The global optoelectronics market is expected to grow at a significant CAGR during the forecast period (2024-2031). Devices that convert light energy to electricity or electricity to light energy are known as optoelectronics. These devices make for a significant portion of the global semiconductor market, and their use is increasing in a variety of industries.
With the employment of laser and machine vision systems, the use of modern manufacturing and fabricating technologies are pushing the consumption of optoelectronic components in the industrial sector. The growing demand in the automotive industry, particularly with the adoption of electric vehicles, self-driving trucks, and autonomous vehicles, is likely to raise the use of optoelectronic devices, propelling the market forward. LEDs have become standard display technology in electronics products, with consumers expecting higher resolution and performance. This has resulted in a strong demand for LEDs, which has a favourable impact on the optoelectronics business. The significant increase in consumer electronics consumption in the Asia-Pacific and Latin American regions has opened up new opportunities for optoelectronics makers, driving the global optoelectronic market forward. In September 2018, Sanan Optoelectronics, a Chinese LED chip manufacturer, has announced the development of a Micro LED epi-wafer and chip for smart wearable devices, large-screen displays exceeding 100 inches, and automotive taillights. Micro LED display technology is also being developed in partnership with Samsung.
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Laser diodes are the most extensively used optoelectronic components in laser generation across a wide range of applications, including fibre optic communications, DVD/Blu-ray players, Bar Code readers, Printing, and Communication. Growing demand for Lasers in the industrial sector has also been cited as a factor driving the market growth. The optoelectronics industry is predicted to rise rapidly as expenditures in LiDAR and additive manufacturing technologies increase. For instance, the BMW venture capital fund invested in the LIDAR start-up Blackmore in 2018, USA. In the industrial sector, high-power lasers are in high demand for a variety of applications such as cutting, welding, and fabrication. Companies are turning to laser technologies to benefit from their high performance and durability, which is boosting demand for high-power laser diodes.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Samsung, Sony, Mitsubishi Electric, Toshiba, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Optoelectronics Market by Segment
By Type
- Photo Voltaic (PV) Cells
- Optocouplers
- Image sensors
- Light Emitting Diodes (LED)
- Laser Diode (LD)
- InfraRed Components (IR)
By End-User
- Aerospace & Defense
- Automotive
- Consumer Electronics
- Information Technology
- Healthcare,
- Residential and Commercial
- Industrial
- others
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