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The silicon photonics market is expected to gain significant market growth as it permits optical devices to be produced cheaply using standard semiconductor fabrication techniques that are integrated with microelectronic chips. Therefore, these photonics are being increasingly used in data transmission between microchips, through optical rays.
Furthermore, they are capable of transmitting a large amount of data in less time as compared to the electrical conductors. According to the third edition of study on Photonics published by European Union, the global photonics market is predicted to cross US$ 900 Bn in 2024 from around US$ 600 Bn in 2018 which is expected to fuel the growth of silicon photonics market during the forecast period 2019-2026.
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Additionally, Cloud computing performance needs for data centre, rapidly growing internet traffic, and reducing bandwidth are some of the factors expected to further boost the growth of the silicon photonics market. Also, the evolving applications of silicon photonics such as biomedical, autonomous vehicles, data transfer, telecoms, and artificial intelligence will also contribute to the growth of the silicon photonics market during the forecast period 2019-2026.
Silicon photonics is being encouraged by government and directing authorities across the world. Also, large players such as IBM Corporation, Intel Corporation, Cisco Systems Inc., etc. are significantly investing in silicon photonics to acquire a significant market share in a comparatively new market that is still at a growth stage.
The Key players of Silicon Photonics market include Intel Corporation, IBM Corporation, OneChip Photonics Inc., Cisco Systems, Inc., Mellanox Technologies, Inc., Luxtera, Inc., Oracle Corporation, Hamamatsu Photonics K.K., NeoPhotonics Corporation, etc.
There are many opportunities present for the silicon photonics market including, its increasing demand in data communication and telecom. Additionally, according to the Data Centre World Global Conference, the average number of data centers are expected to be approximately 10.3 per organization in coming years which is up from the current 8.1 per organization globally as the enterprises shifting toward SaaS applications increases activity in the data centres. All these factors would help in the rapid advancement of silicon photonics market globally during the forecast period 2019-2026.
North America is projected to be the leader in the silicon photonics market owing to the early adoption of advanced technologies and government support and increase in demand for the data transfer. North America has also dominated the market share due to the existence of the huge market for silicon optical modulators and wavelength division multiplexer filters.
Asia Pacific is anticipated to grow at a rapid CAGR during the forecast period 2019-2026 owing to the increasing usage of internet facilities in telecommunications and data center applications in this region. Also, key players have their manufacturing plants in Asia Pacific, fuelling the growth of silicon photonics in the region. The silicon photonics market in Asia Pacific is primarily driven by China as major players have their production facilities within the country as well as increasing number of expos and conferences that promote and showcase emerging technologies would help in the growth of the market in the region.
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