One of the most successful inventions of the past, photonic integrated circuits or PIC are used as the data carrier. This breakthrough technology is used as the replacement for electrons in the electronic ICs. The PIC technology resorts on the speed of light, which helps this technology to transfer large amount of data at a very high speed. Quantum computing is a popular application of photonic integrated circuits. The technology is gaining great attention from different parts of the market and is forecasted to become a crucial niche in the years to come. Both photonic integrate circuits market and quantum computing market are poised to witness great growth in the coming few years. Growing demand in the IT sector and innovative applications are the biggest drivers for the industry.
Global PIC market is segmented on the basis of different market aspects, which include the type of integration, raw materials, application areas and demand across various geographic regions. Based on integration, the industry is divided into monolithic, hybrid and module PICs. Major types of raw materials used in the industry include silica on silicon, lithium niobate, silicon on insulator, allium arsenide and indium phosphide. Application areas for photonic integrated circuits include optical fiber sensors, optical fiber communication, and quantum computing and biomedical. Basic geographic regions in the industry include Asia Pacific (APAC), North America, Europe and rest of the world.
Quantum Computing Market Forecasts
As mentioned before, quantum computing is a budding technological application of photonic integrated circuits. Quantum computer is a device that works directly with help of quantum-mechanical phenomena in order to perform its operations based on data. Although still in infancy, quantum computing technology is forecasted to become the next big thing in the global IT sector. This technology is looked upon as the biggest revolution in the industry, which is already making waves in the PIC market. Currently, North America is the global leader in this technology with more than 49% of total market shares. However, researchers expect Asia Pacific region to dominate the industry by the end of next decade at an expected CAGR of over 35% from 2012 to 2022.
Photonic Integrated Market Forecasts
Apart from quantum computing, the global PIC market is also expected to grow at an impressive rate. This phenomenal growth in the global industry is credited to different factors, which include its fast, simple and easy availability and relatively lower costs. Rising competition in the industry is also responsible for growing innovation and increasing range of applications in the industry. Based on the recent market research reports, the global photonic integrated circuits market is anticipated to grow at a CAGR of over 26% from 2012 to 2022. Current domination of North America is challenged by growing size of the Asia Pacific region, which has created interesting competition and challenging scenario in the global industry.