The global optoelectronics market was valued at USD 5.14 billion in 2020 and is anticipated to expand at a CAGR of 10.2% during the forecast period, 2021 - 2028. The growth of the market is attributed to the increasing demand for advanced consumer electronics. Moreover, technological advancements are expected to spur the market growth.
Optoelectronic devices are deployed in areas such as LED lighting, optical sensors, optical interconnects, and photonic cells. These are the devices that either covert light energy to electricity or electricity to light energy through semiconductors. These devices are expected to replace traditional electronics due to their cost effectiveness, high performance, and durability.
The report on the global optoelectronics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Report Title||Optoelectronics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast|
|Segmentation||Types (Photo Voltaic (PV) Cells, Optocouplers, Image Sensors, Light Emitting Diodes (LEDs), Laser Diodes (LDs), and Infrared Components (IR)), End-users (Aerospace & Defense, Automotive, Consumer Electronics, Information Technology, Healthcare, Residential and Commercial, and Industrial)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||Avago Technologies, JDSU, Fujitsu, Oplink Communications LLC, Broadex Technologies, Sony Corp., Finisar, Sharp Corp., Oclaro Inc., Toshiba Corp., Accelink Technologies, Panasonic Corp., Avago Technologies, NeoPhotonics, BetaLED, Browave, and Philips.|
Based on types, the market is segmented into photo voltaic (PV) cells, optocouplers, image sensors, light emitting diodes (LEDs), laser diodes (LDs), and infrared (IR) components. The light emitting diodes (LEDs) segment is expected to witness substantial growth during the forecast period. On the other hand, the increasing demand for LDs in the industrial sector is expected to spur the laser diodes (LDs) segment.
On the basis of end-users, the market is segmented into aerospace & defense, automotive, consumer electronics, information technology, healthcare, residential, commercial and industrial. The healthcare segment is expected to witness and impressive growth owing to the increasing use of optoelectronics in endoscopic medicine and surgery. Furthermore, pulse oximetry, blood diagnostics, and dental diagnosis are the other areas of application in the healthcare sector, which is propelling the segment growth.
The automotive segment is anticipated to account for a large market share in the foreseeable future owing to increasing consumer spending on luxury vehicles and adoption of electric vehicles, trucks, and autonomous vehicles. These devices boost the comfort and convenience of the vehicles. The commercial segment is expected to boom during the forecast period owing to increasing demand for optoelectronic devices in this sector.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to emerge as a major region in the optoelectronic market during the forecast period. This is due to increasing investments in the development of smart infrastructure and focus in automation technologies in this region. North America accounted for a market share of 36.2% in 2019.The growth of the market in Europe is attributed to the increasing use of optoelectronic in industrial sectors, avionics, and cinematography.
In Asia Pacific, China is expected to dominate the market due to the increasing demand for electronic devices. The country is also anticipated to be the leading manufacturers of optoelectronic devices during the forecast period.
Key players in the global optoelectronic market are Avago Technologies, JDSU, Fujitsu, Oplink Communications LLC, Broadex Technologies, Sony Corp., Finisar, Sharp Corp., Oclaro Inc., Toshiba Corp., Accelink Technologies, Panasonic Corp., Avago Technologies, NeoPhotonics, BetaLED, Browave, and Philips.
Companies are focusing on improving their product offerings by engaging in mergers and acquisitions.
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