Dublin, June 06, 2023 (GLOBE NEWSWIRE) -- The "Global Optoelectronic Components Market Size, Share & Industry Trends Analysis Report By Material, By Application, By Component (Sensor, LED, and Laser Diode & Infrared Components), By Vertical, By Regional Outlook and Forecast, 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Optoelectronic Components Market size is expected to reach $60.9 billion by 2029, rising at a market growth of 5.0% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Hamamatsu Photonics K.K.
- OSRAM GmbH (AMS AG)
- TT electronics PLC
- Vishay Intertechnology, Inc.
- ON Semiconductor Corporation
- Cree, Inc. (SMART Global Holdings, Inc.)
- TRUMPF GmbH + Co. KG
- Sick AG
- Broadcom, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
Electronic components known as optoelectronics are those that can detect and regulate light as well as convert electrical impulses into visible or infrared energy or the opposite. It is utilized in solar power supply, electric eyes, monitor and control circuits, as well as optical fiber communication systems. Optoelectronic components are used for stimulated emission in quantum cascade lasers and injection laser diodes.
For safety, packaging, & digital imaging systems, optoelectronic components like image sensors and LEDs are employed. Optoelectronic components' low power consumption and the growing use of infrared electronics in cameras and autos are driving the demand for optoelectronic components.
The field of optoelectronics is sometimes also known as optronics. Imaging detectors, which use electronic image sensors as their basis, opto-isolators, which transfer analog or digital signals while retaining electrical isolation, and other similar devices are examples of optoelectronic devices. Laser technology, optical fiber communications, and other forms of optical metrology are just a few of the fields in which optoelectronic devices are used.
Semiconductor materials are a major component of optoelectronics. These have suitable bandgap energies for absorbing light, such as visible light and near-infrared, and their imperfect electric conductivity is also crucial for such applications. However, with the exception of some photodetectors that make use of the extrinsic photoelectric effect, dielectrics are difficult to use in both aspects, and metals are primarily used as conductors.
Indirect band gaps materials like silicon and germanium are frequently sufficient for taking advantage of absorption processes, for instance, in photodetectors, but are typically less suitable for generating light. Although there have been many different kinds of solutions found, this is a significant challenge for silicon photonics. Direct band gap components, particularly those of the III-V type, such as indium phosphide and gallium arsenide, are the foundation of a majority of emitting devices, such as laser diodes.
Market Growth Factors
Increasing applications of laser diodes
In laser generation, laser diodes are a common optoelectronic component with applications in anything from fiber Blu-ray/DVD recorders to printing, networking, and barcode readers.
Additionally, the widespread use of electronic devices has led to the development of conventional display technology, with customers demanding displays with higher resolution and efficiency, which is fueling the growth of the optoelectronics sector and driving up demand for electronic gadgets.
For a variety of applications, such as cutting, welding, and fabrication, high-power lasers are in high demand in the industrial sectors. Therefore, the growing advancements in laser diodes are anticipated to fuel market demand throughout the forecast period.
Rising demand for vehicle safety and luxury vehicles
Along with the shift to a new way of life, rising disposable income has impacted consumer behavior. The demand for luxury cars has increased as a result of these reasons, particularly in developing nations. The optoelectronic system is necessary for high-end features like autonomous driving and the incorporation of AI and IoT for an enhanced end-user experience.
Automobiles are increasingly using ambient lighting, OLED and LED screens, and LED lights to offer luxury performance to customers. The automotive optoelectronic industry is primarily driven by the increase in demand for luxury vehicles. The market for optoelectronic components is expected to increase as a result of this shift in consumer attitudes toward safety while purchasing automobiles.
Market Restraining Factors
High prices of some optoelectronic components like LED
Optoelectronics is integrated into the workings of LED lighting, OLED displays, as well as LED televisions. However, both the price and manufacturing of LEDs are more challenging.
One of the things preventing industrial expansion is the price differential between optoelectronics-based products and conventional commodities. Since LCD displays are more affordable than LED displays, customers might prefer optoelectronics-based products instead of those alternatives.
The price of replacing spare parts is also higher than that of normal goods. These key issues limit the demand for optoelectronic components globally.
Scope of the Study
By Material
- Gallium Nitride
- Gallium Arsenide & Gallium Phosphide
- Silicon Carbide
- Indium Phosphide
- Silicon Germanium
By Application
- Measurement
- Lighting
- Communication
- Security & Surveillance
- Others
By Component
- Sensor
- LED
- Laser Diode & Infrared Components
By Vertical
- Consumer Electronics
- Telecommunication
- Automotive
- Military & Aerospace
- Medical
- Manufacturing
- Commercial
- Residential
- Others
For more information about this report visit https://www.researchandmarkets.com/r/u53co4
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