Globally, the size of Optoelectronics Market is set to grow at a CAGR of 12%, estimated to reach USD 75 Billion by 2023 driven by the rising use of infrared components in electronic items such as thermal imaging systems, cameras, etc. for automobile positioning systems is a major driver for the market.
Optoelectronics is the method of application to measure the mechanical effects of light in electronic devices. This process mainly focuses on light-detecting or light-emitting devices.
The rising use of infrared components in various consumer electronic items such as thermal imaging systems, and cameras in the industrial sectors is majorly driving the Optoelectronics System. Optoelectronic devices are majorly used for various purposes such as telecommunication, automatic access control system, medical equipment, and the military as well. Some of the popular optometric devices are- blue lasers, solar cells, optical fibers, photodiodes, and LED traffic lights.
They are also used for solar energy projects such as solar power charge controllers, auto irrigation systems, sun-tracking solar panels, etc. It is projected that the Asia-Pacific region will hold the largest market share in the Optoelectronics Industry in the forthcoming years. Hence, due to its diverse uses, the demand for the Optoelectronics System is also rising rapidly.
At the beginning of 2020, the cases of COVID-19 disease increased significantly. It further led to the shutdown of industries, and manufacturing units, for several months. Even the movement across borders was also restricted. Due to this reason, the economies around the world were highly impacted. However, the development of vaccines in the early stages of 2021 has helped to slow down the spread. Hence, it is anticipated that if the cases began to slow down, then the Optoelectronics Market will have significant growth during the forecast period.
The Optoelectronics Market is expected to have significant growth in the upcoming years. The growing demand for optoelectronic items for various uses such as surgical procedures, military, optical memories, etc. They are also used for LAN, CD Players, and several electrical projects. However, the rising use of infrared components in electronic items such as thermal imaging systems, cameras, etc. for automobile positioning systems is a major driver for the market.
Significant restraint for the Optoelectronics Market is projected to hamper the market. The high costs for acquisition and deployment will hinder the growth. Along with that, complicated usage and a high customization rate will further have a negative impact on the market growth.
The main benefit of Optoelectronics Systems is the high-quality performance as compared to traditional electronics. It also provides consistency in delivering efficient solutions effectively. It can also be used for designing satellites as it provides high bandwidth for strong connections. The technological advancements in the LED components will also drove the market. Furthermore, they are also profitable for aerospace and military purposes.
There are some factors that are expected to evolve as a challenge for the market players. The boundaries of thermal testing and the development of optoelectronic devices will restrict the market growth at a certain rate.
According to the Optoelectronics Market Forecast, the Compound Annual Growth Rate of the market is projected to reach around 12%. Hence, the market value will reach up to 75 Billion during the forecast period 2017-2023. The diverse uses in the military, telecommunication, and aerospace will drive the market significantly. It is projected that the Asia-Pacific region will lead the market of optoelectronics devices.
Value Chain Analysis
With the rising demand for optoelectronics in various sectors such as telecommunication, consumer electronic devices, etc. the market value will further increase significantly. Thus, the rising demand in countries such as Japan, India, and China will expand in the upcoming years. Hence, the value chain of the Applied Optoelectronics Market is going to develop in the forthcoming years.
The market segment of the Optoelectronics Market is divided into the light source, components, and industry. On the basis of Light Source, the Optoelectronics Market is divided into Visible Light, Ultraviolet, X-Rays, and Infrared.
On the basis of Components, the Optoelectronics Market is segment is divided into Photovoltaic Cells, Optocouplers, Infrared Components, Laser Diodes, Image Sensors, LED, and others
On the basis of Industry, the Optoelectronics Market is bifurcated into Telecommunication, Automotive, Defense and Aerospace, Consumer Electronics, Healthcare, and others
The Optoelectronics Market Size on the basis of region is divided into North America, Europe, Asia-Pacific, and the Middle East, and Africa. According to the Optoelectronics Market Analysis, the Asia-Pacific region will hold the largest market share in the upcoming years. The growing presence of several major companies in countries such as India, China, Japan, Taiwan, and South Korea are driving the market. Along with that, the rising use of various components in consumer electronics is also fuelling the Optoelectronics Market Growth.
Furthermore, the North American region also holds a significant Optoelectronics Market Share during the forecast period. Some positive factors such as durability and low power consumption are the major reason for the growing demand in this region. Along with that, the presence of major key players and the availability of skilled laborers will be helpful to provide cost-effective solutions.
The market players in the Applied Optoelectronics Market use various market strategies to enhance their portfolios. The key players did mergers, acquisitions, partnerships new product launches, expansion, etc. that are fuelling the market growth. Some of the key players of the Optoelectronics System are-
The overview of the Optoelectronics Market Report is as follows-
The score of the report is to provide important details about the growth of optoelectronics. The report highlights the market opportunities, drivers, challenges, etc. The report also covers brief information about the recent developments by the key players. The information provided in this report is collected through primary and secondary sources.
|Market Size||USD 75 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Light source, Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.).|
|Key Market Opportunities||The demand for optoelectronics in major regions like Japan, South Korea, and Taiwan are fuelling the market growth.|
|Key Market Drivers||The increased use of infrared components in consumer electronics like cameras, thermal imaging systems, in automobile positioning sensors and many others are primarily driving the optoelectronics market.|
The Optoelectronics Market is projected to grow at a CAGR of 12%, estimated to reach up to USD 75 Billion during the forecast period 2017-2023
Key players profiled in the optoelectronics market include Cree, Inc., Osram Licht AG, Vishay Intertechnology, Inc., ON Semiconductor, OmniVision Technologies, Inc., Sony Corporation, Sharp Corporation, Samsung Electronics Co., Ltd., Koninklijke Philips N.V., General Electric Company, Leading innovators include Toshiba Corporation, Rohm Co., Ltd., Panasonic Corporation, Finisar Corporation, Avago Technologies, Ltd., Dialight Corp., Merck KGaA, OSI Optoelectronics, Texas Instruments, NXP Semiconductors, Analog Devices, Taiwan Semiconductors, Fairchild Semiconductor International, Inc. and many others.
The APAC region will lead the optoelectronics market.
Availability of substitutes and high price of raw materials may limit the optoelectronics market growth.