Meticulous Research®—leading global market research company published a research report titled “Optoelectronics Market by Device (LEDs, Sensors), Device Material (Gallium Nitride, Indium Phosphide), Application (Measurement, Communication, Lighting), End User (Consumer Electronics, Healthcare), and Geography—Global Forecast to 2027.”

According to this latest publication from Meticulous Research®, the optoelectronics market is projected to reach a value of $ 77.9 billion by 2027, at a CAGR of 9.6% during the forecast period. The optoelectronics market is growing rapidly due to the increasing demand for optical solutions in the healthcare and automotive industries, growing adoption of smart consumer electronics devices, and riding 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.

Advancements in Li-Fi technology, which allows data transmission via light sources to overcome the challenges faced by 5G and Wi-Fi technologies, is expected to create huge growth prospects for the adoption of optoelectronic components in the coming years. The technology offers interference-free communication where wireless and even cellular signals fail. Moreover, the technology offers greater data security than Wi-Fi. As Li-Fi technology operates only within the visible light range, potential hackers cannot use Wi-Fi frequency sniffers to hack the data transmissions. Therefore, the technology has witnessed increased demand in the military, medical, and underwater communication applications.

The optoelectronics market is segmented by device (LEDs [general LEDs, UV LEDs, and OLEDs], sensors [phototransistors, photodiodes, photo relays, image sensors {CMOS image sensors, CCD image sensors, hybrid image sensors}, optical sensors, and UV sensors], infrared components [detectors, transceivers, and emitters], optocouplers, photovoltaic cells/solar cells, displays, and others), device material (gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide), application (lighting, security & surveillance, communication, measurement, displays, and others), end user (automotive, consumer electronics, aerospace & defense, IT & telecommunication, healthcare, food & beverage, energy & utilities, residential, industrial, commercial, and others). The study also evaluates industry competitors and analyzes the market at the country level.

Based on device, the optoelectronics market has been 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 projected to register the highest CAGR during the forecast period. The use of optical sensors in the textile industry offers improved safety, CMOS image sensors are used in cameras, spectroscopy, and LiDAR systems, and plasmonic color sensors are used for LED monitoring and colorimetry, among other applications. Key players are emphasizing the development of advanced CMOS and hybrid sensors for capturing the data precisely and catering to a wide application area.

Based on device material, the optoelectronics market has been segmented into gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide. Silicon carbide (SiC) is expected to witness immense demand during the forecast period, as SiC semiconductor components are being used increasingly in advanced electronic applications. SiC can handle high power density due to its high breakdown voltage and high-frequency band, which allows significant performance enhancements in electronics applications. Moreover, SiC-based components work well in hot and rugged environments with a minimal mean time to failure (MTTF), thereby improving the quality and reliability of the components.

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 commanded the largest share amongst the various other applications in the optoelectronics market in 2020. Optoelectronic measurement systems are more accurate than the other systems, due to which they 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 technologies is driving the adoption of optoelectronics components for 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. In 2020, the consumer electronics segment accounted for the largest share of the optoelectronics market, owing to the increasing adoption of smart consumer devices and the need for advanced display and camera technology for televisions, smartphones, wearables, and other consumer electronics devices.

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Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis for North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Indonesia, Australia, and the rest of Asia-Pacific), 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 commanded the largest market share in 2020, and the regional market is projected to record the highest CAGR between 2020 to 2027, followed by North America and Europe. The growth in the region is mainly attributed to the presence of key players 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. Moreover, growth in the healthcare, consumer electronics, and automotive industries across some of the fastest-growing economies of the world, such as India, China, and Indonesia, is projected to further fuel the market’s growth.

Key Players

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.).

Key Questions Answered in the Report-

1 Which are the high-growth market segments in terms of device, device material, application, end user, and region/countries?
2 What was the historical market size for optoelectronics across the globe?
3 What are the market forecasts and estimates for the period 2020–2027?
4 What are the major drivers, restraints, and opportunities in the global optoelectronics market?
5 Who are the major players in the optoelectronics market?
6 How is the competitive landscape, and who are the market leaders in the global optoelectronics market?
7 What are the recent developments in the global optoelectronics market?
8 What are the various strategies adopted by the major players in the global optoelectronics market?
9 What are the geographical trends, and which are the high-growth regions/countries?

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