The silicon photonics market is expected to grow from USD 1.1 billion in 2021 to USD 4.6 billion by 2027; it is expected to grow at a CAGR of 26.8 % during the forecast period. The silicon photonics market has been witnessing significant growth over the past years, mainly owing to the increase in demand for high bandwidth and high data transfer capabilities.

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Impact of COVID-19 on Silicon Photonics Market:

The outbreak of COVID-19 has affected the component supply and disrupted manufacturing and global value chains, which is leading to a slowdown in demand and consumer spending. With the outbreak of the COVID-19 pandemic, there has been a spike in internet usage, primarily due to the high acceptance of the work-from-home norm and increased inclination toward television watching and e-learning activities, among many others. However, surging use of digital services has also increased laying off employees or cutting down on expenditure by companies. Subsequently, the sale of networking components, such as silicon photonic devices, has declined to a great extent. The data center and high-performance computing is expected to be one of the fastest-growing applications of silicon photonic solutions. 5G network is in the initial phase of deployment, and COVID-19 has disrupted its progress and delayed the deployment of 5G network, which, in turn, will affect the growth of the silicon photonics market throughout the FY 2021–2022.

Transceivers to witness highest CAGR in silicon photonics market during the forecast period

Transceivers are used in a variety of applications, such as high-performance computing, data center, and telecommunication. With major technological advancements in silicon photonics, it is possible to transfer data at a speed of up to 400 Gbps. Intel’s 100G PSM4 QSFP28 optical transceiver is capable of sending data at a speed of 100 Gbps. The rapid spread of the COVID-19 pandemic led to decreased sales of silicon photonic devices, especially in 2020. However, a quick jump is expected in the sales of silicon photonic products in the coming years, primarily to fulfill the pending requirements of 2020.

Lasers to have the largest market size of silicon photonic components during the forecast period

Hybrid silicon lasers (silicon and group III-V semiconductor) are used to overcome mass-production issues in silicon lasers, and it is one of the key reasons for the growing demand for lasers in the silicon photonics market. The hybrid approach takes advantage of the light-emitting properties of III-V semiconductor materials combined with the process maturity of silicon to fabricate electrically driven lasers on a silicon wafer that can be integrated into other silicon photonic devices. Companies in the silicon photonics market are working on the same. For instance, Intel is working on hybrid silicon lasers with indium phosphide-based materials and other compound semiconductor materials.

North America accounts for the largest share of the silicon photonics market during the forecast period.

North America is dominating the silicon photonics market owing to the presence of major players providing silicon photonics technology-based devices in the US and the high adoption of electronic products. The US is leading the silicon photonics market in North America. There exists huge potential for data center applications in the US owing to the presence of data centers of major technology giants such as Microsoft, Facebook, and Amazon in this country.

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The report profiles key players in the silicon photonics market and analyzes their market shares. Players profiled in this report are Cisco Systems (US), Intel (US), MACOM Technology (US), GlobalFoundries (US), NeoPhotonics (US), InPhi (US), II-VI (US), IBM (US), STMicroelectronics (Switzerland), Rockley Photonics (US), Mellanox Technologies (Israel), Sicoya (Germany), Lumentum Operations (US), RANOVUS (Canada), Broadcom (US), Hamamatsu Photonics (Japan), Molex (US), Fujitsu (Japan), Chiral Photonics (US), EFFECT Photonics (Netherlands), AIO Core (Japan), NKTPhotonics (Denmark), IPG Photonics (US), DAS Photonics (Spain) and TDK Corporations ( Japan)