London, Jan. 13, 2021 (GLOBE NEWSWIRE) -- In its latest publication, titled “Optoelectronics Market by Device (LEDs, Sensors), Device Material (Gallium Nitride, Indium Phosphide), Application (Measurement, Communication, Lighting), End User (Consumer Electronics, Healthcare), and Geography-Forecast to 2027”, Meticulous Research® states that the optoelectronics market will 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 that is finding wide applications across almost every industry vertical. Optoelectronics technology offers superior performance with high beam quality and low energy consumption, at minimal costs due to which the technology has become increasingly important across automotive, telecommunications, residential, commercial, and industrial applications.
The growth of the optoelectronics market is mainly attributed to the factors such as the growing adoption of smart consumer electronics devices, the increasing demand for optical solutions in the healthcare and automotive industries, and the rising need for durable, low power consuming components. However, high initial costs associated with manufacturing and fabrication are expected to hamper the market growth. The market seeks growth opportunities from the proliferation of IIoT solutions, advancements in Li-Fi technology, and innovations in optoelectronic devices.
To provide efficient analysis, Meticulous Research® has segmented this market based on device type (LEDs [general LEDs, UV LEDs, and OLEDs], sensors [phototransistors, photodiodes, photo relays, image sensors {CMOS image sensors, CCD image sensors, and hybrid image sensors}, optical sensors, and UV sensors], infrared components [detectors, transceivers, and emitters], optocouplers, photovoltaic cells/solar cells, displays, and others), device material (gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide), application (lighting, security & surveillance, communication, measurement, displays, and others), end-user (automotive, consumer electronics, aerospace & defense, IT & telecommunication, healthcare, food & beverage, energy & utilities, residential, industrial, commercial, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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Based on device type, the optoelectronics market has been segmented into LED, sensors, infrared components, optocouplers, photovoltaic cells, displays, and others, such as optical fiber, solid-state relays, and laser diodes. The sensors segment is projected to record the highest growth rate during the forecast period. The image sensors segment is expected to be the fastest-growing segment among sensors in the optoelectronics market. CMOS sensor technology enables the capturing of high-resolution images at high speeds in consumer, industrial, and machine-vision applications. Also, CMOS sensors are highly sensitive and consume low power. Thus, the proliferation of machine vision applications and the growing demand for advanced camera technologies is expected to drive the demand for image sensors further.
Based on device material, the optoelectronics market has been segmented into gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide. The silicon carbide (SiC) segment is expected to register the highest growth rate during the forecast period owing to the high breakdown field strength and thermal conductivity of SiC, which help in achieving enhanced efficiency.
By application, the optoelectronics market has been segmented into lighting, security & surveillance, communication, measurement, displays, and other applications, such as infotainment, spectrometry, and scanning. The measurement segment is projected to grow at the highest CAGR owing to the increasing adoption of IoT and machine vision technology and the need for precise measurements across various other application areas.
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By end-user, the overall optoelectronics market has been segmented into automotive, consumer electronics, aerospace & defense, IT & telecommunication, healthcare, food & beverage, energy & utilities, residential, industrial, commercial, and others, such as media & entertainment, retail, and government. Consumer electronics segment is expected to be the fastest-growing segment during the forecast period. The high growth rate of this segment is primarily attributed to the increasing market penetration of smart consumer devices and the high focus on advancements in display and camera technologies featured in consumer electronics devices.
Geographically, Asia-Pacific region is expected to command the largest share of the global optoelectronics market, followed by North America and Europe. The Middle East & Africa, and Latin America are also witnessing considerable growth in the adoption of optoelectronics technology due to wide application areas. The major share of the Asia-Pacific market is mainly attributed to the presence of key players in the region. APAC is a semiconductor manufacturing hub, and the growing healthcare, consumer electronics, and automotive industries in the region are expected to further propel the demand for optoelectronic components in the region.
The report also provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographic presence of some of the key players in this market, including Rohm Co., Ltd (Japan), Renesas (Japan), Vishay Intertechnology, Inc. (U.S.), Hamamatsu Photonics K.K. (Japan), Osram Licht AG (Germany), ON Semiconductor (U.S.), Cree, Inc. (U.S.), TT Electronics (U.K.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Panasonic Corporation (Japan), General Electric Company (U.S.), Sharp Corporation (Japan), Broadcom (U.S.), and Texas Instruments (U.S.) among others. The key players are focused on both organic as well as inorganic growth strategies to strengthen their positions in the optoelectronics market. The companies are investing heavily in research & development activities to widen their product portfolios. The key players are also focused on offering innovative products with advanced capabilities to cater to wide application areas.
The report also covers the impact of COVID-19 on the optoelectronics market. The market witnessed a sudden dip due to the lockdown imposed, leading to disruptions in supply chains and trade restrictions. Moreover, as the market slowly and steadily opened up with relaxations in the lockdown, a demand-supply gap was witnessed due to the shutting down of production facilities and halted manufacturing operations. However, the market is expected to gain traction by 2021, with manufacturing facilities gradually resuming operations at full capacity to cater to the growing demand across several industry verticals.
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Scope of the Report:
Optoelectronics Market, by Device
- LEDs
- General LEDs
- UV LEDs
- OLEDs
- Sensors
- Phototransistors
- Photodiodes
- Photo Relays
- Image Sensors
- CMOS Image Sensors
- CCD Image Sensors
- Hybrid Image Sensors
- Optical Sensors
- UV Sensors
- Infrared Components
- Detectors
- Transceivers
- Emitters
- Optocouplers
- Photovoltaic Cells/Solar Cells
- Displays
- Others
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
- Others
Optoelectronics Market, by End User
- Automotive
- Consumer Electronics
- Aerospace & Defense
- IT & Telecommunication
- Healthcare
- Food & Beverage
- Energy & Utilities
- Residential
- Industrial
- Commercial
- Others
Optoelectronics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- India
- Japan
- South Korea
- Indonesia
- Australia
- Rest of Asia-Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
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