Silicon Photonics Market worth 1,988.2 Million USD by 2023 with a growing CAGR of 20.8%

According to the market research report on "Silicon Photonics Market by Product (Transceiver, Switch, Variable Optical Attenuator, Cable, Sensor), Application (Data Center, Telecommunications, Military & Defense, Medical and Life Sciences, Sensing), Component, and Geography - Global Forecast to 2023", the silicon photonics market, the overall market is estimated to be worth USD 774.1 Million in 2018 and is expected to reach USD 1,988.2 Million by 2023, at a CAGR of 20.8% between 2018 and 2023. Rising demand for silicon photonics in data centers, reduction in power consumption with use of silicon photonics based transceivers, and the growing requirement of high bandwidth and high data transfer capabilities are the key factors driving the silicon photonics market.

Transceivers to hold major share of silicon photonics market during forecast period

Transceivers are used in a variety of applications, such as data center and high-performance computing; telecommunications; and military, defense, and aerospace. Transceiver modules, which possess high performance and compact package, and consume low power, are used in high-speed optical communication systems. Owing to these features, these devices are significantly used in data center and high-performance computing, and telecommunications applications.

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Silicon photonics market for data center and high-performance computing to grow at highest CAGR during forecast period

Data centers are experiencing an exponential increase in data traffic due to the rise of cloud computing. Owing to technological advancements in high-performance computing, there would be an increasing adoption and integration of optics using silicon photonics.

North America to hold major share of silicon photonics market between 2018 and 2023

North America is expected to hold the largest share of the silicon photonics market during the forecast period. The US is expected to be a major contributor to the market in North America between 2018 and 2023. This is due to the high demand for silicon photonics in data centers in the country. Also, major players such as Microsoft and Amazon have their data centers in the US. Also, major silicon photonics players such as Intel, Luxtera, Acacia, Cisco, IBM, and Finisar have their presence in the US, which fuels the silicon photonics market in this region.

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Major players in the silicon photonics market are Acacia (US), Luxtera (US), Intel (US), Cisco (US), Mellanox (Israel/US), Finisar (US), STMicroelectronics (Switzerland), Hamamatsu (Japan), IBM (US), Juniper (US), GlobalFoundries (US), Broadcom (US), Oclaro (US), NeoPhotonics (US), and Ciena (US).

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