Optoelectronics Market Worth $77.9 Billion by 2027, Growing
25 May 2021
Redding, California, May 25, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “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”, 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 from $ 41.2 billion in 2020.
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The growth in the overall optoelectronics market is mainly attributed to factors such as growing demand for smart consumer electronic devices, increasing demand for optical solutions in the healthcare & automotive industry, and increasing need for long-life & low power consuming components. The market is seeking growth opportunities from rising IIoT applications, advancements in Li-Fi technology, and innovations in optoelectronic devices.
Advancements in Li-Fi technology which allows data transmission via light sources to overcome the challenges faced by the 5G and Wi-Fi technologies, is expected to create huge growth prospects for the optoelectronic components in the coming years. The advanced smartphones and wearable with intuitive displays and camera technology is driving the demand for optoelectronic components. Moreover, the high-tech cameras also demand image sensors with the capability to capture precise high-quality images, further spurring the market growth.
The use of optical sensors for biosensing applications in the healthcare industry allows monitoring of heart rate and functions of other vital organs in the human body. Thus, the use of non-intrusive, inexpensive sensors across advanced healthcare applications offers a paradigm change in terms of consumer wellness. Moreover, the growing demand for automotive lighting for interior as well as exterior applications and demand for head-up display units is expected to propel the demand for optoelectronic components such as LEDs and display panels.
The sudden outbreak of the COVID-19 pandemic had a strong impact on businesses worldwide. The demand for optoelectronics witnessed a dip due to the shutdown of consumer electronics, automobile, industrial, and other manufacturing facilities across the globe. However, the market is expected to gain traction in 2021 with the opening up of manufacturing facilities at their full operating capacity to meet the growing demand for optoelectronic components across various industry verticals.
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Based on device, the optoelectronics market is segmented into LED, sensors, infrared components, optocoupler, photovoltaic cells, displays, and other devices. The LED segment is further bifurcated into general LED, UV LED, and OLED; whereas, the sensors segment is divided into phototransistors, photodiode, photo relay, image sensors, optical sensors, and UV sensors. The sensors segment commanded the largest share of the overall optoelectronics market in 2020, mainly attributed to the growing adoption of IoT and automation in the optoelectronics industry.
Based on device material, the optoelectronics market is segmented into gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide. The gallium nitride segment commanded the largest share of the overall optoelectronics market in 2020. The ability to withstand high temperatures and voltages makes gallium nitride ideal for imaging and sensing applications. GaN is used in LEDs, power devices, RF components, lasers, and photonics applications. Thus, the need for enhanced efficiency, minimized power consumption, and lower system costs contributes to the GaN segment’s largest share among other device materials in the optoelectronics market.
Based on application, the optoelectronics market is segmented into lighting, security & surveillance, communication, measurement, displays, and other applications. The measurement segment commanded the largest share of the overall optoelectronics market in 2020. Rising machine vision applications and the growing need for automated monitoring, control, and analysis of various operational processes are contributing to the growth of measurement applications in the optoelectronics market.
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Based on industry vertical, the optoelectronics market is segmented into automotive, consumer electronics, aerospace & defense, IT & telecommunication, healthcare, food & beverage, energy & utility, residential, industrial, commercial, and other industry verticals. The consumer electronics segment commanded the largest share of the overall optoelectronics market in 2020. Advancement in electronic devices and increasing adoption of smart connected devices is driving the growth of consumer electronics devices in the optoelectronics market.
Based on geography, the global optoelectronics market is segmented into North America (U.S., Canada), Europe (U.K., Germany, France, Spain, Italy, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Indonesia, Australia, and Rest of Asia-Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa), and Latin America (Brazil, Mexico, Argentina, Rest of Latin America). Asia-Pacific region accounted for the largest share of the global optoelectronics market in 2020, followed by Europe and North America. The largest share of this region is mainly attributed to the strong presence of large consumer electronics companies such as Samsung and Sony Corporation and rapidly growing industrial automation. Asia-Pacific is also projected to grow at the highest CAGR during the forecast period.
The key players operating in the global optoelectronics market are Rohm Co., Ltd (Japan), Renesas Electronics Corporation (Japan), Vishay Intertechnology, Inc. (U.S.), Hamamatsu Photonics K.K. (Japan), Osram Licht AG (Germany), ON Semiconductor Corporation (U.S.), Cree, Inc. (U.S.), TT Electronics plc (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.).
To gain more insights into the market with a detailed table of content and figures, click here:
Report Scope
Optoelectronics Market, by Device
Optoelectronics Market, by Device Material
Optoelectronics Market, by Application
Optoelectronics Market, by End User
Optoelectronics Market, by Geography
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