Photonic Integrated Circuit Market Size, Share, Growth Analysis, By Material(Lithium Niobate, Silica-on-Silicon), By Integration(Hybrid, Monolithic), By End-User(Telecommunication, Biomedical) - Industry Forecast 2024-2031

Global Photonic Integrated Circuit Market size was valued at USD 10.41 billion in 2022 and is poised to grow from USD 12.54 billion in 2023 to USD 46.19 billion by 2031, growing at a CAGR of 20.47% during the forecast period (2024-2031).

Advances in telecommunications, the growing uses of photonics across numerous industries, and the growing demand for high-speed data transmission are driving the global photonic integrated circuit (PIC) market. PICs, which combine several optical components onto a single chip, have several advantages over other chips, including as better performance and smaller, lighter, and lower power consumption. The swift growth of data centres, telecommunications networks, and cutting-edge technologies like LiDAR for driverless cars and 5G wireless networks are the main factors driving the need for PICs. However, the market faces several difficulties, including as the requirement for specialist knowledge, high initial prices, and the complexity of PIC design and manufacturing processes. Strict laws and regulations also impede market expansion, particularly in industries like aerospace and healthcare. Despite these challenges, the market presents attractive investment opportunities driven by increasing research and development activities, partnerships, and collaborations among industry players. Moreover, the rising investments in emerging technologies such as quantum computing and silicon photonics are expected to drive the growth of the global PIC market in the forthcoming years, unlocking new avenues for innovation and market expansion.