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.
Optics, being the most significant method for long-haul transmission, and a key to send information over non-trivial distances, has opened up new avenues of the growth for the photonic integrated circuits (PIC) market. Considering the scope of progression in photonics technology and high penetration of photonic integrated circuits across industries Transparency Market Research conducted an exhaustive analysis of the photonic integrated circuits market. In its latest study, TMR offers information that will help stakeholders understand the market dynamics and how have new technologies have impacted the business decisions of key players.
Photonics technology has seen tremendous advancements since the discovery of the laser in 1960. The most remarkable progress in the use of this technology was the use of light as a carrier of information. This technology has now proliferated in almost every industry vertical, including healthcare, food and beverages, and telecommunications.
Request PDF Sample – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=997
With increasing video traffic, there is high demand for communication systems for the Internet, which can only be met by photonic integrated circuits. According to TMR’s study, the PIC market is anticipated to rise from its 2018 valuation of ~ US$ 503 Mn to reach ~ US$ 3.3 Bn by 2027.
Increasing data traffic in cloud computing and rising WAN applications of fiber optic communications have created significant growth opportunities for the photonic integrated circuits market in North America. Heavy investments in the development of portable and reliable sensors across North America, majorly in the U.S., has created significant growth opportunities for companies to penetrate the market. High usage of mobile, video, and cloud-based services in this region is further pushing the demand for high bandwidth. Manufacturers are banking on the opportune potential of this region by strengthening ties with service providers and forming partnerships with data centers.
Expanding Product Offerings for Autonomous Vehicle Industry
Current versions of LIDAR that are used in driverless cars highly rely on moving parts, making them low resolution and prone to mechanical vibration. Driverless cars need to monitor everything in their immediate environment, and the use of PIC-based LIDARs helps in achieving this comprehensive view. This is mainly because optical fibers are immune to electromagnetic interference, and can handle high volumes of data produced through LIDARs. Numerous companies are developing miniaturized modules of photonic integrated circuits, sensing high demand from the autonomous vehicle industry.