The optoelectronics market is expected to reach evaluation of USD 75 billion by the end of the forecast period as per the research report published by the team of market research future (MRFR)
— Global Optoelectronics Market
The global optoelectronics market is projected to grow notable place over the forecast period till 2023. The report further mentions that the global market is slated to grow at a compound annual rate of 12%.
It was highlight in study report that the increasing usage of infrared components in consumer electronics like thermal imaging systems, automobile positioning sensors, cameras, and others is primary boosting global market of optoelectronics. Add to this, advancements in technologies in areas of LEDs is another key factor influencing a positive growth in the global market. On the other hand, the high material cost and its fast-paced substitutes can significantly humble the overall growth of the market during the forecast period.
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The global optoelectronics market segmentation is based on the following: light source, component, and industry.
By component, the market is classified into laser diodes, LED, optocouplers, image sensors, infrared components, photovoltaic cells, and many others.
By light source, the market includes visible light, ultraviolet, X-rays, and infrared.
By industry, the market segments into consumer electronics, telecommunication, automotive, healthcare, and aerospace and defense, and others.
The global optoelectronics market includes a number of key players, including Samsung Electronics Co., Ltd. (South Korea), Cree, Inc. (U.S.), Vishay Intertechnology, Inc. (U.S.), Vishay Intertechnology, Inc. (U.S.), Osram Licht AG (Germany), Sharp Corporation (Japan), ON Semiconductor (U.S.), Koninklijke Philips N.V. (the Netherlands), OmniVision Technologies, Inc. (U.S.), General Electric Company (U.S.), Sony Corporation (Japan), and others.
Some of the other key innovators identified by MRFR are Rohm Co., Ltd. (Japan), Toshiba Corporation (Japan), Merck KGaA (Germany), Panasonic Corporation (Japan), NXP Semiconductors (the Netherlands), Avago Technologies, Ltd. (U.S.), Finisar Corporation (U.S.), OSI Optoelectronics (U.S.), Analog Devices (U.S.), Fairchild Semiconductor International, Inc. (U.S.), Dialight Corp.(U.K), Taiwan Semiconductors (Taiwan), Texas Instruments (U.S.), and many others.
May 28th, 2019, Innovium Inc., a global provider of networking switch-based solutions and services for data centers, and Applied Optoelectronics Inc., one of the pioneering providers of fiber-optic access network products for the internet datacenter, announced the successful interoperability of 400G SR8 and 400G DR4 2km transceivers breakout to 100G FR with TERALYNX™ Switch.
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The global optoelectronics market covers the following regions across the world: Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The Asia Pacific region leads the market with the highest share percentage to its name and is projected to hold on to the same over the forecast period. The regional dominance of Asia Pacific is due to the presence of major companies herein and the increasing usage of components in consumer electronics. Add to this, the demand for optoelectronics in a number of regions herein like Taiwan, South Korea, and Japan are also influencing a positive growth of the global market. A major portion of the market contribution is made by Japan, especially for development of energy-efficient optoelectronic components.
Elsewhere, North America holds a key position in the global optoelectronics market landscape. Herein, the region is expected to experience positive growth in the coming years due to a number of key factors. The low power consumption level and its durability are major influencers for organizations to deploy optoelectronics, thereby driving the market in this region. Also, a rising demand for energy efficient LEDs and usage of LCDs is seen to be driving the growth of the market. The proliferating demand for consumer electronics in developed countries like the US is another key factor behind the growth of the North American regional market.
Although it holds less share percentage compared to other mentioned regions, Europe is a key market in the global landscape. The rising demand for optoelectronics across key industries like automotive and healthcare is another key driver of the market in this region.
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