VANCOUVER, B.C., Sept. 30, 2020 /PRNewswire/ -- The Global Silicon Photonic Market is expected to reach USD 4.62 Billion by 2027, according to a new report by Emergen Research. The rapid growth in the usage of smartphones and internet services has led to the increased use of silicon photonics transceivers for telecommunications applications and is anticipated to fuel demand for the silicon photonics market. The government's influence on the population to shift towards e-banking and internet-based money banking is also expected to drive the silicon photonics market.
Moreover, characteristics such as low environmental impact, high interconnectivity capacity, low operating costs, low failure rate, and spectral performance are expected to propel the silicon photonics market demand.
The introduction of 5G technology and growing demand for bandwidth will provide an option for corporations to expand their R&D initiatives in the photonics sector. In 5G connectivity, this modern system will help to channel a large volume of data traffic at a low cost and to transform the radio access network efficiently. With the acceptance of cloud services, there is an increased rate of data traffic, which has directed to a rise in the demand for data centers. The rising demand for high-speed data transmission in data centers is projected to boost the demand for silicon photonics.
However, the increasing risk of thermal effect, which may affect the performance of the systems, and the complexity of On-Chip Laser integration are expected to hinder the market growth in the forecast timeframe.
The Optical Cable segment is expected to dominate the market due to the capability of transmitting high data rates in the long-range. The transceivers segment is anticipated to experience steady growth due to its high integration capability, which allows high-speed data transmission, as well as the capability to consume low power.
The laser segment is expected to dominate the market with a significant share of 33.7% over the forecast timeframe due to the increasing development of tunable lasers and hybrid silicon. The waveguide segment is projected to grow substantially owing to the wide applications of this component in the telecommunication sector.
The telecommunication industry is anticipated to witness the highest market growth rate through the forecast period due to the implementation of 5G technologies to deliver higher bandwidth and high-speed data transfer. As a result of developments in remote diagnostics and remote surgery in the medical and healthcare industries, the demand for silicon photonics is expected to expand in the healthcare industry.
North America has the largest market for multiplexer wavelength filters, and silicon optical modulators, become a lucrative destination for businesses to start the silicon photonics market due to government encouragement. The Asia Pacific is expected to grow significantly due to an increasing population, urbanization, and rising demand for data transmission.
Key participants include IBM Corporation, Cisco Systems Inc., AIO Core Co. Ltd, Intel Corporation, Infinera Corporation, Mellanox Technologies Ltd, IPG Photonics Corporation, NKT Photonics, STMicroelectronics NV, and Hamamatsu Photonics K.K., among others.
Emergen Research has segmented the Global Silicon Photonics Market on the basis of product, component, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Component Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Telecommunication & IT
Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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