Summary of Conference Call Notes Industry Overview - The conference discusses advancements in optical connection technologies, specifically AOC (Active Optical Cable), LPO (Linear Photonic Module), and NPO (Network Photonic Module) technologies, along with customer orders and market dynamics in the optical module industry [1][2][20]. Key Points AOC Technology - AOC is primarily used for in-cabinet and scale-out first-layer network connections, with transmission distances of 30-50 meters [4]. - The industry is expected to ship approximately 10 million AOC units by 2025, with 3 million units being 800G products and 5 million units being 400G products [6]. - Pricing for AOC products: 800G AOC (30 meters) is priced above $1,000, while 400G AOC (10-30 meters) ranges from $500 to $600 [7]. LPO Technology - LPO differs from traditional optical modules by omitting the DSP (Digital Signal Processor), allowing for shared BOM (Bill of Materials) [11]. - LPO currently supports transmission distances of up to 500 meters and is primarily based on silicon photonics [11]. - Google is expected to require approximately 2 million LPO units in 2027, initially supplied by Acacia [2][13]. - The LPO market in North America is projected to reach 3-4 million units in 2027, potentially doubling by 2028 due to increased demand from other clients like Amazon and Microsoft [14]. NPO Technology - NPO is compact, low-power, and does not require DSP, making it suitable for GPU applications [22]. - NPO can be used for both Scale Up and Scale Out applications, offering lower power consumption and cost compared to traditional optical modules [29]. - Major domestic players like XunChuang and XinSheng are advancing their NPL projects, with sample deliveries expected in the first half of 2027 [30]. Market Dynamics - The market for AOC and LPO products is becoming increasingly concentrated, with established players like Coherent dominating the North American market [20]. - The transition to LPO and AOC products is not expected to significantly disrupt existing optical module companies, as the market structure is largely established [20]. Supplier Landscape - Major suppliers in North America include Acacia and NewEase, while domestic suppliers like BoChuang and TangXingSheng have significant shipments to clients like Alibaba and Tencent [10]. - Google plans to mass-produce single-mode 200G LC products by 2027 using silicon photonics technology [9]. Future Developments - The 1.6T LPM module is still in development and is expected to take another 2-3 years to mature [2][17]. - The industry is facing challenges in achieving 1.6T speeds due to the immaturity of existing technologies and the need for further breakthroughs [8]. Pricing and Cost Considerations - LPO modules are priced at approximately 60% of DSP module prices [16]. - NPO solutions are significantly cheaper than AEC (Active Electrical Cable) solutions, which have high costs and power consumption [36]. Additional Insights - The conference highlighted the importance of partnerships, with Acacia and Google having a close collaboration on LPO technology [12]. - The transition from traditional optical modules to newer technologies like LPO and NPO is expected to enhance performance while reducing costs [20]. This summary encapsulates the key insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the optical module industry.

Market Overview - The Glass-reinforced Substrate Market was valued at USD 1.18 Billion in 2025E and is projected to reach USD 1.60 Billion by 2033, growing at a CAGR of 3.98% during 2026-2033 [1][7] - The U.S. glass-reinforced substrate market is expected to grow at a CAGR of 4.57% from 2026 to 2033, reaching USD 0.29 Billion [1] Market Drivers - The primary driver for global market growth is the increasing demand for lightweight, strong, and durable materials across various sectors including electronics, automotive, construction, and aerospace [2] - Advanced PCB and semiconductor applications are promoting the adoption of glass-reinforced substrates [2] - The market is also driven by a focus on improving fuel economy and reducing component weight, alongside sustainable initiatives encouraging the use of recyclable materials [2] Key Segmentation By Thickness - The 0.1 mm - 0.5 mm segment led the market with a 45.78% share in 2025E, offering a balance of mechanical strength, electrical insulation, and cost efficiency [8] - The 0.5 mm - 1 mm segment is the fastest growing with a CAGR of 4.56% due to its application in high-performance sectors [8] By Application - Printed Circuit Boards (PCBs) dominated the market with a 46.21% share in 2025E, essential for nearly all electronic devices [9] - IC Packaging Substrates are the fastest growing segment with a CAGR of 4.13%, driven by high-performance computing and semiconductor devices [9] By Type - Glass-Reinforced Epoxy Laminates led the market with a 51.67% share in 2025E, favored for their flexibility and cost-effectiveness [10] - Glass-Reinforced BT (Bismaleimide Triazine) Resin is the fastest growing segment with a CAGR of 4.50%, used in high-performance applications [10] By End-Use Industry - Consumer Electronics held 48.52% of the market in 2025E, relying on glass-reinforced substrates for durability and performance [12] - The automotive sector is the fastest growing segment with a CAGR of 4.61%, driven by increased electronic integration in vehicles [12] Regional Insights - Asia Pacific dominated the market in 2025E with a 41.82% revenue share, supported by strong PCB and semiconductor manufacturing [13] - North America is expected to witness the fastest growth from 2026-2033, with a projected CAGR of 4.70% due to demand from aerospace, defense, and automotive industries [13] Leading Market Players - Key players in the market include AGC Inc., SKC, Corning Incorporated, Samtec, Nippon Electric Glass Co., Ltd., and others [5][11]

Core Viewpoint - The article discusses the current status, trends, and market dynamics of Through-Glass Via (TGV) substrates, highlighting their potential in semiconductor packaging and microelectronics, particularly in data centers, 5G networks, and IoT devices. The TGV technology is positioned as a promising alternative to traditional silicon-based substrates, with significant growth expected in the coming years [1][7][12]. Group 1: Current Status of TGV Substrate Industry - TGV substrate production is primarily concentrated in the US, Europe, and Japan, with China lagging in high-end TGV technology and lacking independent intellectual property rights [3][12]. - Major international players like Corning and LPKF dominate the mid-to-high-end market, collectively holding over 50% market share [3][12]. - Domestic companies such as Xiamen Yuntian Semiconductor are emerging rapidly in the mid-to-low-end TGV substrate market, leveraging cost advantages for import substitution [3][12]. - Companies can be categorized into three types based on their product strategies: those with established R&D capabilities, those diversifying their product lines, and those focusing on niche markets [4][12]. Group 2: Development Trends of TGV Substrates - The trend towards smaller via sizes is driven by the demand for high-density interconnections, enhancing circuit integration and performance [5]. - The future development trend indicates a shift towards larger 300 mm wafer sizes, expected to capture 73.46% of the global market share by 2031 [5][6]. - The Asia-Pacific region, particularly China and Japan, is projected to experience rapid growth, with market shares of 14.97% and 9.42% respectively by 2031 [5][6]. Group 3: Global Market Scale Analysis - The global TGV substrate market is expected to grow from $12.3 million in 2024 to $47.5 million by 2031, with a compound annual growth rate (CAGR) of 20.24% from 2025 to 2031 [7][10]. - In 2024, the Chinese TGV market is projected to reach $2.54 million, accounting for 20.62% of the global market, and is expected to grow to $13.21 million by 2031 [10]. - The consumer electronics sector is the largest application market for TGV substrates, accounting for 63.91%, followed by the automotive industry at 21.10% [11][12]. Group 4: Market Structure and Competition - The TGV substrate market is highly concentrated, with leading manufacturers like Corning and LPKF holding 50% of the market share, while the second tier, including Samtec and Xiamen Yuntian Semiconductor, holds 33.86% [12]. - The market faces challenges such as high production costs and complex manufacturing processes, which hinder scalability and efficiency [12]. - Companies need to optimize production processes, increase R&D investment, and enhance market awareness to maintain competitiveness in the evolving landscape [12]. Group 5: Policy Analysis - The "5G Application - Sailing Action Plan (2021-2023)" aims to enhance 5G technology capabilities and support the development of key components, which will indirectly benefit the TGV substrate market [13][14]. - The plan emphasizes the importance of advancing 5G infrastructure and related technologies, which aligns with the growth potential of TGV substrates in high-frequency applications [13][14]. Group 6: Report Overview - The article references a comprehensive report by QYResearch that analyzes the global and Chinese TGV substrate market, covering production capacity, sales, pricing, and future trends from 2025 to 2031 [15][16]. - The report includes detailed insights into major manufacturers, product types, applications, and regional analyses, providing a thorough understanding of the market dynamics [15][16].