Press release
Photonic Integrated Circuits (PIC) Market to expand at a CAGR of 23% by 2023
Even as the COVID-19 outbreak has subsided in many regions of the world, countries such as Spain, Saudi Arabia, the U.K., and Germany are still under the siege of the pandemic. Companies in the photonic integrated circuits (PIC) market are capitalizing on this opportunity to develop point-of-care testing devices that facilitate quick and reliable detection of whether a patient is infected using virus receptors.View Report @ https://www.transparencymarketresearch.com/photonic-integrated-circuit.html
Common business challenges, including disruptions in supply of raw materials and volatile demand are affecting business activities. However, the photonic integrated circuits (PIC) market and the semiconductor industry is far from experiencing the devastating effects of the coronavirus outbreak as compared to healthcare, airlines, and hospitality industries. Many companies are seen to have sufficient inventory stocks, and are adopting the plug and play mode to manage production activities.
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Apart from monolithic and module integration, companies in the photonic integrated circuits (PIC) market are unlocking revenue opportunities in hybrid integrations. Monolithic photonic platforms are required to meet stringent demands in most quantum applications. Hence, companies are innovating in hybrid platforms that combine different photonic technologies within a single functional unit to overcome the shortcomings of monolithic photonic circuits.
The photonic integrated circuits (PIC) market is predicted to expand at an explosive CAGR of ~23% during the forecast period. This is evident since companies are scaling up quantum chip innovations. MIT engineers are gaining recognition for developing a hybrid process that connects photonics with artificial atoms in order to create one of the largest quantum chip of its type.
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SOI Platforms Leverage Highly Mature Ecosystem of CMOS Technology
The photonic integrated circuits (PIC) market is estimated to surpass the revenue of US$ 7.6 Bn by the end of 2031. Silicon on insulator (SOI) is being increasingly preferred for photonics-based technological area, as SOI platforms are leveraging the highly mature ecosystem of complementary metal-oxide-semiconductor (CMOS) technology with the help of new processing techniques. The smart cut process is being highly publicized for developing engineered wafers by stacking extremely thin and uniform crystalline layers of semiconductors. This process is replacing the conventional microelectronic technology.
Companies in the photonic integrated circuits (PIC) market are benefitting with the SOI technology, since this technology is emerging as an alternative to traditional copper lines in data interconnects with submicrometer-wide silicon waveguides.
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Semicon Foundries Attract Investment from Venture Capital Companies to Expand Manufacturing Capacities
Companies in the photonic integrated circuits (PIC) market are attracting investments from venture capital companies. For instance, the Netherlands-based PIC wafer foundry Smart Photonics is being backed by Amsterdam's venture capital company Innovation industries with €35 Mn in series C venture finance. Such investments are helping companies to advance in indium phosphide (InP) epiwafers that are gaining popularity among European, the U.S., and Asian customers.
Stakeholders in the photonic integrated circuits (PIC) market are increasing efforts to gain investments from active venture capital companies to expand their semicon manufacturing capacities. They are adopting automated assembly services for developing PIC devices.
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