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  • Optoelectronics Market Worth $77.9 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®




    (Transportation-News.com, July 06, 2022 ) According to a new market research report titled Optoelectronics Market by Device (LED, Sensors, Infrared Components, Optocoupler, Photovoltaic cells, Displays, Others), Device Material (Gallium Nitride, Gallium Arsenide, Gallium Phosphide), Application and Industry Vertical Global Forecast to 2027, published by Meticulous Research, the optoelectronics market is expected to grow at a CAGR of 9.6% from 2020 to 2027 to reach $77.9 billion by 2027.

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    Optoelectronics is a fast-emerging technology dealing with sourcing, detection, and controlling of light. Optoelectronic devices are primarily transducers that convert one energy form to another. High performance, high bandwidth, and low energy consumption of optoelectronic devices has encouraged many industries to adopt this technology.

    Optoelectronic devices are widely used in consumer electronics, automotive, aerospace & defense, IT & telecommunication, healthcare, food & beverage, energy & utility, residential, industrial, commercial, long wavelength LiDAR, microwave photonic links, medical equipment, LEDs, optocoupler, image sensors, laser diodes, and optical fibers.

    The growth of the optoelectronics market is mainly attributed to factors such as growing demand for smart consumer electronic devices, increasing demand for optical solutions in the healthcare & automotive industry, and increasing need for long-life & low power consuming components. The market is seeking growth opportunities from rising IIoT applications, advancements in Li-Fi technology, and innovations in optoelectronic devices.
    Increasing need for long life and low power components supports optoelectronics market growth

    The increase in usage of electronics has accelerated the growth of the optoelectronics market globally. Optoelectronics, widely used in automotive, telecom, and industrial applications, offers high beam quality light and low power consumption, and low energy. Optoelectronics is used in various industrial applications such as proximity sensing, color quality control, printers, and robotic applications. Better performance at low cost and long-life operation has encouraged many manufacturing companies to use optoelectronics components.

    Optoelectronics plays a key role in the evolution of telecommunication networks. The demand for more data and faster data has boosted the growth of the optoelectronics market, globally. The massive amounts of data traveling over optical communication networks on a regular basis have driven the demand for optoelectronics in data centers. Investment in hyperscale data centers has simultaneously increased the production of optimized interconnection networks for data centers. Demand for low power consumption optical interconnect systems for data centers is driving the demand for optoelectronics.

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    Advancements in smart and wearable optoelectronic sensing systems are currently driving demand among users for continuously monitoring their health. Optoelectronics smart sensing systems offer sensing functions such as human-machine interfaces and phototherapy with low power and long battery life. The wearable optoelectronic sensors are applicable to devices such as bio-integrated optoelectronics, human-activity monitoring, personal health-care, and human-interactive platforms. Many companies such as Samsung and Apple are actively investing in healthcare devices such as smartwatches for wireless communication and continuous health monitoring.

    The automotive industry is heavily using optoelectronics sensors in its vehicles for advanced safety systems. The low power consuming optoelectronics components used in automotive include LEDs, infrared emitters, photodetectors, ambient light sensors, and optical interrupters. Factors responsible for the increase in demand for long-life optoelectronics include customized optical sensors such as rain light tunnel sensors, steering angle sensors, climate control sensors, and infrared emitter arrays for occupant sensing and driver sensing systems. Companies such as LION Smart GmbH are using optoelectronic components from Osram Opto Semiconductors for a new battery and wireless LIGHT Battery concept for high safety, lower cost, longevity, and high performance.

    Many optoelectronics startups such as ICON Photonics are developing optical technologies to enable high-speed short-distance communication solutions. It serves multiple applications used in sectors such as telecommunication, quantum communications, and light fidelity (Li-Fi). The US-based startup Adolite offers onboard optics for telecommunication for building data center networks for cloud-based solutions and enables faster deployments of hyper-scale data centers.

    To provide efficient analysis, Meticulous Research has segmented the overall optoelectronics market based on device (LED, sensors, infrared components, optocoupler, photovoltaic cells, displays, others), device material (gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, indium phosphide), application (lighting, security & surveillance, communication, measurement, displays, others), industry vertical (automotive, consumer electronics, aerospace & defense, it & telecommunication, healthcare, food & beverage, energy & utility, residential, industrial, commercial, others), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa).

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    Based on device type, the sensor segment accounted for the largest share of the overall optoelectronics market in 2021 and is also projected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to rising application of optoelectronic sensors and the increasing adoption of advanced technologies such as IoT and automation.

    Based on device material, the silicon carbide (SiC) segment is projected to grow at the highest CAGR during the forecast period owing to the wide bandgap semiconductor. The high breakdown field strength and thermal conductivity of SiC helps in achieving enhanced efficiency, which is expected to drive the demand for SiC for optoelectronic devices.
    Based on application, the measurement segment is projected to grow at the highest CAGR during the forecast period. The rising machine vision applications and the growing need for automated monitoring, control, and analysis of various operational processes across various industry verticals are driving the growth of the optoelectronics market for measurement applications.

    Based on vertical, the consumer electronics segment accounted for the largest share of the overall optoelectronics market in 2021 and is also projected to grow at the highest CAGR during the forecast period. The advancements in electronic devices such as smartphones, high-end cameras, smart television displays, LED projectors, organic LEDs, and flexible 3-D displays, among others, and the increasing adoption of smart connected devices is driving the adoption of optoelectronic components in the consumer electronics applications.

    Geographically, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The major factors contributing to the growth of the optoelectronics market in Asia-Pacific include the presence of large consumer electronics and automobile markets, high industrial growth, and industrial automation. In Asia-Pacific, the Japan is expected to account for the largest share of the optoelectronics market. Factors contributing to the growth of optoelectronics technology include significant growth of industrial automation, the ever-growing electronics market, a large automotive manufacturing market, and increasing smart lighting market.

    Japan is the leading country in robot production and factory automation systems. Out of the ten global producers, five companies, including Softbank Robotics, FANUC, Mitsubishi Motors Corporation, Yamaha Motor Co., Ltd., and Yaskawa Electric Corporation, are Japanese. Many companies in various industries are using factory automation to transform their businesses. For instance, at a Fanuc plant in Japan, the company has implemented the use of automated manufacturing to manufacture industrial robots. This has allowed the company to reduce its human staff to only four individuals per shift. Optoelectronics is one of the major components of robotics and industrial automation; therefore, its demand is very high in the region. Also, the presence of major optoelectronics companies in Japan, namely ROHM, Renesas Electronics, Hamamatsu Photonics, Sharp Corporation, and Panasonic Corporation, is further boosting the growth of the market.

    The top five players operating in the global optoelectronics market are Sony Corporation (Japan), Sharp Corporation (Japan), ON Semiconductor Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), and Osram Licht Group (Germany). The other key players operating in the optoelectronics market are Rohm Co., Ltd (Japan), Renesas (Japan), Vishay Intertechnology, Inc. (U.S.), Hamamatsu Photonics K.K. (Japan), TT Electronics (U.K.), Panasonic Corporation (Japan), General Electric Company (U.S.), Broadcom (U.S.), Texas Instruments (U.S.), and among others.

    To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/optoelectronics-market-5153

    Scope of the Report

    Optoelectronics Market, by Device
    LEDs
    o General LEDs
    o UV LEDs
    o OLEDs
    Sensors
    o Phototransistors
    o Photodiodes
    o Photo Relays
    o Image Sensors
     CMOS Image Sensors
     CCD Image Sensors
     Hybrid Image Sensors
    o Optical Sensors
    o UV Sensors
    Infrared Components
    o Detectors
    o Transceivers
    o Emitters
    Optocouplers
    Photovoltaic Cells/Solar Cells
    Displays
    Other Devices
    Optoelectronics Market, by Device Material
    Gallium Nitride
    Gallium Arsenide
    Gallium Phosphide
    Silicon Germanium
    Silicon Carbide
    Indium Phosphide
    Optoelectronics Market, by Application
    Lighting
    Security & Surveillance
    Communication
    Measurement
    Displays
    Other Applications
    Optoelectronics Market, by End User
    Automotive
    Consumer Electronics
    Aerospace & Defense
    IT & Telecommunication
    Healthcare
    Food & Beverage
    Energy & Utilities
    Residential
    Industrial
    Commercial
    Other End Users
    Optoelectronics Market, by Geography
    North America
    o U.S.
    o Canada
    Europe
    o U.K.
    o Germany
    o France
    o Spain
    o Italy
    o Russia
    o Rest of Europe
    Asia-Pacific (APAC)
    o China
    o India
    o Japan
    o South Korea
    o Indonesia
    o Australia
    o Rest of Asia-Pacific
    Middle East & Africa (MEA)
    o Saudi Arabia
    o South Africa
    o Rest of the Middle East & Africa
    Latin America
    o Brazil
    o Mexico
    o Argentina
    o Rest of Latin America

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    Meticulous Research

    Khushal

    +91 744-7780008

    sales@meticulousresearch.com

    Source: EmailWire.Com

    Source: EmailWire.com

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