Optical Waveguide Industry worth $9.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 27, 2023 /PRNewswire/ -- The global Optical Waveguide Market size is estimated to be USD 6.6 billion in 2023 and is projected to reach USD 9.5 billion by 2028, at a CAGR of 7.3% according to a new report by MarketsandMarkets™. The growth of this market is driven by factors such as surging demand for high bandwidth, growing deployment of 5G telecommunication networks, and rising number of data centers worldwide.

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Planar waveguide segment is expected to grow at the high CAGR from 2023 to 2028.

Planar waveguide segment is expected to grow at high rates over the forecast period. The planar waveguide comes with a planar geometry that guides photons only in one direction. These waveguides are fabricated in thin transparent film, providing a slab waveguide structure. The planar waveguide substrates are embedded with cladding material on both sides, which increases its refractive index and further helps achieve high-speed data transfer. The planar waveguide structure is highly suitable for data-intensive solutions such as optical transceivers, lasers, and chip-to-chip optical interconnects. The rise in demand for compact and energy-efficient optical transceivers across data centers & high-performance computing (HPC) is expected to create growth opportunities for the planar waveguide segment.

The semiconductor segment in optical waveguide market is expected to be the fastest growing material segment during the forecast period.

The semiconductor segment is projected to be the fastest growing material segment during the forecast period. Semiconductor-based optical waveguides are easy to fabricate and offer excellent design flexibility. Optical waveguides manufactured using semiconductors feature high light transfer efficiency, low signal loss, no electromagnetic emissions or noises, and a lower bit error rate in signal transmission. These features are suitable for reliable modern communication involving high-speed mixed signals. Semiconductor-based optical waveguides are used to manufacture electrically active devices such as photonic integrated circuits (PIC). Photonic integrated circuits (PIC) exhibit lower transmission loss, wider bandwidth, and smaller time delay than electronic integrated circuits. Adoption of photonic integrated circuits in major applications such as data center transceivers, 5G transceivers, LiDAR solutions for autonomous driving, and sensing for aerospace and aeronautics are further driving the demand for semiconductor-based optical waveguide solutions in the market over the forecast period.  

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Data center & high-performance computing (HPC) segment of the optical waveguide market to record highest CAGR from 2023 to 2028.

The data center & high-performance computing (HPC) segment is expected to account for the highest CAGR of the optical waveguide market from 2023 to 2028. The segment's growth can be attributed to the proliferation of colocation data centers across the globe. According to Data Center Map, as of January 2023, there were approximately 4,969 colocation data center facilities across 130 countries worldwide. Optical waveguide solutions such as optical transceivers, connectors, fiber optics, and active optical cables offer high-speed data transfer, quality, and performance advantages in data center networks. It helps in the transmission of data over longer distances; also provides immunity to electromagnetic interference, which helps in accurate data transmission between two points. These benefits drive the optical waveguide market over the forecast timeline.

Asia Pacific will hold the largest share in the optical waveguide market during the forecast period.

Asia Pacific will hold the largest optical waveguide market share from 2023 to 2028. The presence of several photonics start-up players in the region is supporting the optical waveguide market growth. Asia Pacific houses several photonic start-ups, such as Shanghai Baiantek Sensing Technology, OmniSensing Photonics Technology, TuringQ, Everbright Photonics, Zhejiang Light Technology, Xizhi Technology, and Xinyun Optoelectronics Technology. These players are consistently engaged in scaling the development and production of photonics solutions in the market. Adding to this, establishing new photonic manufacturing facilities in the region will foster market growth. For instance, in December 2022, Suzhou Everbright Photonics announced investing USD 143 million to build a facility for the research, development, and production of compound semiconductors in Suzhou, China. The new facility will produce compound chips, such as Gallium Arsenide (GaAs), Gallium Nitride (GaN), and Indium Phosphide (InP). Such manufacturing expansion facilities will amplify the market growth over the forecast timeframe.

Key players in the optical waveguide market include Corning Incorporated (US), Sumitomo Electric Industries, Ltd. (Japan), Yangtze Optical Fibre and Cable Joint Stock Limited Company (YOFC) (China), Fujikura Ltd. (Japan), Prysmian Group (Italy), Furukawa Electric Co., Ltd. (Japan), Coherent Corp. (US), CommScope (US), Sterlite Technologies Limited (India), and DigiLens Inc. (US).

Apart from these, Mitsubishi Chemical Group Corporation (Japan), Asahi Kasei Corporation (Japan), Birla Cable Ltd. (India), Optical Cable Corporation (US), Belden Inc. (US), HFCL Limited (India), Covesion (UK), LS Cable & System Ltd. (South Korea), Holographix (US), HC Photonics Corp. (Taiwan), and Teem Photonics (France) are among a few emerging companies in the optical waveguide market.

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