Key Revenue Pocked - Optoelectronic Components Market
Optoelectronic components cover electronic devices that operate on both, light and electrical currents. These can include light sources that are electrically driven, devices that can convert light into electrical current, and devices capable of electronically control light propagation. This report covers optoelectronic components such as LEDs, optocouplers, sensors, infrared components, ultraviolet components, and laser diodes. These components find application in verticals such as automotive, consumer electronics, telecommunication, military & aerospace, industrial, medical, and residential & commercial.
The global optoelectronic components market size is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%. Emerging opportunities for optoelectronic components and R&D could lead to innovation. Promising industrial IoT applications provide major growth opportunities to market players. The optoelectronic components industry growth is mainly driven by the increased use of infrared components in consumer electronics and automobiles, their long life and low power consumption, the demand for improved imaging and optical sensing solutions in healthcare vertical, and the suitable physical properties of optoelectronic sensors to operate in harsh environments.
The sensor component segment is projected to hold the largest share in the optoelectronic components market during the forecast period, owing to the usage of several types of sensors such as optical, image, phototransistors, photodiode, and photo relays in varied applications across several industries. The major function of an optoelectronic sensor is to convert light signals into electrical signals. The sensor component segment has further been subsegmented into phototransistors, photodiodes, photo relays, image sensors, optical sensors, and ultraviolet sensors.
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The measurement application segment is projected to hold the largest share in the optoelectronic components market during the forecast period. Measurement systems use optoelectronic sensors to convert light signals to electric currents and are used for several applications such as machine vision, monitoring of process and operations, control of process and operation, and experimental engineering analysis, among others. Optoelectronic components used for measurement applications include sensors (image sensors, optical sensors, phototransistors, photodiodes, photo relays, and UV sensors) and infrared detectors.
The gallium nitride material segment is projected to hold the largest share in the optoelectronic components market during the forecast period. Gallium nitride is a high electron mobility transistor (HEHT) material that is used as a basic component for optoelectronic components that are superior to older silicon-based optoelectronic components. Since gallium nitride can emit ultraviolet (UV) and visible light, as well as tolerate high temperatures and voltages, it is used in lighting and power transistor applications. Gallium nitride has its major application in LEDs, which are widely used in general lighting and commercial lighting.
The consumer electronics segment witnesses the highest adoption of optoelectronic components. This vertical in the optoelectronic components market is projected to hold the largest share during the forecast period. The adoption of optoelectronic components in the consumer electronics sector has increased due to the technical advancements and the increasing use of consumer goods such as high-end sophisticated cameras, photocopy machines, smartphones, blue-ray storage devices, flat & flexible television displays, and more. The flexibility, small size, and low power consumption of optoelectronic components like LEDs, image sensors, and optoelectronic sensors have played a major role in the increasing adoption of these components in consumer electronics.
Asia Pacific is projected to hold the largest share in the optoelectronic components market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the market in this region. The market here is likely to be driven by the evolving automobile, medical, and industrial manufacturing companies, as well as the rising demand for optoelectronic components from the overseas markets of North America and Europe.
Related Reports:
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
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