PIC market set to balloon to $1547.6 million
Future applications of InP, GaAs and silicon incorporating PICs include quantum computing which is forecasted to be commercialised by 2017. It is expected to take the market by storm and is predicted to grow at a phenomenal rate of 139.6 percent from 2017 to 2022
According to the new “Photonic Integrated Circuit (IC) & Quantum Computing Market (2012 - 2022): By Application (Optical Fiber Communication, Optical Fiber Sensors, Biomedical); Components (Lasers, Attenuators); Raw Materials (Silica on Silicon, Silicon on Insulator),” the total market is expected to reach $1,547.6 million by 2022, at a CAGR of 26.3 percent.
The market research report has been published by MarketsandMarkets.
Photonic integrated circuit (also known as planar light wave circuits or integrated optoelectronic devices) is a ground breaking technology that has revolutionised the optical network industry.
The raw materials used to develop PICs include InP, GaAs, lithium niobate, silica on silicon and Silicon on Insulator (SOI),
Currently, North America is the biggest market for PICs followed by Europe and APAC. However APAC will emerge as the market leader by 2022 because of the prolific growth of data centres and access network in that region.
The emergence of silicon photonics has changed market dynamics as it has enabled large scale production of PICs at low cost. Presently the market leaders are developing medium and large PICs capable of incorporating 100-1000 components/functions in a single InP based monolithic substrate.
The technology's ability to process large amount of data at huge speeds makes it an important contributor in enhancing the transmission capacity of optical fibre communications. PICs have changed the dynamics of the optical network industry by increasing optical performance and reliability while reducing physical size, power consumption and heat dissipation.
Presently 500 Gbps PICs have been developed to deliver high-capacity transmission while optimizing power, cooling, space and operational simplicity. PICs are being developed for other applications like optical sensors, quantum computing and biomedical.
Quantum computing is forecasted to be commercialised by 2017. It will take the market by storm from the moment it gets launched. It is predicted to grow at a phenomenal rate of 139.6 percent from 2017 to 2022.