"Rising Adoption of Light Technology across Various Sectors predicted to uplift the demand of Optoelectronics Devices Globally"
The global optoelectronics market was stood at US$ 6.10 Bn in the year 2021 and expected to reach US$ 15.81 Bn by the year 2030, expanding at a CAGR of 11.2% during the forecast from 2023 to 2030.
Significant disruptions in electronic devices over the recent past along with the rising trend of renewable energy sources has triggered the growth of optoelectronics market. Optoelectronics are the electronics devices that uses optical interaction to generate an electronic response in presence of some optically active semiconductors. Its significant advantages over the traditional semiconductor devices has surged its adoption in various sectors such as automotive, medical, research, and many others. Some of its attractive features are low power consumption, high bandwidth for communication, and high sensitivity for temperature.
In addition, stringent regulations for electricity consumption along with increasing contamination of harmful gases in the atmosphere during electricity generation have triggered the application of light energy. European government including other regional governments has thrived their development pace of the photonic industry. For instance, the European government has designed its strategic roadmap for the adoption of light technology in various end-use sectors until 2030. They have projected the light technology market growth at 8.4% in the region up to the year 2030.
"Laser Diode expected to witness a Flourishing Growth during the Forecast Period"
In 2021, LED held the largest revenue share in the global optoelectronics market. Its significant application in ICs, computers, microelectronics, display electronics, and in many other sectors is the prime factor contributing to its significant growth. However, laser diodes expected to witness frenetic growth during the forecast period owing to the increasing deployment of lasers in the industrial sector. In addition, laser diodes are the widely used optoelectronic component used for laser generation across various verticals. Furthermore, increasing investment in LiDAR technology anticipated to uplift the laser diode market growth in the coming years. For instance, in August 2019, Valeo, a France based car parts manufacturing company announced to invest US$ 555.37 in LiDAR sensors.
"Automotive Industry foresees Lucrative Growth over the Analysis Period"
Despite sluggish growth in automotive sale new technology integration and innovations in the automotive industry has gained remarkable momentum over the past few years. The introduction of autonomous cars and driver assistance systems has made the industry vulnerable to the increased application of sensors. Furthermore, the rising concern for safety and security has surged the deployment of optoelectronic devices in the automotive sector. In addition, players are also expanding their reach in the automotive optoelectronics market seeing the exponential demand from customers. In December 2019, Tesla Inc. opened a new research & development facility in Taiwan. The new research center mainly focuses on the development of mini LED displays for automotive, automotive lighting, and large size displays.
"North America acquired Prominent Revenue Share in the Global Optoelectronics Market in 2018"
Increasing investment in smart infrastructure and automation technology has projected North America as the global leader in the optoelectronics market in 2021. North America leads the global smart building investment with around 36% share across the world. The region also witnesses an escalating growth in smart energy, smart city, and other smart solutions. Several smart city projects are running in North American cities including Detroit, Austin, San Diego, Portland, and many more.
The Asia Pacific anticipated registering the fastest growth in optoelectronics market during the forecast period. The exponential growth of the region is mainly due to the large consumer electronics and the automotive market. In addition, the growth of optoelectronic devices is also foreseen in other sectors such as running smart city projects, new technologies such as Internet of Things (IoT), big data, augmented & virtual reality, and smart industrial appliances.
"Alluring Opportunity for Innovation has surged the Competition among the Optoelectronics Market Players"
The global optoelectronics market is a mature market but still ushers innovations and paradigm shifts in the coming years. Several unexplored areas in optoelectronics provide an alluring opportunity for research & development. Therefore, the market players are grapple in a close fight to strengthen their footprint in the global optoelectronics market.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Optoelectronics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
