The market is being driven by the significant demand for such components from the telecommunications, medicinal, and data center facilities, as well as the growing popularity of autonomous cars, rapid automation in a variety of industries, and downsizing of electronic equipment. The photonic integrated circuit market is set to hit $41,037.7 million value by 2030.

Moreover, silica-on-silicon has second-largest share in the market. This is because photonic integrated circuits built of this material are inexpensive to install and run. Additionally, because such components are so simple to incorporate into electrical devices, there is a huge market opportunity for companies that provide the silica-on-silicon platform.

Additionally, the need for high speed, low cost, broad bandwidth, and high energy efficiency data flow is driven by the fast-growing traffic on telecommunications networks, growing need for data centers, and expanding usage of high-performance computers. As a result, the photonic integrated circuit market demand for this raw material is increased by the incorporation of photonics for ultra-fast data transmission into electronics.  

With a CAGR of 20.9% in the upcoming years, the application segment's data centers category is anticipated to increase at the fastest rate. This is because of the introduction of 5G mobile networks, video streaming, and cloud connectivity services, which have been propelling the vast global construction of data centers.

Monolithic has a bigger share in the photonic integrated circuit market, based on the integration method. This is because photonic ICs are integrated using a single material in a range of both passive and active optical devices, eliminating the problems associated with adapting between different materials.

Furthermore, the commercialization of this method and the implementation of several monolithic photonics platforms in improved CMOS technologies for next-generation integrated systems are predicted to grow the potential for monolithic integration.