The silicon photonics market is expected to grow from USD 1.1billion in 2021 to USD 4.6 billion by 2027; it is expected to grow at a CAGR of26.8% 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 speed data transfer and increasing use of silicon photonic transceivers in data centers and high speed computing applications.
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Transceivers is expected too grow with the highest CAGR in silicon photonics market during the forecast period. A transceiver is a combination of a transmitter and a receiver in a single platform. It is a bidirectional device used to transmit or receive data. This device is used primarily in cables or optical fiber systems. Multiple devices can be connected to the same bus, making them suitable for parallel backplane applications, such as telecommunication and industrial infrastructure.
The lasers segment dominated the silicon photonics component market in 2020 and is also expected to witness the highest growth during the forecast period. Silicon lasers are fabricated using silicon and other materials, including indium phosphide and gallium arsenide. Silicon lasers are crucial to achieving integrated silicon photonics.Hybrid silicon lasers (silicon and group III-V semiconductor) are used to overcome mass-production issues in silicon lasers.
The silicon photonics market for data center and high-performance computing is expected to grow at the highest CAGR during the forecast period. WAN and LAN are used for metro and long-haul applications in the telecommunications sector, and LAN is used for data communications applications. Data centers are experiencing an exponential increase in data traffic due to the rise in cloud computing. Owing to technological advancements in high-performance computing, there would be an increase in the adoption and integration of optics using silicon photonics.
China is the largest and the fastest-growing silicon photonics market in APAC. This is primarily because data center and high-performance computing is expected to be one of the leading applications for silicon photonics in the country. Many technology giants are planning to have their data centers in the country, thereby providing an excellent opportunity for the silicon photonics market in APAC.
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Key players in the silicon photonics market are grabbing opportunities by indulging in agreements, partnerships and acquisitions. Product development and expansions were a few of the other strategies adopted by companies in this market to strengthen their market position.