ALBANY, N.Y., April 12, 2021 /PRNewswire/ -- Photonic Integrated Circuits Market: Growth Summary
The traffic on the internet is increasing rapidly around the globe, which has led to the escalating demand for robust communication systems. The key to robust communication systems is photonic integrated circuit. Therefore, these factors will invite promising growth for the photonic integrated circuits market across the assessment period of 2021-2031. The magnifying utilization of data centers along with the increasing demand for enlarged bandwidth is further helping in laying a red carpet of growth across the photonic integrated circuits market.
An integrated circuit is a chip comprising electronic components that create a functional circuit. A photonic integrated circuit is a chip consisting of photonic components, the ones that work with photons. Photons pass through optical components such as lasers, polarizers, phase shifters, and waveguides. The functionality of these circuits will serve as a vital growth opportunity.
The Transparency Market Research (TMR) team, after exhaustive research, projects the photonic integrated circuits market to record at a robust CAGR of ~23 percent during the tenure of 2021-2031. The global photonic integrated circuits market is estimated to surpass a valuation of US$ 7.6 bn by the end of the forecast period, that is, 2031.
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The swelling requirement of high bandwidth on the back of the advent of various devices such as smartphones, tablets, laptops, and others will benefit the photonic integrated circuits market to a considerable extent. Furthermore, the growing efforts of the players in the photonic integrated circuits market to get investments from venture capital firms and conglomerates to expand their capabilities will bring immense growth prospects.
Key Findings of the Report
Widening Scope of Applications to Accelerate the Growth Prospects across the Photonic Integrated Circuits Market
The broadening usage of photonic integrated circuits across varied applications in numerous industries will invite promising growth. The key application of photonic integrated circuits lies in the data communications sector. Furthermore, usage in the biomedical sector across lab-on-a-chip devices will also incur great growth opportunities.
Explore 331 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Photonic Integrated Circuits [PIC] Market (Integration Type: Monolithic Integration, Hybrid Integration, and Module Integration; Raw Material: Indium Phosphide, Gallium Arsenide, Lithium Niobate, Silicon, Silicon-on-Insulator, and Others; Component: Lasers, Modulators, Detectors, Attenuators, Multiplexers,/De-multiplexers, and Optical Amplifiers; and Application: Optical Communication, Sensing, Optical Signal Processing, and Biophotonics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031 at https://www.transparencymarketresearch.com/pressrelease/photonic-integrated-circuit.htm
Analyze Global Photonic Integrated Circuit growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Autonomous Vehicle Sector to Offer Profitable Growth to the Photonic Integrated Circuits Market
The automotive industry is observing great advancements around the globe. Autonomous vehicles and electric vehicles are all set to capture the attention of many buyers. The use of photonic integrated circuits in LIDAR technology across autonomous vehicles will serve as a promising growth generator for the photonic integrated circuits market. Such factors bode well for the growth of the photonic integrated circuits market.
Novel Developments to Assure Extensive Growth for the Photonic Integrated Circuits Market
The funding initiatives and investment opportunities are increasing at a rapid rate in the photonic integrated circuits market. The players in the photonic integrated circuits market are getting good investment opportunities from varied venture capital firms. These investments boost the research and development mechanisms. The insights discovered through these activities lead to new findings and innovation, eventually increasing the growth rate of the photonic integrated circuits market.
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Photonic Integrated Circuits Market: COVID-19 Impact
- The photonic integrated circuits market is heavily affected by the COVID-19 outbreak.
- The restrictions on production and distribution due to the strict lockdown measures had a negative impact on the growth of the photonic integrated circuits market.
- The closure of manufacturing facilities resulted in grave losses for the photonic integrated circuits market.
- However, the phased lifting of restrictions across various countries will serve as a boon for the players in the photonic integrated circuits market to revive lost growth.
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