodated by the traditional ICs, is the major factor leading to increased adoption of hybrid PIC in both telecom and data center markets.
The increasing number of cloud applications are rapidly up scaling the traffic that has to be handled by data centers. According to Cisco Systems, as of 2017, the volume of cloud traffic alone, across the data centers, exceeded 5 zettabytes per year, indicating a critical need for advanced switching and data transfer hardware, which can be met by hybrid PICs.
Although hybrid photonic integrated circuits are highly efficient and pose several advantages, when compared to their predecessors. They are still new to the market, and hence, experience a very low level of market penetration, when compared to the traditional ICs.

Scope of the Report

Multiple photonic components, such as waveguides, lasers, modulators, and detectors, when integrated on a single chip are referred to as photonic ICs. When compared to traditional ICs, photonic ICs are extremely fast, accommodate higher bandwidth, and are highly power efficient.

Key Market Trends

III-V Material to Hold a Major Market Share

GaAs photonics is a significantly tiny market, whose principal application was data centers. However, after the introduction of a 3D sensing function using GaAs-based VCSELs in Apple’s iPhone X, GaAs VCSEL has attained enormous growth.

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The growth in 3D sensing applications in the consumer electronics market, automotive lighting, the increasing LiDAR applications, horticultural lighting, IR LED applications and display applications are expected to increase the demand for GaAs photonics over the forecast period.

In III-V materials, the market potential for InP (Indium Phosphide) PIC is considered very high. It can best be understood as a subset of the PIC market, which as a whole is further developed. The increasing potential for data center solutions and data center construction across the world is expected to aid the adoption of InP PIC over the forecast period.

North America to Hold a Major Market Share

In North America, the demand for photonic integrated circuits (PIC)-based products is driven by data centers and WAN applications of fiber optic communication. The need for high-speed data transmission increased the data traffic in cloud computing, and the rapid roll-out of IoT has created a potentially booming photonic integrated circuit industry in the region.

Service providers are facing an increasing demand for bandwidth, much of which is being driven by mobile, video, and cloud-based service. For instance, in the United States, video streaming from Netflix alone accounts for nearly a quarter of all bytes transferred at peak times. Companies are expected to base their optical networks on the PIC, which is expected to contribute to the market’s growth positively.

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Competitive Landscape

The photonics integrated circuit market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts and by tapping new markets. For instance, in 2017, Finisar introduced the flextune feature for wavelength-tunable optical transceivers, which simplifies the deployment of Dense Wavelength Division Multiplexing (DWDM) transceivers in Remote PHY access networks constructed by multiple system operators (MSOs). Further, in 2018, Lumentum Holdings Inc. acquired Oclaro Inc. Through this acquisition the company aims to enhance its product portfolio and accelerate its innovations.

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- The market estimate (ME) sheet in Excel format
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Contact Info:
Name: Hector Costello
Email: Send Email
Organization: Orbis Research
Website: https://www.orbisresearch.com/reports/index/photonic-integrated-circuit-market-growth-trends-and-forecast-2019-2024

Source URL: https://marketersmedia.com/photonic-integrated-circuit-market-2019-where-iii-v-material-to-hold-a-major-market-share-with-top-manufacturers-and-business-opportunities/88924086

Source: MarketersMedia

Release ID: 88924086

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