The silicon photonics market is expected to be worth USD 1,988.2 million by 2023, growing at a CAGR of 20.8% between 2018 and 2023. Factors such as reduction in power consumption with use of silicon photonics based transceivers and the growing requirement of high bandwidth and high data transfer capabilities are driving the market growth. Short-reach communication and growing government and stakeholder funding will provide opportunities to players in this market.

The silicon photonics market for transceivers is expected to grow at the highest CAGR between 2018 and 2023. Transceivers are used in a variety of applications, such as high-performance computing, owing to high demand for high-speed data transmission in data centers. Owing to major technological advancements in silicon photonics, it is possible to transfer data at a speed of 100 Gbps. Intel’s 100G PSM4 QSFP28 optical transceiver is capable of sending data at a speed of 100 Gbps, and Mellanox’s LinkX provides 100 Gbps transceivers.

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The silicon photonics market for laser is expected to grow at the highest CAGR between 2018 and 2023. The hybrid silicon laser 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 with other silicon photonic devices. Intel is working on hybrid silicon lasers with indium phosphide-based materials and other compound semiconductor materials.

The silicon photonics market for data center and high-performance computing is expected to grow at the highest CAGR during the 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. Microsoft Azure is using Intel’s silicon photonics for silicon photonics-based optical I/O modules that would target data communication at high speeds.

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The silicon photonics market in APAC is expected to grow at the highest CAGR during the forecast period. The market in APAC is driven by applications such as telecommunications, and data center and high-performance computing. Also, the silicon photonics market in APAC is driven by the high number of internet users in China and India, and the increasing development as well as usage of high-speed broadband networks and mobile devices requiring infrastructure that supports telecommunication and high-speed communication.