"Rising Adoption of Light Technology across Various Sectors predicted to uplift the demand of Optoelectronics Devices Globally."
The global optoelectronics market was stood 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.
Significant disruptions in electronic devices over the recent past, along with the rising trend of renewable energy sources, have triggered the growth of the optoelectronics market. Optoelectronics are the electronics devices that use optical interaction to generate an electronic response in the presence of some optically active semiconductors. Its significant advantages over the traditional semiconductor devices have surged its adoption in various sectors such as automotive, medical, research, and many others. Some attractive features are low power consumption, high communication bandwidth, and high-temperature sensitivity.
In addition, stringent regulations for electricity consumption and increasing contamination of harmful gases in the atmosphere during electricity generation have triggered the application of light energy. As a result, Europe and other regional governments have thrived their development pace of the photonic industry. For instance, the European government has designed its strategic roadmap to adopt light technology in various end-use sectors until 2027. As a result, they have projected the light technology market growth at 8.4% in the region up to 2022.
Market Synopsis
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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 many other sectors is the prime factor contributing to its significant growth. However, laser diodes are expected to witness frenetic growth during the forecast period owing to the increasing deployment of lasers in the industrial sector. In addition, laser diodes are the optoelectronic component used for laser generation across various verticals. Furthermore, increasing investment in LiDAR technology is 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 an investment of US$ 555.37 in LiDAR sensors.
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End-use Industry Analysis
"Automotive Industry foresees Lucrative Growth over the Analysis Period."
Despite sluggish growth in the automotive sale, new technology integration and innovations in the automotive industry has gained remarkable momentum over the past few years. The 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 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.
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Regional Analysis
"North America acquired Prominent Revenue Share in the Global Optoelectronics Market in 2018."
Increasing investment in smart infrastructure and automation technology has projected North America as the global leader in the optoelectronics market in 2018. North America leads the global smart building investment with around 36% share across the world. The region also witness an escalating growth in smart energy, smart city, and other smart solutions. Several smart city projects are running in North American cities, including Detroit, Austin, San Diego, Portland, and many more.
The Asia Pacific is anticipated to register the fastest growth in the optoelectronics market during the forecast period. The region's exponential growth is mainly due to the large consumer electronics and automotive market. In addition, the growth of optoelectronic devices is also foreseen in other sectors such as running smart city projects, new technologies such as the Internet of Things (IoT), big data, augmented & virtual reality, and smart industrial appliances.
Key Players & Competitive Landscape:
"Alluring Opportunity for Innovation has surged the Competition among the Optoelectronics Market Players."
The global optoelectronics market is a matured market but still ushers innovations and paradigm shifts in the coming years. Moreover, several unexplored areas in optoelectronics provides alluring opportunity for research & development. Therefore, the market players are grapple in a close fight to strengthen their footprint in the global optoelectronics market.
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 the micro-LED wafer in the year 2019. The company has developed a 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 the rest of the world.
Historical & Forecast Period
This research study provides qualitative and quantitative insights for each segment and sub-segment from2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The optoelectronics market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global optoelectronics market based on product type, end-use industry, and geography. Key segments covered in the report are as follows:
