Optoelectronics Market Projected to Experience Revenue Boost to Cross US$ 75 Billion by 2023

Market Analysis

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.

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Various factors are propelling the global optoelectronics market share. 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.

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.

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By light source, the global optoelectronics market is segmented into visible light, X-rays, infrared, and ultraviolet.

By industry, the global optoelectronics market is segmented into defense, aerospace, consumer electronics, telecommunication, automotive, healthcare, and others. Of these, the automotive segment will dominate the market over the forecast period.

Regional Analysis

Based on the region, the global optoelectronics market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region is predicted to lead the market over the forecast period. Increasing use in automotive optoelectronics, increasing use of applications like lighting and safety in cars, a higher concentration of industry players, and major contribution made by Japan is adding to the global optoelectronics market growth in the region.

The global optoelectronics market in Europe is predicted to have the second-largest share over the forecast period. Demand for optocouplers in different industries such as automotive and healthcare, burgeoning demand for energy-efficient LEDs, the growing use of LCDs, and surging need for consumer electronics are adding to the global optoelectronics market growth in the region. The US holds the utmost share in the market.

The global optoelectronics market in North America is predicted to have healthy growth over the forecast period. Burgeoning demand for passenger cars, coupled with the rising production of automobiles are adding to the global optoelectronics market growth in the region.

The global optoelectronics market in the RoW is predicted to have sound growth over the forecast period.

Key Players

Key players profiled in the global optoelectronics market report include Fairchild Semiconductor International, Inc. (U.S.), Taiwan Semiconductors (Taiwan), Analog Devices (U.S.), NXP Semiconductors (the Netherlands), Texas Instruments (U.S.), OSI Optoelectronics (U.S.), Merck KGaA (Germany), Dialight Corp.(U.K), Avago Technologies, Ltd. (U.S.), Finisar Corporation (U.S.), Panasonic Corporation (Japan), Rohm Co., Ltd. (Japan), Toshiba Corporation (Japan), General Electric Company (U.S.), Koninklijke Philips N.V. (the Netherlands), Samsung Electronics Co., Ltd. (South Korea), Sharp Corporation (Japan), Sony Corporation (Japan), OmniVision Technologies, Inc. (U.S.), ON Semiconductor (U.S.), Vishay Intertechnology, Inc. (U.S.), Osram Licht AG (Germany), and Cree, Inc. (U.S.), among others. Industry players have incorporated several strategies to stay at the forefront, such as mergers, partnerships, new product launches, and more.

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