“The optoelectronic components market to grow at CAGR of 5.0% from 2020 to 2025”
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 of optoelectronic components, R&D leading to product innovation, and promising industrial IoT applications provide major growth opportunities to market players. The optoelectronic components market is mainly driven by the increased use of infrared components in consumer electronics & automobiles, long life & low power consumption, demand for improved imaging & optical sensing solutions in the healthcare vertical, and suitable physical properties of optoelectronic sensors to operate in harsh environments. The availability of cheaper substitute technologies to LED is expected to restrain market growth.
“Consumer electronics to hold the largest share in the optoelectronic components market by 2025”
The consumer electronics segment in the optoelectronic components industry is projected to hold the largest share during the forecast period. The adoption of optoelectronic components in the consumer electronic sectors 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.
“Sensor component to hold the largest share in the optoelectronic components industry by 2025”
The sensor component segment is projected to hold the majority of the optoelectronic components market share during the forecast period, owing to the usage of several types of sensors such as optical sensors, image sensors, phototransistors, photodiode, and photo relays for varied applications across several industries. The sensor component segment has been further subsegmented into phototransistors, photodiodes, photo relays, image sensors, optical sensors, and ultraviolet sensors.
“Measurement application to hold the largest share in the optoelectronic components market by 2025”
The measurement application segment is projected to hold the largest share in the optoelectronic components industry 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 processes & operations, control of processes & operations, and experimental engineering analysis, among others.
“Gallium nitride to hold the largest share in the optoelectronic components market by 2025”
The gallium nitride material segment is projected to hold the largest share in the 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, which are superior than older silicon-based optoelectronic components. Gallium nitride has major application in LEDs, which are widely used in general lighting and commercial lighting.
“APAC to be the largest optoelectronic components market by 2025”
APAC is projected to hold the largest share in the market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the optoelectronic components industry in APAC. The market in APAC is likely to be driven by the evolving automobile, medical, and industrial manufacturing companies and also the rising demand for optoelectronic components from the overseas markets of North America and Europe.
Breakdown of Profiles of Primary Participants:
- By Company: Tier 1–25%, Tier 2–40%, and Tier 3–35%
- By Designation: C-level Executives- 35%, Directors - 25%, and Others* - 40%
- By Region: North America - 45%, Europe - 20%, APAC - 25%, and RoW** - 10%
*Others include VPs, sales, marketing, and product managers.
**RoW includes South America and the Middle East & Africa.
Major Players Profiled:
TT Electronics (UK)
ON Semiconductor (US)
SICK AG (Germany)
Samsung (South Korea)
This report offers detailed insights on the optoelectronic components market, which is segmented on the basis of component into sensor, LED, laser diode, and infrared components). Based on application, the market is segmented into measurement, lighting, communications, security & surveillance, and others (geographical survey, scanning, and spectrometry). Based on material, the market is segmented into gallium nitride, gallium arsenide, silicon carbide, indium phosphide, silicon germanium, and gallium phosphide. Based on vertical, the market is segmented into automotive, consumer electronics, telecommunication, military & aerospace, medical, residential, commercial, manufacturing, and others (utility, food & beverages, and pulp & paper). The study also forecasts the size of the market based on four regions?North America, Europe, Asia Pacific (APAC), and RoW.
Reasons To Buy the Report
The report would help market leaders/new entrants in the following ways:
- It segments the optoelectronic components market comprehensively and provides the closest approximations of the overall and segment-based market sizes across different components, materials, applications, verticals, and regions.
- The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for the growth of the market.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their market position. The competitive landscape section includes the competitive analysis of top players, as well as strategies such as product launches & developments, mergers and acquisitions, partnerships, and contracts adopted by major market players.