Optoelectronics is the communication between optics and electronics, which includes the study, design and manufacture of a hardware device that converts electrical energy into light and light energy through semiconductors. This device is made of solid crystalline materials that are lighter than metals and heavier than insulators. Optoelectronics is basically an electronic lighting device. This device can be found in a number of optoelectronics applications, such as military services, telecommunications, automatic access control systems and medical devices.
The optoelectronics market was valued 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.
Market Insights
"Rising Trend for Renewable Energy expected to spur the Optoelectronics Demand over the Forecast Period"
Photonics and optoelectronics are key enablers for digitalization, IoT, artificial intelligence, big data, automation, and other mega-trends of the era. Optoelectronics is therefore the fastest growing sector in the semiconductor industry and is expected to continue the same trend in the coming years. In addition, future disruptions in the optical industry are predicted to shape future trends in the optoelectronics and photonics industries. It is believed that only 20% of the light technology potential has been revealed and many more are expected to come in the near future. The global photonics market stood at US$ 666 billion in 2018 and is expected to grow at a steady pace.
In addition, the growing preference of solar energy for electricity generation has also accelerated the market for optoelectronics at a rapid pace. Moreover, the complexity of optoelectronic devices while integrating them with other devices coupled with high initial costs may hinder the growth of the market. However, its attractive advantages overcome its disadvantages, such as high bandwidth, low power consumption and lower current value, which are necessary for its operation.
The global optoelectronics market seeks high competition attributed to new product launch, on-going research, regional expansion, and product upgradation. In addition, market players are also focused on strategic alliance and merger, acquisition to strengthen their market position.
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Regional Analysis
"The North America acquired Prominent Revenue Share in the Global Optoelectronics Market in 2018"
Increasing investment on smart infrastructure and automation technology has projected North America as the global leader in the optoelectronics market in 2018. North America lead 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.
Asia Pacific expected 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 the automotive market. In addition, the growth of optoelectronic devices is also expected in other sectors such as smart city projects, new technologies such as the Internet of Things (IoT), big data, augmented & virtual reality, and smart industrial appliances.
Industrial Developments
On November 09, 2018, Solid State PLC acquired Pacer Technologies Ltd., a display and optoelectronics specialist. The acquisition helps the company in enhancing its exposure to the niche medical market. Furthermore, the acquisition enabled the company to design & manufacture the products by its own by using recent investment by Pacer Technologies Ltd.
"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 in many other sectors is the prime factor contributing to its significant growth. However, laser diodes expected to witness frenetic growth during the forecast period owing to increasing deployment of lasers in industrial sector. In addition, laser diodes are the widely used optoelectronic component used for laser generation across various verticals. Furthermore, increasing investment in LiDAR technology 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 invest US$ 555.37 in LiDAR sensors.
Key Market Movements:
• Globally, the optoelectronics market projected to witness a CAGR of 11.2% during the forecast period from 2019 to 2027
• The LED segment dominated the global optoelectronics market in 2018 with maximum revenue share. Prominent application of LED in display units and ICs have uplifted its demand in the present market status.
• Escalating use of industrial lasers along with rising investment in LiDAR technology has triggered the growth in laser diode demand
• Consumer electronics segment held significant market revenue share in 2018 owing to increasing application of photodetectors, LEDs, and image sensors in display screens, cameras, and different wearable electronics
• Asia Pacific seeks lucrative growth over the forecast period due to fastest growing consumer electronics market
• North America and Europe garnered prominent market share in the year 2018 attributed to rising investment in smart city, and emerging technologies such as IoT, big data, and others.
List of Companies Covered:
• Toshiba Corp.
• Sony Corp.
• Samsung Electronics
• Osram Licht AG
• ROHM Co., Ltd.
• Sharp Corp.
• BetaLED
• Avago Technologies
• Panasonic
• Philips
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