Optoelectronics Market Projected to Experience Significant Growth by 2031, with Estimated Value of USD 97.8 Bn

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Transparency Market Research recently published a report on, "Optoelectronics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031". According to the report, the Global Optoelectronics Market size was valued at USD 42.9 Bn in 2021 and is projected to grow at a CAGR of 9.1% from 2022 - 2023 and reach USD 97.8 Bn by the end of 2031.

Optoelectronics is the study of the interaction between light and diverse electrical materials. It involves the study, design, and manufacture of a device that converts electrical energy into light and vice versa. Optoelectronic sensors are utilized extensively in several areas, including healthcare, IT & telecom, and energy & power. 

Optoelectronics has several commercial uses, such as laser diodes, photodiodes, image sensors, light-emitting diodes (LEDs), solar cells, and phototransistors. Furthermore, the application in safety equipment, such as photodiodes, fire and smoke detectors, and others, has created business opportunities for the global market.

Optoelectronics Market: Growth Drivers

  • Optoelectronic technologies are extensively applied in the fabrication of image sensors and high-capacity batteries. Low-power optoelectronic products are gaining a foothold in the global optoelectronics industry due to the increasing adoption of LEDs and other optoelectronic devices.
  • LED lighting is more durable, consumes less energy, and produces light of similar or superior quality compared to other forms of lighting. The majority of lighting installations are anticipated to employ LED technology by 2035. Since 2013, LED sales have grown substantially, and in 2021 they accounted for more than half of all lighting sales worldwide. As a result, it is projected that the usage of optoelectronic devices in the IT & communication, and consumer electronics industries would increase throughout the forecast period, between 2022 and 2031.

Key Findings of the Optoelectronics Market

  • The next-generation cost-effective, versatile, and highly efficient photovoltaics have been developed due to advancements in Perovskite Solar Cell (PSC) technology. There has been considerable growth in the power conversion efficiencies of novel thin-film solar cells based on quantum dots, organic materials, perovskite materials, and hybrid materials.
  • Increased application of solar energy in several end-use industries, such as aerospace & defense, automotive, IT & telecommunication, healthcare, energy & power, and consumer electronics, is estimated to boost market growth during the forecast period.
  • Governments of numerous countries worldwide have increased investments in the renewable energy industry as a result of the depletion of fossil fuels and the rise in global temperatures. Carbon dioxide emissions and pollution are reduced by the use of solar energy. Organic optoelectronic materials are flexible and cost-effective compared to silicon. These aspects have contributed to the optoelectronics market growth.

Optoelectronics Market: Regional Dynamics

  • North America is expected to lead the optoelectronics industry from 2022 to 2031, according to the optoelectronics market forecast by TMR. The market in this region is being fueled by a large number of well-established players and a rise in R&D spending on automation and smart infrastructure. The U.S. market for semiconductor optoelectronic devices is projected to grow in the next few years as production facilities are expanded.
  • Europe and Asia Pacific are significant markets for the optoelectronics industry. The optoelectronics industry in these regions is expanding as a result of rising investments in the semiconductor industry and increased usage of high-end electronic gadgets.

Optoelectronics Market: Competitive Landscape

The optoelectronics industry is fragmented, with a significant number of market players. These participants are focusing on expanding their market reach by heavily investing in the R&D of novel products. Additionally, they are also forming partnerships and engaging in acquisitions, which has broadened the scope of the market.

Major players in the industry include Hamamatsu Photonics, Samsung Electronics, ams OSRAM, ROHM, Jenoptik, Renesas, Sharp, Vishay Intertechnology, Toshiba, and Onsemi.

Optoelectronics Market: Segmentation

Product Type

Material

  • Gallium Arsenide (GaAs)
  • Indium Phosphide (InP)
  • Gallium Nitride (GaN)
  • Gallium Antimonide (GaSb)
  • Silicon Carbide

End-use Industry

  • Automotive
  • Aerospace & Defense
  • Consumer Electronics
  • IT & Telecommunication
  • Healthcare
  • Energy & Power
  • Others (Research & Academia, Industrial, etc.

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Click here to read the report titled, 'Optoelectronics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031.'
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