New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Opto Semiconductor Market is expected to experience significant growth in the coming years, according to the report published by Reports Insights. The market was valued at USD 48.19 Billion in 2022 and is projected to reach over USD 112.98 Billion by 2030, growing at a CAGR of 11.8%. Additionally, companies in the opto semiconductor market need to focus on improving their manufacturing processes and developing innovative solutions that meet the specific needs of their target customers. Overall, the opto semiconductor market presents significant growth opportunities, and companies can leverage these opportunities by investing in research and development and expanding their product offerings to meet the growing demand.
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Opto semiconductors, also known as optoelectronics or photonics, are electronic devices that are designed to interact with light. The devices are made from semiconductor materials, such as gallium arsenide or indium phosphide, which can emit or detect light. Some examples of opto semiconductors include light-emitting diodes (LEDs), photodiodes, and lasers. LEDs are commonly used in a wide range of applications, such as lighting, displays, and signage, while photodiodes are used in light sensors, optical communication systems, and imaging devices. Further, lasers are used in a wide range of applications, including telecommunications, medicine, and manufacturing among others.
Opto semiconductors are important in the development of technologies that rely on light, such as fiber optic communications and photovoltaic solar cells. The devices offer many advantages over traditional electronics, including high speed, low power consumption, and the ability to transmit large amounts of information over long distances.
Global Opto Semiconductor Market Report Scope:-
| Report Attributes | Report Details |
| Market Size in 2030 | USD 112.98 Billion |
| CAGR (2023-2030) | 11.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Nichia, Osram, Samsung, Lumileds, Cree, Seoul Semiconductor, Everlight, LG Innoteck, Epister, Liteon, Avago, Vishay, Fairchild, Renesas Electronics |
| By Product | LEDs, Image Sensors, Infrared Emitters & Detectors, Laser Diodes, Optocouplers |
| By Material | Silicon, Gallium Arsenide, Indium Gallium Arsenide, and Gallium Nitride |
| By End-User | Residential, Commercial, and Industrial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa |
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Key Market Highlights
- The Global Opto Semiconductor Market size is estimated to exceed USD 112.98 billion by 2030 and grow at a CAGR of 11.7% during the forecast period (2023-2030).
- Globally, Opto Semiconductor is divided based on the product into LEDs, image sensors, infrared emitters & detectors, laser diodes, optocouplers.
- In the context of the material, the market is separated into silicon, gallium arsenide, indium gallium arsenide, and gallium nitride.
- On the basis of end-use, the market is categorized into residential, commercial, and industrial.
- The market is geographically divided into five regions: Europe, Latin America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific is estimated to support the market growth during the forecast period due to the presence of large number of market players combined with high expenditures on technological advancements in Opto Semiconductor.
Opto Semiconductor Market Segmentation Details:
Based on product, the LEDs hold the major share in the opto semiconductor market due to their wide range of advantages including energy efficiency, longer lifespan, and environmental benefits among others. LEDs are much more energy-efficient than traditional incandescent bulbs, using up to 90% less energy to produce the same amount of light. Also, LEDs last up to 25 times longer than traditional incandescent bulbs, which reduces the need for frequent replacement and maintenance. Further, the LEDs are used for a wide range of applications including automotive lighting, general lighting, displays, and backlighting which further helps in boosting the market growth of the opto semiconductor.
Based on material, Silicon is the most commonly used material and holds the dominant share in the market. Silicon is abundant and relatively less costly compared to other semiconductor materials, which makes it an attractive option for applications where cost is a major factor. Further, silicon-based manufacturing processes are highly scalable, which results in the production of opto semiconductors in large volumes and at lower costs.
Based on end use, the industrial segment acquired the largest share in the market. Opto-semiconductors are used in various industrial applications, such as optical communication, data storage, and sensing. The applications of opto semiconductors in the industrial segment include optical sensors for measuring parameters such as temperature, pressure, and strain; imaging devices for inspection and quality control; and communication systems for transmitting data between different parts of a manufacturing or processing system. The use of opto semiconductors is expected to continue to grow in industrial applications as the technology advances and becomes more widely adopted.
Based on region, Asia-Pacific region is the largest market for opto semiconductors, driven by the presence of major players such as Hitachi High-Tech in this region. Growing demand from various end-use industries and increasing investments in the opto semiconductor industry are further driving the growth of the regional market. The growth of the opto semiconductor market in Asia-Pacific is driven by factors such as the increasing demand for the energy-efficient. Moreover, the growing trend towards automation and digitalization across industries such as consumer electronics, automotive, and others is also boosting market growth.
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Recent Developments
- In January 2021, ROHM Co. Ltd., a Japan-based company launched its new ultra-compact, infrared LED called CSL1501RW.
- In October 2020, ON Semiconductor launched AR0234CS, CMOS image sensor featuring global shutter technology.
List of Major Opto Semiconductor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Nichia
- Osram
- Samsung
- Lumileds
- Cree
- Seoul Semiconductor
- Everlight
- LG Innoteck
- Epister
- Liteon
- Avago
- Vishay
- Fairchild
- Renesas Electronics
Global Opto Semiconductor Market Segmentation:
- By Product
- LEDs
- Image Sensors
- Infrared Emitters & Detectors
- Laser Diodes
- Optocouplers
- By Material
- Silicon
- Gallium Arsenide
- Indium Gallium Arsenide
- Gallium Nitride
- By End User
- Residential
- Commercial
- Industrial
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