LONDON, Dec. 14, 2020
LONDON, Dec. 14, 2020 /PRNewswire/ -- According to a new market research report titled, "Optoelectronics Market by Device (LED, Sensors), Device Material (Gallium Nitride, Indium Phosphide), Application (Measurement, Communication, Lighting), End User (Consumer Electronics, Healthcare), and Geography—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 technology has found applications across various industry verticals due to the high performance, high bandwidth, and low energy consumption of optoelectronic devices. The technology has witnessed high demand in applications such as telecommunications, monitoring and sensing, long-wavelength LiDAR, microwave photonic links, and medical equipment. LEDs, optocouplers, image sensors, laser diodes, and optical fiber are widely used optoelectronics devices. The optoelectronics market is driven by factors such as the rising demand for optical solutions in the healthcare and automotive industries, growing adoption of smart consumer electronics devices, and increasing 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 is expected to witness immense growth opportunities from the proliferation of IIoT applications, advancements in Li-Fi technology, and innovations in optoelectronic devices.
Growing demand for smart consumer electronics is one of the key factors expected to drive market growth during the forecast period. The consumer electronics industry is booming due to continuous advancements in technology, the growing demand for consumer electronics devices, and the growing disposable income levels of consumers. Advanced smartphones and wearables with intuitive displays and camera technology are driving the demand for optoelectronic components. Moreover, high-tech cameras also require image sensors with the capability to capture precise and high-quality images, which is further boosting the market growth. Moreover, the demand for advanced and flexible display technologies for smart televisions and other consumer electronics products fuels the demand for advanced optoelectronic devices.
The COVID-19 pandemic has had a significant impact on businesses. Governments worldwide imposed lockdowns to minimize the spread of the virus, shutting down the consumer electronics, automobile, industrial, and other manufacturing facilities and disrupting supply chains owing to trade restrictions, which impacted the demand for optoelectronic components negatively. Moreover, as the market slowly and steadily opened up with relaxations in the lockdown, a demand-supply gap was witnessed across various sectors due to the shutting down of production facilities and halted manufacturing operations. However, the market is expected to gain traction by 2021, with the gradual resumption of manufacturing operations at maximum capacity to cater to the growing demand.
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The optoelectronics market has been segmented based on device type, device material, application, end user, and geography.
Based on device type, the optoelectronics market has been further segmented into LEDs, sensors, infrared components, optocouplers, photovoltaic cells, displays, and others, such as optical fiber, solid-state relays, and laser diodes. The sensors segment is expected to register the highest growth rate during the forecast period. It is further segmented into phototransistors, photodiodes, photo relays, image sensors, optical sensors, and UV sensors. The image sensors segment is expected to be one of the fastest-growing segments in the optoelectronics market. CMOS sensor technology enables the capturing of high-resolution images at high speeds in consumer, industrial, and machine-vision applications. Moreover, CMOS sensors are highly sensitive and consume low power, thereby driving demand. Thus, rising machine vision applications and the growing demand for advanced camera technology are 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 material's capability of producing wide-bandgap semiconductors. The material offers various characteristics to high-voltage power semiconductors. The high breakdown field strength and thermal conductivity of SiC help achieve enhanced efficiency, which is expected to drive the demand further.
Based on 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 expected to register the fastest growth during the forecast period. Optoelectronic measurement systems are more accurate than the other systems due to which optical measurement systems are used for process monitoring and control across various industries and in machine vision and other applications. Thus, the increasing adoption of machine vision and IoT technology is expected to drive the adoption of optoelectronic components in measurement applications.
Based on end user, the optoelectronics market is 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. Amongst end users, the consumer electronics segment is expected to account for the largest market share and is expected to record the highest CAGR. The high market share is attributed to continuous advancements in electronic devices such as smartphones, high-end cameras, smart television displays, LED projectors, organic LEDs, and flexible 3-D displays that require optoelectronic components. The increasing adoption of smart connected devices is driving the adoption of optoelectronic components in consumer electronics applications
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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (U.K., Germany, France, Spain, Italy, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia, and the rest of APAC), Middle East & Africa (UAE, Saudi Arabia, South Africa, and the rest of the Middle East & Africa), and Latin America (Brazil, Mexico, Argentina, and the rest of Latin America). Asia-Pacific region is expected to account for the largest market share and is projected to be the fastest-growing regional market throughout the forecast period.
Asia-Pacific region is the hub of semiconductor components manufacturing. The region houses a majority of the key players operating in the optoelectronics market, such as Renesas, Rohm Co., Ltd, Hamamatsu Photonics K.K., Samsung Electronics Co., Ltd., Sony Corporation, Panasonic Corporation, and Sharp Corporation, along with other small regional players that are focused on research and development activities to develop innovative optoelectronic components. Moreover, growing economies in the region such as China, India, and Indonesia that showcase increased disposable incomes are witnessing increased adoption of optoelectronic components in automotive, healthcare, and consumer electronics applications. North America follows Asia-Pacific in the optoelectronics market and has obtained a considerable share. Market growth in North America is attributed to the presence of key market players emphasizing research & development activities for developing optoelectronic components to cater to a wide application area. Moreover, the well-established healthcare industry in the region further fuels the demand for optoelectronic components. Furthermore, the high demand for high-tech consumer electronics such as smartphones, cameras, and smart televisions with LED and OLED displays and advanced camera technologies and the growing automotive industry in the region boost market growth in the region.
The key players operating in the optoelectronics market are 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.
Key players in the optoelectronics market are focused on strengthening their market positions and expanding their product portfolios to offer innovative products with advanced capabilities. The companies are focused on using raw materials to enhance product efficiency and cater to wider application areas. Moreover, the companies emphasize strategies such as acquisitions, partnerships, and collaborations to boost their market share and secure competitive positions in the market.
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Optoelectronics Market, by Device Type
Optoelectronics Market, by Device Material
Optoelectronics Market, by Application
Optoelectronics Market, by End User
Optoelectronics Market, by Geography
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