New York, United States , Aug. 03, 2024 (GLOBE NEWSWIRE) -- The Global Optoelectronics Market Size is to Grow from USD 40.79 Billion in 2023 to USD 82.16 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.25% % during the projected period.
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Optoelectronic devices use semiconductor characteristics to convert light to electrical impulses and vice versa. These gadgets are useful for a variety of purposes, including communications, displays, sensors, and illumination. LEDs, lasers, photodiodes, and opt couplers are numerous instances of common optoelectronics devices. Consumer electronic devices, digital imaging solutions, and communication networks are the main markets for optoelectronics' major high-brightness LEDs (HB-LEDs), CMOS image sensors, and fiber-optic laser transmitter components.
For example, in March 2023, Broadcom, the industry's leading semiconductor manufacturer, released a 5nm 100G/lane optical PAM-4 integrated trans-impedance amplifier (TIA) with laser driver. It was designed primarily to boost performance for hyper-scale data centers and cloud providers. Developments in optoelectronic materials, manufacturing techniques, and device design result in more efficient, reliable, and cost-effective devices, which drive market growth. The increased demand for high-speed data transmission in telecommunications and data centers necessitates the use of advanced optoelectronic components such as optical transceivers, particularly as 5G networks are deployed, which is driving market growth. Furthermore, optoelectronics-based materials are higher in price than traditional products, which is frequently one of the impediments to industry expansion.
Browse key industry insights spread across 230 pages with 120 Market data tables and figures & charts from the report on the "Global Optoelectronics Market Size, Share, and COVID-19 Impact Analysis, By Product (Optical Information Instruments, Optical Sources & Optoelectronics Devices, Optical Communication, Precision Instruments, Optical Materials, and Optical Instruments), By Application (Residential and Industrial (Automotive, Consumer Electronics, Telecommunication, Healthcare, Energy & Power, Military, Utilities, and Others)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The optical information instruments segment accounted for the largest revenue share of the optoelectronics market during the projected timeframe.
Based on the product, the optoelectronics market is categorized into optical information instruments, optical sources & optoelectronics devices, optical communication, precision instruments, optical materials, and optical instruments. Among these, the optical information instruments segment accounted for the largest revenue share of the optoelectronics market during the projected timeframe. Optical information instruments are increasingly being used in 5G technology and electronics, where optoelectronic components are used for retina display solutions in smartphones and electronic devices. The increasing use of image sensors in medical imaging applications such as optical coherence tomography (OCT) and endoscopy is driving up product demand.
The industrial segment is projected to hold a significant market share of the optoelectronics market during the projected timeframe.
Based on the application, the optoelectronics market is categorized into residential, and industrial. Among these, the industrial segment is projected to hold a significant market share of the optoelectronics market during the projected timeframe. The industrial sector is quickly expanding and dominating the market as the outcome of the increased use of fibre optics and optical instruments in data centers, including optimal computing for more efficient data processing. The increased promotion of electronic control modules (ECM) in the automotive industry is the key driver of the segment's dominance, and the market is expected to grow significantly.
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Asia Pacific is expected to hold the largest share of the optoelectronics market over the forecast period.
Asia Pacific is expected to hold the largest share of the optoelectronics market over the forecast period. China, India, South Korea, and Japan are the key growth drivers in Asia Pacific. The key engine of growth was rising demand for consumer electronics including screens, cameras, and other optoelectronic components. China anticipates having the largest market share. This is due to increased technological progress and rapid technological acceptance, which has resulted in a high market penetration for novel optical electronics products.
North America is predicted to grow at the fastest pace in the optoelectronics market during the projected timeframe. North America, dominated by the United States, is a rapidly expanding location in the optoelectronics market, with strong demand for optoelectronic devices in industries such as automotive, healthcare, and aerospace, in part due to major investments in R&D.
Europe's optoelectronics market is growing rapidly. The region's emphasis on technological innovation, paired with favourable government policies that stimulate the adoption of optoelectronic technology, contributed to its market leadership. Furthermore, the presence of significant optoelectronic manufacturers and a well-established semiconductor industry accelerated market expansion in various European countries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Optoelectronics Market Broadcom, Omnivision Technologies Inc., Samsung, Intel, Texas Instruments, Panasonic Corporation, Sony Corporation, Sharp Corporation, General Electric Co., IPG Photonics Corp., LG Innotek Co. Ltd., Luna Innovations Inc., Nichia Corporation, Applied Materials.
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Recent Developments
- In May 2024, Marktech Optoelectronics, a producer of distinctive light emission and detection solutions, announced its launch of new 235nm and 255nm UVC LEDs mounted on starboards, a significant advancement that will speed up the development and prototyping of sensors, analyzers, and sanitizers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the optoelectronics market based on the below-mentioned segments:
Global Optoelectronics Market, By Product
- Optical information instruments
- Optical sources & optoelectronics devices
- Optical communication
- Precision instruments
- Optical materials
- Optical instruments
Global Optoelectronics Market, By Application
- Residential
- Industrial
- Automotive
- Consumer Electronics
- Telecommunication
- Healthcare
- Energy & Power
- Military
- Utilities
- Others
Global Optoelectronics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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