Photonic IC Market Projected to Grow at 25.3% CAGR from 2015 to 2022

Photonic IC Market Projected to Grow at 25.3% CAGR from 2015 to 2022

According to a new market report published by Transparency Market Research “Photonic IC Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2022,” the market was valued at US$0.19 bn in 2013, and is expected to reach US$1.3 bn by 2022, expanding at a CAGR of 25.3% from 2015 to 2022.

Cost and size reduction achieved by integrating different optical components, including detectors, modulators, and lasers, into a single distinct package is the major factor driving the photonic IC market. In addition, benefits offered in terms of efficiency, transfer speed, transmission capacity, and power consumption have ensured market penetration into varied end-use verticals such as metrology, aerospace and defense, healthcare, telecommunication, industrial, and data communication. Lack of digitization, coupled with design and packaging challenges related with the photonic integration, have inhibited the swift growth of photonic ICs. Commercialization of quantum computing (expected by 2018) is predicted to offer tremendous growth opportunities for the photonic IC market. Read more

Source: globenewswire.com

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