The global Photonic IC Market is estimated to surpass $26 billion by 2024 growing at an astonishing CAGR of 35.54% during 2019-2024, from $4.4 billion in 2018. The explosive growth of internet users across the globe is set to surge the demand in high-speed internet connectivity thereby driving the photonic IC components in the telecommunication sector. Apart from this, the growing establishment of data centers is also analyzed to be one of the major market drivers for photonic IC market.Key Takeaways
Implementation of new technology such as 3D-based hybrid laser integration is likely to bring new opportunities for hybrid photonics ICs.
Growing digitalization and IoT applications increase the demand for higher bandwidth and storage requirement which in turn open market opportunities for Photonic IC
The APAC holds 28% of the share in the photonics IC market in 2018. The growing number of telecom connections, supported by the growing penetration of 4G in developing economies and the upcoming launch of 5G, will play a pivotal role in the growth of Photonic Integrated Circuit(IC) market in the APAC region during 2019-2024.
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Photonic IC Market Segment Analysis - By Geography
APAC region was one of the biggest markets for Photonic IC market in 2018. Some of the countries in APAC region such as China, Japan, South Korea and Malaysia are having major production hub of photonic ICs. The market is this region is mainly driven by the developments in telecommunication industry. In 2019, South Korea’s largest telecommunications company KT Corporation, has officially launched the world’s first nationwide commercial fifth-generation (5G) wireless network in South Korea. Developments in South Korean telecommunication industry, along with growing number of product launches related to photonic IC, where photonic ICs are majorly applied in detectors, modulators, will escalate the growth of photonic IC market in this region.
Photonic IC Market Drivers
Increasing Demand from the Hyper scale Datacenters
Increase in Data traffic
Photonic IC Market Landscape: Photonic IC is fragmented with the top 5 players accounting for 35% of the market share. The major players in the Photonic IC Market include Infinera Corporation, Acacia Communication, Inc., Intel, NeoPhotonic Corporation, Foxconn Interconnect Technology Inc. and many others.
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