According to the latest report published by Variant Market Research, the Global Photonics Integrated Circuit market size is projected to reach $3,554 Million by 2024 from $390 Million in 2016, growing at a CAGR of 31.8% from 2016 to 2024.

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Power efficiency, and cost diminution to drive the global Photonics Integrated Circuit Market

The market is majorly boosted by factors such as better functionalities & increasing applications. Moreover, cost diminution due to miniaturization and power efficiency have also propelled the market growth and show an increased photonics integrated circuit market growth trend for the future years. However, lack of digitization and design concerns may hamper the market. Furthermore, technological advancement would generate new business opportunities in the coming four to five years.

Market Segmentation
The global photonics integrated circuit market is classified into raw material, integration type, components, application, and geography. The raw material segment comprises indium phosphide, gallium arsenide, lithium niobate, silicon, silica-on-insulator, and other raw materials. Integration type includes monolithic integration, hybrid integration, and module integration. Component segment comprise lasers, detectors, modulators, attenuators, MUX/DEMUX, and optical amplifiers. Sensing, optical communications, biophotonics, and optical signal processing are the various segmentations of the application segment.

Geographical classifications of the market include North America (U.S., Mexico, and Canada), Europe (France, Germany, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.

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Hybrid integration dominated the integration type segment

The integration type segment was dominated by hybrid integration and is expected to continue its dominance during the forecast period 2016 – 2024. The growth will be driven by its various advantages such as reduced size, power, and weight. In terms of growth, Monolithic integration is projected to grow at the fastest CAGR during the forecast period. Features such as improved power efficiency, reliability, and simplified testing of the components has led to its high growth.

North America dominated the global market in 2016
North America dominated the global market in 2016 with the highest revenue in comparison to other geographical regions. In terms of growth, Asia-Pacific is predictable to attain the fastest CAGR during the forecast period. Growth of important industries such as telecommunication, media, and broadcasting would be fuelling the market.

Competitive Landscape
Key players are manufacturing innovative products to look diverse and gain competition in the market. The market comprises major competitors such as Royal Philips N.V., Shin-Etsu Chemical Company Limited, Schott AG, Nikon Corporation, Asahi Glass Company Limited, Corning Incorporated, Ohara Inc., II-VI Inc., American Elements, and Hoya Corporation, among others.

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Scope of the Global Photonics Integrated Circuit (IC) Market
Integration Type Segments
• Monolithic Integration
• Hybrid Integration
• Module Integration

Raw Material Segments
• Indium Phosphide
• Gallium Arsenide
• Lithium Niobate
• Silicon
• Silicon-on-Insulator
• Other raw materials

Component Segments
• Lasers
• Modulators
• Detectors
• Attenuators
• MUX/DEMUX
• Optical Amplifiers

Application Segments
• Optical communications
• Sensing
• Biophotonics
• Optical Signal Processing

Geographical Segments
• North America
o U.S.
o Canada
o Mexico

• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe

• Asia-Pacific
o India
o China
o Japan
o South Korea
o Rest of Asia-Pacific

• RoW
o South America
o Middle East
o Africa

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