Global Optoelectronics Market is segmented By Component Type (Light Emitting Diodes (LED), Optocouplers, Infrared Components, Sensors, Others), By Application-based Analysis (Automotive, Consumer Electronics, Aerospace & Defense, Industrial, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "Optoelectronics Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
- Optoelectronics is an emerging technology for electronic devices that detect, source, and control light. These devices can convert electrical energy into photon signals for various purposes such as telecommunications, medical equipment, and general science.
- Factors such as Laser transmitters for high-speed optical networks, demand for digital cameras, increase in smartphones sales, low power consumption, the growing use of optoelectronic systems in the automotive sector are driving factors for the market growth.
- Also, the surge for organic LEDs (OLEDs), innovations such as plasmonic nanostructures, and little light bulbs will provide lucrative opportunities for the optoelectronics market.
- For instance, in March 2018, Samsung Electronics launched its flagship line of 2018 QLED TVs and AV products at the 2018 First Look New York event at the American Stock Exchange building in Manhattan.
- However, the high cost of energy-efficient displays, complex operational usage, and cheaper substitute technologies will hamper the market growth.
Market Segmentation Analysis
- By component type, the global optoelectronics market is segmented into Light Emitting Diodes (LED), Optocouplers, Infrared Components, and Others.
- Light Emitting Diodes (LED) dominate the market due to increasing demand for power-efficient illuminating systems across the residential, commercial, and industrial sectors.
- Although optoelectronic sensors offer significant advantages over other types of sensors, they are expensive to manufacture.
- To improve fabrication techniques and device reliability and to reduce costs. The development of sensors networks plays an essential role in the military and aerospace.
- For instance, in August 2018, OSI Optoelectronics launched high-response N-on-P YAG series of photodetectors that are optimized at 1060 nm for critical military and aerospace sensing applications.
- Geographically, the global optoelectronics market is segmented into North America, South America, Europe, Asia Pacific, and the Middle East, and Africa. North America dominates the market owing to thriving consumer electronics and the fact that the majority population is acquainted with sophisticated electronic appliances.
- The companies are focused on business expansion to maintain a competitive edge over other market players. For Instance, in October 2018, Rutronik Inc. has expanded its franchise agreement in North America with Osram Opto Semiconductors to serve and grow its customer base in this region.
- The global optoelectronics market is competing with the presence of various small and large players in the market. Multinational companies are dominating the global optoelectronics market in recent years. OSI Systems, Inc., Cree, Inc., NeoPhotonics Corporation, Panasonic Corporation, and Philips are prominent players in the global optoelectronics market. OSI Systems, Inc. is one of the dominant companies in optoelectronics and is enhancing the market through funding and acquisition.
- For instance, in October 2018, OSI Systems, Inc. has received an order for approximately USD 10 million to provide electronic sub-assemblies for use in devices of a leading medical technology original equipment manufacturer.
- For instance, in April 2018, OSI Optoelectronics has acquired Luna Innovation’s Optoelectronic Business.
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