Inventions of breakthrough technologies have made life easier for the customers as well as businesses from different industrial verticals. Photonic integrated circuit is PIC is one of such breakthrough technologies, which is deployed in the field of optical fiber communication. Naturally, it has greater applications in all the connected fields associated with information technology. Heavy growth in the number of end users for optical fiber communication is the biggest reason behind the surging global quantum computing market, which is poised to witness remarkable growth in the years to come.
Categorization and Global Presence
Researchers categorize the global photonic integrated circuits markets into different segments. This segmentation is based on the types of integration, applications, types of raw materials used and global demands for each of these segments. Al these aspects influence the overall conclusions about market trends and forecasting reports for the span of the study. Based on the types of raw materials that are used to fabricate PIC include silicon on insulator, silica on silicon, allium arsenide, indium phosphide and lithium niobate. According to the type of technology integration, the market is divided into three basic segments. These segments include monolithic, hybrid and module photonic integrated circuits.
Application areas for photonic integrated circuits have been segmented into optical fiber sensors, optical fiber communications, quantum computing and biomedical industries. Defense, energy, aerospace, medicine and transportation are some of the emerging fields with future opportunities in terms of surging demands for PIC. Based on geographical demands, the market is divided into four segments, namely, North America, Europe, Asia pacific and the rest of the world. Detailed study of all these segments provides crucial information about the market trends that help drawing promising conclusions about the future trends in the marketplace from various regions of the world.
What Market Trends and Forecasting Reports have to Say?
According to the researchers, who studied the global quantum computing market from 2012 to 2022, the global industry is poised to witness revolutionary growth in the research period. According to their findings, the PIC market is expected to grow at a whopping CAGR of 26.3% within next decade to come. Based on these figures, the global market will become worth $1,547.6 million by 2022. In 2012, the market was worth $150.4 million. As far as geographical demand for the photonic integrated circuits is concerned, North America is leading the global market.
However, Asia Pacific is the biggest emerging market for quantum computing. According to the research reports, Asia Pacific region has the potential to emerge as the world leader for PIC technology. The region is expected to grow at an estimated CAGR of 35.9%, which is greater than the overall global CAGR.