According to the new research report "Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025" This market is expected to reach from USD 41.3 billion in 2020 to USD 52.7 billion by 2025, at a CAGR of 5.0%. The increased use of infrared components in consumer electronics and automobiles and ability to operate in extreme environment are key factors driving the growth of this market.
Browse 110 market data Tables and 74 Figures spread through 239 Pages and in-depth TOC on "Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025 - Global Forecast to 2025"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/optoelectronics-market-450.html
Sensors segment is expected to grow at the highest CAGR in the forecast period.
The major function of an optoelectronic sensor is to convert light signals into electrical signals. Optoelectronic sensors measure the quantity of light as input and convert it into electrical signals that are readable by instruments such as lamps, switches, smartwatches, and others. Osram (Germany), ON Semiconductor (US), Vishay (US), ams AG (Austria), and Sick AG (Germany) are some of the key players that offer different optoelectronic sensors. Optoelectronic sensors can be segmented into phototransistor, photodiode, photo relay, image sensors, optical sensor, and UV sensor.
Indium Phosphide to witness highest CAGR during the forecast period.
Indium Phosphide (InP) is a binary compound semiconductor material comprising indium and phosphorous. It has a zinc-blended crystal structure similar to GaAs. InP possesses properties such as superior electron velocity and direct bandgap, which make it a suitable base material in high-frequency & high-power electronics, and optoelectronics devices such as laser diodes. Indium phosphide is used as a substrate for epitaxial indium gallium arsenide, which is used in optoelectronic components.
Measurement application to grow at highest growth rate
Optoelectronic components used for measurement applications include sensors (image sensors, optical sensors, phototransistors, photodiodes, photo relays, and UV sensors) and infrared detectors. These measurement systems use optoelectronic sensors to convert light signals to electric current and are used for applications such as machine vision, monitoring and controlling processes & operations, and experimental engineering analysis, among others. Some of the prominent companies that offer optoelectronic components for measurement applications include Sick AG (Germany), Hamamatsu (Japan), OmniVision (US), and STMicroelectronics (Switzerland).
Automotive vertical to witness highest growth rate.
The automotive vertical includes the use of various LEDs, infrared components, image sensors, and laser diodes. Light sensors are used to detect ambient light to enable automatic switching of lights in vehicles. These sensors are also used to detect the presence of rain to enable the activation of windshield wipers. The use of LEDs in lighting applications has also increased in the automotive sector. LEDs offer more freedom in terms of design to improve aesthetics, compatibility, life, and power efficiency, which makes them a suitable solution for lighting in the automotive sector.
North America to account for the highest growth rate of the overall Optoelectronic Components Market during the forecast period
North America is one of the most technologically advanced markets for optoelectronic components owing to the presence of prominent system suppliers, large semiconductor companies, as well as LED, laser, and sensor manufacturers in the region. The size of the region, the high standard of living, and the competitiveness of military & aerospace, industrial, and medical original equipment manufacturers (OEMs) make this region a flourishing market for optoelectronic components.
The report profiles the most promising players in the Optoelectronic Components Market. The markets competitive landscape presents an interesting picture of strategies adopted by many players. Hamamatsu (Japan); Osram (Germany); TT Electronics (UK); Vishay (US); ON Semiconductor (US); CREE (US); Trumpf (Germany); Sick AG (Germany); Samsung (South Korea) and Sony (Japan) are few dominant players in the Optoelectronic Components Market.
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