As per Inkwood Research, the Global Silicon Photonics Market is anticipated to grow with a CAGR of 18.56% in terms of revenue during the forecast period of 2023-2032.
“Browse 62 Market Data Tables and 46 Figures spread over 225 Pages, along with an in-depth TOC on the propel Global Silicon Photonics Market Forecast 2023-2032.”
Silicon photonics is the application of photonic systems using silicon as an optical medium. It is a developing technology wherein data is transferred among computer chips by optical rays. Optical fiber is used to overcome the limitation of copper in networking and storage area networks to support better connectivity between data centers. The successful implementation of silicon photonics technology is evaluated to enormously increase computer processing speed and power.
Increasing Need for Energy-Efficient Technology drives Market Growth
Energy efficiency is the ultimate goal of any technology. Silicon photonics technology is cost effective and helps in saving a huge amount of energy. As per IEA, energy-efficient technologies installed in industries, transport vehicles, and buildings are expected to save the world’s total energy by one-third and reduce financial costs by 2050.
Silicon photonics uses light as a medium for transferring data. It increases the data transfer rate much more than electric signaling. This helps in saving money, time, and human resources. For instance, California has been able to save 70%-90% of its energy by adopting the technology. The high level of power efficiency and a significantly increased level of integration with other devices are the major factors steering the market growth.
Telecommunication: Dominating Application
The telecommunication market is growing at a fast pace. Silicon photonics is one such technology that has surpassed other technologies in providing faster means of data transfers to the telecom sector.
Silicon photonics technology is the most reliable method of data transfer. The introduction of silicon photonics in telecommunications has given the advantage of getting higher bandwidth at a low cost. Also, it is the leading material with low power consumption in electronics. Besides, it provides faster communication in the telecom and computing industries at a low cost.
Asia-Pacific: Fastest-Growing Region
The Asia-Pacific silicon photonics market growth is attributed to its fast-growing economic prospects. Also, government organizations are making continuous efforts to utilize silicon photonics. Accordingly, new companies and well-known brands are establishing their base in this region, owing to favorable policies.
The market is highly intense and competitive, owing to the initiatives taken by the vendors to offer innovative and modernized products, hence directing the market rivalry. Some of the prominent players in the l market include Cisco Systems, Global Foundries, IBM, II-VI, etc.