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Global Optoelectronics Market Overview:
Optoelectronics Market Size was valued at USD 34.1 Billion in 2023. The Optoelectronics market industry is projected to grow from USD 38.19 Billion in 2024 to USD 84.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.44% during the forecast period (2024 - 2032). Increased application of optoelectronics in several different sectors and increased utilization of infrared components are the key market drivers enhancing the growth of market.
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Optoelectronics Market Trends
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The growing application of optoelectronics in several sectors is driving market growth.
Market CAGR for optoelectronics is being driven by the rising application of optoelectronics in several sectors. Optoelectronic technologies are largely applied in the fabrication of image sensors and high-capacity batteries. Optoelectronics has a growing demand for optical solutions in the automotive and healthcare industries is boosting the growth of the optoelectronics market globally. The rising demand for the growing sales of luxury and ultra-luxury vehicle modes is expected to fuel the growth of the optoelectronics market.
Optoelectronics is utilized for the transmission, emission, and modulation of light signals; because of the rapid expansion in optoelectronics technology, it is anticipated that optoelectronics adoption will increase in communication, material science, and medicine over a period of time. Optoelectronics is a crucial part of different advanced technologies. Automotive and healthcare are well-known industries that have begun to adopt optoelectronics in the current years. The utilization of optical sensors for biosensing applications in the healthcare industry help in monitoring the heart rate and functioning of different other important organs in the human body. Therefore, the utilization of non-intrusive and cost-effective sensors throughout advanced healthcare applications has caused a standard change in consumer wellness. Additionally, the rising demand for automotive lighting for exterior and interior applications and head-up display units is anticipated to fuel the demand for optoelectronic components like LEDs and display panels. LED lighting is more long-lasting, generates light of similar or superior quality, and consumes reduced energy compared to other forms of lighting.
The incentive to extemporize the safety and lighting of the vehicles and continuous emphasis on the RandD activities will cause the growth of optoelectronics in luxury vehicles, and optoelectronics are utilized in new cars to automate the vehicle purpose like headlights and break-lights leads to growth in the sales of luxury and the ultra-luxury vehicles increases the requirement for optoelectronics market. As per the Federation Dealers Associations, a national body that represents automobile dealers in India, the sale of retail luxury cars increased by 19.7% because of the high dealership and inventory with the OEMs. Thus the increased sale of luxury vehicles fueled the market of optoelectronics.
Further, the adoption of optoelectronics is anticipated to increase in electronic components like LEDs, OLEDs, Blu-ray, and compact disk devices. The changes in the communication platforms like multimedia, mobile phones, and digital transmission with broader bandwidth requirements are possible because of the fast development in technology. Optoelectronics is the combination of optical communication, optical imaging, and optical storage industries. Thus, driving the Optoelectronics market revenue.
The price of optoelectronic-based products is more when compared to conventional products, which can be a factor in limiting the growth of the optoelectronics market. The Customers might opt for alternative technology instead of optoelectronics-based products like LCD display rather than LED display.
Optoelectronics Market Segment Insights:
Optoelectronics Device Insights
The Optoelectronics Market segmentation, based on devices, includes LEDs, Sensors, Infrared Components, and Others. The sensors segment dominates the market, accounting for the highest market share because of the rapid adoption of different sensors like photodiodes, optical sensors, and image sensors throughout different industry verticals. The utilization of optical sensors in the textile industry provides enhanced safety; CMOS image sensors are used in spectroscopy, cameras, and LiDAR systems, and plasmonic color sensors are utilized for LED monitoring and colorimetry. Therefore, the adoption of different sensors in a broad application area helps in the growth of this segment.
Optoelectronics Material Insights
The Optoelectronics Market segmentation, based on material, includes Gallium Nitride, Gallium Arsenide, Silicon Carbide, and Others. The gallium nitride segment dominates the market; it is a binary III/V direct band-gap semiconductor that is perfect for high-power transistors capable of operating at high voltage and temperature, making gallium nitride perfect for imaging and sensing applications. It is used in power devices, LEDs, RF components, lasers, and photonics applications. Therefore, the requirement for improved efficiency, reduced power consumption, and less system costs are boosting the growth of this segment.
Figure 1: Optoelectronics Market, by Material, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Optoelectronics Regional Insights
By region, the study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Optoelectronics market area dominates the market due to the increasing manufacturing of automobiles and a drastic increase in demand for premium segment passenger vehicles in this region. The US is the largest contributor to the growth of the optoelectronic market in the North American region, followed by Canada.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: Optoelectronics Market SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Optoelectronics market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing utilization of different components in consumer electronics in this region. Further, the German Optoelectronics market held the largest market share, and the UK Optoelectronics market was the fastest-growing market in the European region.
The Asia-Pacific Optoelectronics Market accounts for the second-largest market revenue due to the presence of major manufacturing industries in this region and the smart city initiatives, evolving innovations including big data, the IoT, and intelligent industrial appliances. Moreover, China’s Optoelectronics market held the largest market share, and the Indian Optoelectronics market was the fastest-growing market in the Asia-Pacific region.
Optoelectronics Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Optoelectronics market grow even more. Market players are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Optoelectronics industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Optoelectronics industry to benefit clients and increase the market sector. In recent years, the Optoelectronics industry has offered some of the most significant advantages to the electronic industry. Major players in the Optoelectronics market, including Alfa Chemistry Materials, OpenLight, Veeco Instrument, Bolite Optoelectronics, Nisshinbo Micro Devices Inc., General Electric Company, Panasonic Corporation, Samsung Electronics, Omnivision Technologies Inc., Sony Corporation., and others, are attempting to increase market demand by investing in research and development operations.
Nisshinbo Micro Devices Inc., founded in 2022, was formed with the integration of New Japan Radio Co Ltd. And former RICOH Electronic Devices Co Ltd. The company is a global analog solution provider. RICOH Electronic Devices is famous for power management IC provider integrated, and New Japan Radio Co Ltd is a known Op-amp supplier. In 2022, the development of the NJL5830R reflective-type optoelectronic sensor was completed by Nisshinbo Micro Devices Inc. for touchless pushbuttons and will start production in April 2022. The NJL5830R is an optoelectronic sensor of reflecting type which collates a high-power infrared LED with a reception photo IC in a single package. This combination of solutions will assist with infection management and hygiene by choosing buttons on extremely public infrastructure, including ticket dispensing machines, touchless automatic vending machines, and elevators.
Bolite Optoelectronics is a Taiwan-based company that provides highly customizable laser solutions. Bolite is a system integrator of fiber, solid-state, or diode laser technologies, including both dual and multi-wavelength lasers. The company has helped customers with successful advanced manufacturing processes. In February 2022, Bolite Optoelectronics, a laser micromachining subsystems and equipment supplier, announced the launch of their new automatic side-wiring system, the laser laser-based Bolite SW-L, which will be used to generate tiled microLED displays. This laser-based equipment offers high-accuracy alignment and complex production control and is entirely automated with autonomous handling. The smallest line width and spacing are 5um.
Key Companies in the Optoelectronics market include
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Alfa Chemistry Materials
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Veeco Instrument
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Bolite Optoelectronics
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Nisshinbo Micro Devices Inc.
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General Electric Company
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Panasonic Corporation
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Samsung Electronics
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Omnivision Technologies Inc.
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Sony Corporation
Optoelectronics Industry Developments
June 2022: A full range of high-quality perovskite materials was announced by Alfa Chemistry Materials, having surfaced as the maximum potential and effective, cost-effective energy materials in several optoelectronic and photovoltaic projects available in significant demand.
June 2022: A newly generated independent business established by Juniper and Synopsys, OpenLight, announced the world’s first open silicon photonics architecture with integrated lasers. The California-based corporation emphasizes providing chip makers a way to construct photonic integrated circuits with the greatest potential performance.
February 2021: Vecco Instruments announced that an optoelectronic part producer purchased many Lumina MOCVD Systems to design cutting-edge photonics applications. The customers now utilize different Veeco MOCVD systems and several Veeco technologies.
Optoelectronics Market Segmentation:
Optoelectronics Device Outlook
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LEDs
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Sensors
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Infrared Components
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Others
Optoelectronics Material Outlook
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Gallium Nitride
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Gallium Arsenide
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Silicon Carbide
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Other
Optoelectronics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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