Morgan Stanley: Global AI Optical Module PCB Market CAGR Could Reach 83%, Far Exceeding the 60% Growth Rate of Optical Modules in the Same Period

Odaily reported that Morgan Stanley's latest report predicts that as AI clusters continue to expand, the demand for data transmission between GPUs is growing exponentially, which will drive a rapid surge in the demand for optical modules. As optical modules upgrade from 400G to 800G, 1.6T, and even 3.2T, the materials, number of layers, and manufacturing processes of their internal PCBs will undergo a comprehensive upgrade, thereby significantly increasing the value of a single PCB.

Morgan Stanley estimates that from 2025 to 2028, the global AI optical module PCB market size will grow from $620 million to $3.77 billion, more than a fivefold increase in three years, with a compound annual growth rate (CAGR) of 83%, far exceeding the 60% growth rate of optical modules in the same period. The report points out that the total shipments of AI optical modules are expected to be 73 million, 141 million, and 158 million units in 2026, 2027, and 2028, respectively. Among them, the three-year CAGR of 1.6T optical module shipments is approximately 60%, while the growth rate of the circuit board market is as high as 83%. (Jin Shi)