Market Analysis
The global optoelectronics market size is predicted to touch USD 75 billion at a 12% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Optoelectronics, simply put, is the study, design, & manufacture of various hardware devices that help in converting electrical signals to photon signals & vice versa. Photovoltaic cells, image sensors, optocouplers, infrared components, laser diodes, LED, and others are the different optoelectronics components. Visible light, X-rays, infrared, and ultraviolet are its different light source. It has wide applications in various end use industries such as defense, aerospace, consumer electronics, telecommunication, automotive, healthcare, and others.
Various factors are propelling the global Optoelectronics Market. According to the recent MRFR report, such factors include various technological advances, burgeoning need for consumer electronic devices equipped with highly advanced features, growing demand for ultra-luxury and luxury cars, and rising awareness about vehicle safety.
On the flip side, easy accessibility of affordable substitutes, high deployment cost, complex operational usage, impact of COVID-19 pandemic, and low customization rate are factors that may limit the global optoelectronics industry growth over the forecast period.
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Regional Analysis
By geography, the market is studied in North America, Europe, Asia Pacific and rest of the world. Among these regions, the market is majorly dominated by Asia Pacific at present due to a higher concentration of key players in countries like China, Japan, and South Korea. Due to this, major contribution is made by Japan, particularly in the development of energy efficient optoelectronic components.
On the other hand, Europe is expected to show a decent market growth concerning the optoelectronics market. The demand for optocouplers across various industries like healthcare and automotive are pushing the demand for global optoelectronics. However, the North America region is expected to show a significant growth throughout the forecast period. Rising demand for energy efficient LEDs and rising usage of LCDs are driving the market in this region. The demand for consumer electronics across the developed countries like U.S. is driving the market in this region.
Key Players
Key players profiled in the global optoelectronics market report include Fairchild Semiconductor International, Inc. (U.S.), Taiwan Semiconductors (Taiwan), Analog Devices (U.S.), NXP Semiconductors (the Netherlands), Texas Instruments (U.S.), OSI Optoelectronics (U.S.), Merck KGaA (Germany), Dialight Corp.(U.K), Avago Technologies, Ltd. (U.S.), Finisar Corporation (U.S.), Panasonic Corporation (Japan), Rohm Co., Ltd. (Japan), Toshiba Corporation (Japan), General Electric Company (U.S.), Koninklijke Philips N.V. (the Netherlands), Samsung Electronics Co., Ltd. (South Korea), Sharp Corporation (Japan), Sony Corporation (Japan), OmniVision Technologies, Inc. (U.S.), ON Semiconductor (U.S.), Vishay Intertechnology, Inc. (U.S.), Osram Licht AG (Germany), and Cree, Inc. (U.S.), among others. Industry players have incorporated several strategies to stay at the forefront, such as mergers, partnerships, new product launches, and more.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global optoelectronic devices market based on industry, light source, and component.
By component, the global optoelectronics market is segmented into photovoltaic cells, image sensors, optocouplers, infrared components, laser diodes, LED, and others. Of these, the LED segment will lead the market over the forecast period.
By light source, the global optoelectronics market is segmented into visible light, X-rays, infrared, and ultraviolet.
By industry, the global optoelectronics market is segmented into defense, aerospace, consumer electronics, telecommunication, automotive, healthcare, and others. Of these, the automotive segment will dominate the market over the forecast period.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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