Photonic IC Market Is Anticipated To Reach $ 3.54 Billion By 2024: Grand View Research, Inc.
The photonic IC market is expected to reach USD 3.54 billion by 2024 according to a new report by Grand View Research, Inc. Photonic IC is an integrated circuit that uses optical wavelength as an information signal and provides multiple integrated photonic functions. Photonic IC, as such, is similar to an electronic IC and can be a viable replacement for it as well as for the copper-based wired transmission. Photonic IC forms an integral part of lasers, optical amplifiers, modulators, and MUX/DEMUX components, which are extensively used in the optical signal processing, optical communication, biophotonics, and sensing applications. The growing demand for sensing and optical devices are expected to fuel the growth of the photonic IC market. There is an increasing need for cost effective, power efficient, and compact PICs which would further propel the photonic IC market over the forecast period across the mobile broadband Internet access, high-performance computing, dat...