The optoelectronics market was valued at US$ 4.57 Bn in the year 2018 and expected to reach US$ 11.84 Bn by the year 2027, expanding at a CAGR of 11.2% during the forecast from 2019 to 2027.
Market Insights
“Rising Trend for Renewable Energy expected to spur the Optoelectronics Demand over the Forecast Period”
Photonics and optoelectronics are the key enablers for the digitalization, IoT, artificial intelligence, big data, automation, and other mega trends of the era. Therefore, optoelectronics is the most prominently growing sector in the semiconductor industry and expected to continue the same trend in the coming years. In addition, forthcoming disruptions in optical industry predicted to shape the future trends in the optoelectronics and photonics industry. It is believed that only 20% of the light technology potential have been revealed and many more are expected to come in near future. The global photonics market stood US$ 666 Bn in 2018 and anticipated to grow at a steady pace.
Moreover, rising preference of solar energy for electricity generation has also accelerated the optoelectronics market at a rapid pace. Besides above, complexity of optoelectronic devices while integrating it with other devices coupled with high initial cost may hinders the market growth. Nonetheless, its alluring benefits overcome its disadvantages such as high bandwidth, low power consumption, and lower current value required for its operation.
The global optoelectronics market seeks high competition attributed to new product launch, on-going research, regional expansion, and product upgradation. In addition, market players are also focused on strategic alliance and merger, acquisition to strengthen their market position.
Browse the full report at https://www.credenceresearch.com/report/optoelectronics-market
Product Type Analysis
“Laser Diode expected to witness a Flourishing Growth during the Forecast Period”
In 2018, LED held the largest revenue share in the global optoelectronics market. Its significant application in ICs, computers, microelectronics, display electronics, and in many other sectors is the prime factor contributing to its significant growth. However, laser diodes expected to witness frenetic growth during the forecast period owing to increasing deployment of lasers in industrial sector. In addition, laser diodes are the widely used optoelectronic component used for laser generation across various verticals. Furthermore, increasing investment in LiDAR technology anticipated to uplift the laser diode market growth in the coming years. For instance, in August 2019, Valeo, a France based car parts manufacturing company announced to invest US$ 555.37 in LiDAR sensors.
End-use Industry Analysis
“Automotive Industry foresees Lucrative Growth over the Analysis Period”
Despite of sluggish growth in automotive sale new technology integration and innovations in automotive industry has gained remarkable momentum over the past few years. Introduction of autonomous cars and driver assistance systems has made the industry vulnerable to the increased application of sensors. Furthermore, rising concern for safety and security has surged the deployment of optoelectronic devices in the automotive sector. In addition, players are also expanding their reach in the automotive optoelectronics market seeing the exponential demand from customers. In December 2019, Tesla Inc. opened a new research & development facility in Taiwan. The new research center mainly focuses on the development of mini LED displays for automotive, automotive lighting, and large size displays.End-use Industry Analysis
“Automotive Industry foresees Lucrative Growth over the Analysis Period”
Despite of sluggish growth in automotive sale new technology integration and innovations in automotive industry has gained remarkable momentum over the past few years. Introduction of autonomous cars and driver assistance systems has made the industry vulnerable to the increased application of sensors. Furthermore, rising concern for safety and security has surged the deployment of optoelectronic devices in the automotive sector. In addition, players are also expanding their reach in the automotive optoelectronics market seeing the exponential demand from customers. In December 2019, Tesla Inc. opened a new research & development facility in Taiwan. The new research center mainly focuses on the development of mini LED displays for automotive, automotive lighting, and large size displays.
Industrial Developments
• On November 09, 2018, Solid State PLC acquired Pacer Technologies Ltd., a display and optoelectronics specialist. The acquisition helps the company in enhancing its exposure to the niche medical market. Furthermore, the acquisition enabled the company to design & manufacture the products by its own by using recent investment by Pacer Technologies Ltd.
Key Market Movements:
• Globally, the optoelectronics market projected to witness a CAGR of 11.2% during the forecast period from 2019 to 2027
• The LED segment dominated the global optoelectronics market in 2018 with maximum revenue share. Prominent application of LED in display units and ICs have uplifted its demand in the present market status.
• Escalating use of industrial lasers along with rising investment in LiDAR technology has triggered the growth in laser diode demand
• Consumer electronics segment held significant market revenue share in 2018 owing to increasing application of photodetectors, LEDs, and image sensors in display screens, cameras, and different wearable electronics
• Asia Pacific seeks lucrative growth over the forecast period due to fastest growing consumer electronics market
• North America and Europe garnered prominent market share in the year 2018 attributed to rising investment in smart city, and emerging technologies such as IoT, big data, and others.
List of Companies Covered:
• Toshiba Corp.
• Sony Corp.
• Samsung Electronics
• Osram Licht AG
• ROHM Co., Ltd.
• Sharp Corp.
• BetaLED
• Avago Technologies
• Panasonic
• Philips
Key Industry Development:
On September 04, 2018, San’an Optoelectronics, a china-based optoelectronics manufacturing company announced to start its first production line of micro-LED wafer in the year 2019. The company has developed 20-micron micro-LED and planning to develop 10 micron LED flip-chips and 4-micron LEDs. These micro LEDs were designed to be used in automotive taillights, wearables, and large-area displays.
On April 25, 2017, Cree Inc. signed a joint venture agreement with San’an Optoelectronics Co., Ltd. to deliver high-performance LED in an attractive arrangement for the expanding markets in North America, Europe, Japan, China, Latin America, and rest of the world.
Key questions answered in this report
- What was the global market size of optoelectronics in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional market for optoelectronics?
- Which optoelectronics product is largely preferred on global scale?
- Which is the most lucrative end-use industry of optoelectronics?
- Which are the predominant trends shaping the global optoelectronics market?
- Which is the most promising, attractive, and less-explored region in the global optoelectronics market?
- Who are the leading players in the global optoelectronics market?
- What are the premiere strategies adopted by the leading players in the global optoelectronics market?
Browse the full report at https://www.credenceresearch.com/report/optoelectronics-market
Related Repots:
UAV Chips Market By Type (8 Bit, 16 Bit, 32 Bit, 64 Bit), By Application (Fixed Wing UAV, Unmanned Helicopter, Multirotor UAV, Others) – Growth, Future Prospects And Competitive Analysis 2019 – 2027
Outdoor Thermometer Market By Type (Analog, Digital), By Application (Retail Chains, Online) – Growth, Future Prospects And Competitive Analysis 2019 – 2027
Media Contact
Company Name: Credence Research
Contact Person: Chris Smith
Email: Send Email
Phone: 18003618290
City: SAN JOSE
State: CA
Country: United States
Website: https://www.credenceresearch.com/report/optoelectronics-market