However, it is the Asia-Pacific market which is expected to show the highest growth with a CAGR of XX%

NEW YORK, Jan. 17, 2019 /PRNewswire/ -- Silicon photonics is the innovative study and application of photonic systems for generating, processing, manipulating and further employing light rays for faster data transmission both between and within microchips. The global silicon photonics market is expected to grow at a CAGR of 19.70% between the forecast periods of 2017-2025. The revenue generated by the global market is predicted to increase from $XX million in 2018 to $XX million by 2027. Low power consumption, compact size, lower cost, high-speed data transfer and processing and a surge in data transfer capacity are some of the major drivers for this market.

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MARKET INSIGHTS
The market is segmented on the basis of components, products and application.The components can be further classified into silicon photonic waveguides, optical modulators and silicon optical interconnects.

By product type, the market constitutes of silicon optical transceivers, silicon optical switches, silicon photonic IC, silicon photonic sensors and silicon photonic photovoltaic cells/solar cells.The optical switcher market had the largest market share of xx% in 2018 whereas it is the solar cells market which is expected to grow rapidly at an anticipated CAGR of xx%.

At present, silicon photonics is widely applied in the telecommunication field.Thus, the telecommunication application is anticipated to dominate the silicon photonics market.

The Sensing market application is also expected to grow at a CAGR of xx% during the forecast period, but it is the spectroscopy application which is predicted to exhibit the fastest growth in the coming years.

REGIONAL INSIGHTS
The North America silicon photonics market generated a revenue of $XX thousand in 2018 and is anticipated to hold the largest share of the global market by the year 2027, because of the early commercialization of wavelength division multiplexer filters.The photodetector market is expanding in Europe due to an increase in the usage and absorption rate of such products in this region, and the market is expected to generate a revenue of $XX thousand by 2027.

However, it is the Asia-Pacific market which is expected to show the highest growth with a CAGR of XX%. Japan is predicted to be the market leader by 2025 whereas the Indian and the Chinese market are anticipated to grow at a CAGR of xx% and xx% respectively over the forecasted years.

COMPETITIVE INSIGHTS
The leading global companies in the silicon photonics industry use organic and inorganic strategies for growth.For instance, in November 2018, II-VI Incorporated, a global leader in engineered materials and optoelectronic components, and Finisar Corporation, another global technology leader in optical communications, entered into a definitive merger agreement under which II-VI will acquire Finisar in a cash and stock transaction with an equity value of approximately $XX billion.

Similarly, other pioneer company who are diving into this market are Okmetic Oy, STMicroelectronics N.V, Mellanox Technologies, ADVA Optical Networking Se, Chiral Photonics Inc., Enablence Technologies Inc., Hamamatsu Photonics K.K., Finisar Corporation, Hewlett-Packard Co., Intel Corporation, Cisco Systems, Inc., Infinera Corporation, Ltd. Molex LLC and Neophotonics Corporation.

Companies mentioned
1. ADVA OPTICAL NETWORKING SE
2. CHIRAL PHOTONICS INC.
3. CISCO SYSTEMS, INC.
4. ENABLENCE TECHNOLOGIES INC.
5. FINISAR CORPORATION
6. HAMAMATSU PHOTONICS K.K.
7. HEWLETT-PACKARD CO.
8. INFINERA CORPORATION
9. INTEL CORPORATION
10. MELLANOX TECHNOLOGIES, LTD.
11. MOLEX LLC
12. NEOPHOTONICS CORPORATION
13. OKMETIC OY
14. STMICROELECTRONICS N.V.

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