Market Overview
Global Optoelectronics Market is projected to reach a market value of
USD 50.2 billion by the end of 2023 and is further anticipated to grow the market value of
USD 86.5 billion by 2032, at a
CAGR of 6.2%.
The Global Optoelectronics Market is a dynamic sector which is involved in the development, manufacturing & distribution of optoelectronics devices that detect the source of light and regulate it according to the instructions devices. These devices follow the principle of electronics and optics as they utilize the interaction of light with the semiconductor to perform various functions.
Further, the market serves different industries, like telecommunication, consumer electronics,
healthcare & automotive. Moreover, key elements behind the growth of this market are the increasing demand for energy-efficient lighting solutions & high-speed data transmission.
Market Dynamic
The Global Optoelectronics Market exhibits several dynamic factors and trends that shape the growth of this market. The optoelectronic market is driven by new inventions and technological advancements in LED
displays, sensors, laser diodes, and optical communication components that lead to the production of more efficient and high-performing optoelectronic devices. As the rapid growth in data traffic and expansion of internet networks has increased the demand for optoelectronic components like optical transceivers & optical fibers will also grow further.
However, the regulations and standards set by governments for environment monitoring, sustainability, and clean energy ideas are impacting the optoelectronic market. To meet these demands the manufacturers have started focusing on solar cells, sensors for air quality monitoring and air filters and these are potential prospects that will show promising growth in the future.
Research Scope and Analysis
By Device
Breaking down the Global Optoelectronic Market by device type shows various sub-segments like sensors, LEDs, optocouplers, infrared components, laser diode, photovoltaic cells & others. In this segment, the sensors holds a high proportion of the market share in comparison to other segments. The sensors are designed to detect & respond to any physical activity or environmental condition and convert it into electric signals. The sensors are used in various industries ranging from consumer electronics, healthcare, and automotive to environmental monitoring. In consumer electronics sensors are used for eye, fingerprint and face recognition, as in the medical industry the sensors are used in glucometers, pulse oximeters and endoscopy equipment. Sensors are indispensable in the Global Optoelectronics market as they are useful in detection and measurement by using light-based technology. And their wide range of use contributes to the growth of this market.
By Device Material
Segmenting the Global optoelectronics market by device material provides insight into the material used to create optoelectronic devices like gallium arsenide, gallium phosphide, gallium nitride, silicon germanium, silicon carbide & indium phosphide. In this segment, the largest portion of the market is acquired from gallium nitride as it is popular for its high power density and low energy costs. Gallium nitride is a wide-bandgap semiconductor material, which is used in optoelectronics for its efficiency and high-power handling capacity. It is used in the manufacturing process of devices such as LED lighting, laser diode & high-frequency amplifiers.
By End User
The global optoelectronic market segmented by end user helps manufacturing companies understand the application of optoelectronics and define their products based on market trends in several indusries. The growth of this market can be attributed to increased demand for optoelectronics in end use sectors like automotive, consumer electronics, healthcare, aerospace and defense industries. In this segmentation, consumer electronics is expected to reach the highest market share of 29.0% in 2023 and is anticipated to grow further in the forecasted period. Optoelectronics is deeply integrated into the manufacturing process of consumer electronic devices like phones, laptops & tablets. They are also used in the display of LED TVs & smartphone screens, and optical sensors like facial & fingerprint recognition.
The Global Optoelectronics Market Report is segmented on the basis of the following:
By Device
- LED
- Laser Diode
- Sensor
- IR Component
- Optocoupler
- Photovoltaic Cells
- Others
By Device Material
- Gallium Nitride
- Gallium Arsenide
- Gallium Phosphide
- Silicon Germanium
- Silicon Carbide
- Indium Phosphide
By End-user
- Automotive
- Aerospace & Defense
- Consumer Electronics
- Information Technology
- Healthcare
- Residential and Commercial
- Others
Regional Analysis
Asia-Pacific dominates the global optoelectronics market with the highest share of 35.1% in 2023 and is also projected to show significant growth during the forecasted period. The reason for the current hold of the Asia-Pacific region in this market is the growth of the electronic & automotive market which serves as the biggest consumer of the optoelectronics market. As for in electronic industry optoelectronics are primarily used for smartphones, virtual reality gadgets, gaming devices & drones. The automotive and electronic industries are not the only reason behind the growth of the optoelectronic market in this region, optoelectronics is also extensively used in medical devices like MRI scanners, CT scanners and pulse oximeters. This instrument helps in getting accurate images in the healthcare sector. The versatile application of optoelectronics in different industries makes it essential in modern life.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The Global Optoelectronics Market is experiencing consolidation, with a few key players shaping the industry landscape. This market is divided into a few major key players who hold a significant portion of the market. These companies utilize inorganic & organic strategies for their market expansion. The inorganic strategies include research and development of new products and innovation while the organic strategies deal with partnerships, mergers & acquisitions.
Further, the mergers & partnerships boost their market position and pave the way for the expansion of the market conditions. The major players operating in the Global Optoelectronics Market are General Electric Company, Panasonic Corporation, Samsung Electronics, Omnivision Technologies, and Sony Corporation. Osram Licht AG, Koninklijke Philips, Vishay Intertechnology Inc., Texas Instruments Inc, Stanley Electric Co., Rohan Co. Ltd., Mitsubishi Electric and others.
Some of the prominent players in the Global Optoelectronics Market are:
- General Electric Company
- Panasonic Corporation
- Samsung Electronics
- OmniVision Technologies
- Sony Corporation.
- Osram Licht AG
- Koninklijke Philips
- Vishay Intertechnology Inc.
- Texas Instruments Inc
- Stanley Electric Co.
- Rohan Co. Ltd.
- Mitsubishi Electric
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Optoelectronics Market:
The pandemic has had a substantial effect on the Global Optoelectronics Market. The pandemic disrupted the supply chain, leading to a shortage of essential components that are essential for the production of optoelectronic devices. The delay affected the production timeline and also became responsible for increased production costs. The pandemic also saw a shift in consumer demand as the demand for optical communication instruments increased as people started relying on the internet more for work and entertainment purposes.
In other words, the COVID-19 pandemic and the recession had caused many disruptions in the global optoelectronics market but they also witnessed a change in demand patterns. This change will push this market to adapt to new trends and innovate.
Report Details
| Report Characteristics |
| Market Size (2023) |
USD 50.2 Bn |
| Forecast Value (2032) |
USD 86.5 Bn |
| CAGR (2023-2032) |
6.2%. |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Device (LED, Image Sensor, IR Component, Laser
Diode, Optocoupler, Photovoltaic Cells & Others), By
Device Material (Gallium Nitride, Gallium Arsenide,
Gallium Phosphide, Silicon Germanium, Silicon
Carbide & Indium Phosphide), By End-user
(Automotive, Aerospace & Defense, Consumer
Electronics, Information Technology, Healthcare,
Residential and Commercial and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
General Electric Company, Panasonic Corporation,
Samsung Electronics, Omnivision Technologies, Sony
Corporation., Osram Licht AG, Koninklijke Philips,
Vishay Intertechnology Inc., Texas Instruments Inc,
Stanley Electric Co., Rohan Co. Ltd., Mitsubishi
Electric, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
Optoelectronics is a technology that deals with detecting, sourcing & control of light via electronic
devices.
The Global Optoelectronics Market is projected to reach a market value of USD 50.2 billion by the end of
2023 and is further anticipated to grow to a market value of USD 86.5 million by 2032, at a CAGR of
6.2%.
The major players operating in the Global Optoelectronics Market are General Electric Company,
Panasonic Corporation, Samsung Electronics, Omnivision Technologies, and Sony Corporation. Osram
Licht AG, Koninklijke Philips, Vishay Intertechnology Inc., Texas Instruments Inc, Stanley Electric Co.,
Rohan Co. Ltd., Mitsubishi Electric and others.
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period of 2023 to 2032.