Silicon Photonics Market to Hit USD 2518.59 Million by 2024

New York, USA, Jan. 25, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Silicone Photonics Market information by Product, by Components, by Optical Receptacles, by End Users and Region – forecast to 2027” market size to reach USD 2518.59 million, growing at a compound annual growth rate of 22.93% by 2024.

Market Scope:
Demand for silicon photonics in the global market is driven by a variety of reasons. This is an integration of electronics and photonics using a silicon platform that fuels the capabilities of various microprocessors, allowing them to function at low power and so aiding in the lowering of electricity costs. Furthermore, it combines data interconnect technology with a next-generation communication system to enable data transmission over great distances with high data densities. It aids in the commercialization and development of silicone photonics, which aids in the renewal of the electronics industry.

Dominant Key Players on Silicon Photonics Market Covered are:

  • Infinera Corporation (US)
  • Cisco Systems Inc. (US)
  • Intel Corporation (US)
  • IBM Corporation (US)
  • Mellanox Technologies Ltd (Israel)
  • Hamamatsu Photonics KK (Japan)
  • STMicroelectronics NV (Switzerland)
  • Finisar Corporation (US)
  • FLIR Systems (US)
  • IPG Photonics Corporation (US)
  • NKT Photonics (Denmark)
  • SICOYA (Germany)
  • AIO Core Co. Ltd (Japan)
  • DAS Photonics (Spain)

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Market USP Exclusively Encompassed:
Market Drivers
The global market for silicon photonics is experiencing an increase in demand. This is the most effective approach for obtaining data for assessing health status without compromising the instrumentation’s complexity, sensitivity, low cost, and size, which generates new growth potential in the global market. It also aids in the resolution of issues such as reliable protocols, cost-effectiveness, and data transmission, all of which present potential for growth in the global market. Optical fiber communication has largely replaced copper-based networking in today’s technological era.

Despite the fact that the silicon photonics market is growing at an astonishing rate in the worldwide market, some obstacles are limiting its expansion. In several emerging countries, a lack of awareness about the technology, along with a lack of expertise in technical areas, is impeding worldwide market expansion. Adopting silicon photonics for large-scale data transmission is also too expensive for small and medium-sized businesses, limiting market expansion.

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Segmentation of Market Covered in the Research:
The global silicone photonics market has been divided based on product, component, and end-users.

Based on the product, the global silicon photonics market has been divided into optical engines, variable optical attenuators, optical multiplexers, active optical cable, transceivers, and others.

Based on the component, the global silicon photonics market has been divided into passive optic components (like micro-optical filters, mux/demux modules, optical isolators, AWG Terminals, optical receptacles, silicon lens such as plano-convex, and hemispherical), micro-optics (beam shapers, light diffuser, micromirror, microlens, and others), modulator, photodetector, and laser.

Based on end-users, the global silicon photonics market has been divided into the healthcare industry, military and defense industry, commercial industry, IT and Telecommunications industry, consumer electronics industry, and many others.

Regional Analysis
North America to Lead the Global Market
The North American region holds the highest market share in the silicon photonics market globally, owing to the presence of a well-established network infrastructure, which drives market demand in this region.

APAC to Follow North America
The Asia Pacific region holds the second-largest market share in the silicon photonics market, owing to growth in remote surgeries and increased development in the medical and healthcare industries. The presence of densely populated countries contributions as well.

Europe to Hold the Third Largest Position
The European area holds the third-largest market share in the silicon photonics industry due to the presence of good infrastructure facilities. The market demand is also driven by the rising demand for optical fiber communication for faster data transmission.

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COVID-19 Impact on the Global Silicon Photonics Market
COVID 19’s global pandemic has impacted a large segment of society. The majority of people have lost their jobs as a result of the global pandemic. It has had an impact on the growth and dynamics of a number of sectors. Due to vaccine shortages, everyone is anxious about their immunity and practices social distancing. COVID 19 had a more or less neutral influence in silicon photonics since during the lockdown period, production of different non-essential services was halted, resulting in a loss of sales revenue. During the lockdown, most firms turned to online working and work from home, allowing them to employ more technology-related tools and applications. One of them, silicone photonics, developed market demand.

However, by appropriately strategizing according to market needs, the silicon photonics market is predicted to recover from this global pandemic loss by the end of the third quarter of the coming year.

Related Reports:
Photonic Sensors Market, By Type (Fiber Optic Sensors, Image Sensors, Bio Photonic Sensors), By Technology (Fiber Optic Technology, Imaging Technology, Bio photonic Technology), By End-User (Consumer Electronics, Oil & Gas, Defense, Transport, Energy, Healthcare ) – Forecast 2027

Photonic Integrated Circuit Market Research, By Integration Type (Hybrid, Monolithic, Module), Component (Lasers, Modulators, Photo Detectors, Attenuators and Optical Amplifiers), Application (Optical Fiber Communication, Optical Fiber Sensor, Biomedical, Quantum Computing) – Forecast till 2027

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