Overview and Scope
Optoelectronics is concerned with the application of the electronic device to detect, source, and control light. It holds a design to study electronic and hardware devices that transform electricity into photon signals for medical equipment, telecommunications, and general science. Optoelectronics is primarily used in hospitals and telecommunications, such as X-ray machines and fiber optic technology.
Sizing and Forecast
The optoelectronics market size has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.76 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to telecommunications expansion, consumer electronics, medical devices, automotive lighting, energy efficiency.
The optoelectronics market size is expected to see rapid growth in the next few years. It will grow to $17 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to semiconductor manufacturing, military and defense, autonomous vehicles, miniaturization, information technology revolution. Major trends in the forecast period include display technology advancements, optical sensors, 5g network expansion, optoelectronic materials, quantum technologies.
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The optoelectronics market covered in this report is segmented –
1) By Component: Light-Emitting Diode (LED), Laser Diode, Image Sensors, Optocouplers, Photovoltaic Cells, Other Components
2) By Device Material: Gallium Nitride, Gallium Arsenide, Gallium Phosphide, Silicon Germanium, Silicon Carbide, Indium Phosphide
3) By End-User: Automotive, Aerospace And Defense, Consumer Electronics, Information Technology, Healthcare, Residential And Commercial, Industrial, Other End Users
Asia-Pacific was the largest region in the optoelectronics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the optoelectronics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand for luxury and ultra-luxury vehicle modes is expected to propel the growth of the optoelectronics market. Luxury vehicles refer to vehicles that provide comfort, luxury, and quality. The motivation to improve the safety and lighting of the vehicles and the continuous focus on RandD activities will lead to the growth of optoelectronics in luxury vehicles, and optoelectronics are used in new cars to automate vehicle functions such as brake lights and headlights. As a result, increasing sales of luxury and ultra-luxury vehicles increases the demand for the optoelectronics market. According to the Federation of Automobile Dealers Associations (FADA), a national body representing automobile dealers in India, in December 2021, retail luxury car sales increased by 19.7% due to the growth of high inventory and dealerships with OEMs. Therefore, the increasing sales of luxury and ultra-luxury vehicles drive the growth of the optoelectronics market.
Key Industry Players
Major companies operating in the optoelectronics market include General Electric Company, Accelink Technologies Co. Ltd., Avago Technologies Limited, BetaLED Inc., Broadcom Inc., Broadex Technologies Co. Ltd., Browave Co. Ltd., Cree Inc., Finisar Corporation, Fujitsu Limited, Hamamatsu Photonics K.K., JDS Uniphase Corporation, Micropac Industries Inc., NeoPhotonics Corporation, Oclaro Inc., Omnivision Technologies Inc., ON Semiconductor Corporation, Oplink Communications LLC, OSRAM Licht AG, Panasonic Corporation, Koninklijke Philips N.V., Renesas Electronics Corporation, ROHM Co. Ltd., Samsung Electronics Co. Ltd., Sharp Corporation, Sony Corporation, Texas Instruments Incorporated, Toshiba Corporation, TT Electronics plc, Vishay Intertechnology Inc., Aixtron SE, ASML Holding N.V., Canon Inc., Coherent Inc., EMCORE Corporation
The optoelectronics market report table of contents includes:
1. Executive Summary
2. Optoelectronics Market Characteristics
3. Optoelectronics Market Trends And Strategies
4. Optoelectronics Market – Macro Economic Scenario
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31. Global Optoelectronics Market Competitive Benchmarking
32. Global Optoelectronics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Optoelectronics Market
34. Optoelectronics Market Future Outlook and Potential Analysis
