Market Highlights
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 optoelectronic devices market size. 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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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global optoelectronics 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.
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
Some of the key players in the global optoelectronics market share are Cree, Inc. (U.S.), Osram Licht AG (Germany), Vishay Intertechnology, Inc. (U.S.), ON Semiconductor (U.S.), OmniVision Technologies, Inc. (U.S.), Sony Corporation (Japan), Sharp Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Koninklijke Philips N.V. (the Netherlands), General Electric Company (U.S.).
Some of the key innovators in the global optoelectronics market are Toshiba Corporation (Japan), Rohm Co., Ltd. (Japan), Panasonic Corporation (Japan), Finisar Corporation (U.S.), Avago Technologies, Ltd. (U.S.), Dialight Corp.(U.K), Merck KGaA (Germany), OSI Optoelectronics (U.S.), Texas Instruments (U.S.), NXP Semiconductors (the Netherlands), Analog Devices (U.S.), Taiwan Semiconductors (Taiwan), Fairchild Semiconductor International, Inc. (U.S.) and many others.
There have been recent mergers and acquisitions among the key players, where the business entities expect to strengthen their reach to their customers.
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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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