The global optoelectronic components market appears to be fragmented in terms of competition, finds Transparency Market Research (TMR). With a view to get a better foothold in the market, a number of market players have been focusing on mergers and acquisitions, partnerships, and offering cost-effective solutions.
Another key trend observed in the competitive scenario is development of new products. For instance, Vishay Intertechnology introduced a novel metal-core-based cool white LED power module in January 2016. During the same month, Cree Inc. came up with its Xlamp XQ-A LED. Similarly, in March 2015, Avago technologies launched a new ACPL-302J, a smart gate drive optocoupler.
The global market for optoelectronic components is expected to gain a revenue worth US$137.44 bn by the end of 2023, expanding at a CAGR of 9.7% during 2015-2023, states TMR. By components, the leading segment of the market is likely to be LED drivers and ICs, which dominated the market in 2014 as well. This segment is slated to attain a value worth US$49.12 bn by 2023. By region, Asia Pacific dominated the market in 2014, and will expand at a CAGR of 11% during the forecast period.
Rapidly Multiplying Demand from Automotive Sector in Asia Pacific to Propel Growth
Asia Pacific is expected to retain its dominant position over the next few years. The optoelectronics components are exhibiting rising demand on account of the advantages they offer such as high efficiency, exceptional reliability, and longer shelf life. The automotive sector in this region has been responsible for a large chunk of the revenue due to its increasing deployment of optocouplers and image sensors in cameras and smartphones.
North America, the second-most leading market, is also slated for considerable growth. Extensive product development projects and widespread application of optoelectronic components such as laser diodes, image sensors, and LEDs across numerous applications such as consumer electronics have been aiding the expansion of the market. Latin America and the Middle East and Africa are also likely to present significant growth opportunities. Italy, Germany, France, and the U.K. are the major contributors ensuring the growth of Europe.
Development of Wearable Cameras to Furnish Key Growth Opportunities
Technological advancement has helped in the development of more scalable, reliable, and better performance components. More advanced and convenient components are witnessing greater preference worldwide. Telecommunications networks require these devices as they exhibit greater network flexibility. The robust development of the healthcare and automotive sectors will ensure the expansion of this market. As optoelectronic components can be deployed in consumer electronics, aerospace, defense, residential and commercial sectors, the demand for these components is likely to soar. Furthermore, the increasing demand for infrared LEDs will fuel the market for optoelectronic components.
On the contrary, the availability of cheaper alternatives such as CMOS image sensors might inhibit the growth of the market. However, the emergence of wearable cameras is expected to provide substantial growth opportunities. The ongoing development of gesture control technology via image sensing should give a further impetus to the global market for optoelectronic components.
The information presented in this review is based on a Transparency Market Research report, titled, “Optoelectronic Components Market (Component - LED Driver and IC (General LED and HV LED), OLED, Image Sensor (CMOS Image Sensor and CCD Image Sensor), Infrared Component (Infrared Emitting Diode, Irda Transceiver, and Infrared Detector), Optocouplers (4 Pin Optocoupler, 6 Pin Optocoupler, High Speed Optocoupler, IGBT Gate Driver, and Isolation Amplifier), and Laser Diode (Near Infrared, Red Laser Diode, Blue Laser Diode, and Green Laser Diode)) -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023”.
Key Segments of the Global Optoelectronic Components Market
Global Optoelectronic Components Market by Components
- LED Driver and IC
- General LED
- HV LED
- Image Sensor
- CMOS Image Sensor
- CCD Image Sensor
- Infrared Component
- Infrared Emitting Diode
- Irda Transceiver
- Infrared Detector
- 4 Pin Optocoupler
- 6 Pin Optocoupler
- High Speed Optocoupler
- IGBT Gate Driver
- Isolation Amplifier
- Laser Diode
- Near Infrared
- Red Laser Diode
- Blue Laser Diode
- Green Laser Diode
Global Optoelectronic Components Market by Geography
- North America
- Rest of the North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East and Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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