Optoelectronics Market Size is Expected to Hit USD 21,200 Million By 2032

Ottawa, July 25, 2023 (GLOBE NEWSWIRE) -- The global optoelectronics market size accounted for USD 7,360 million in 2023. Optoelectronics is being driven by the growing investment in the defense sector, increasing collaboration among the key players, increasing investment in medical and medical devices, and growing investment in smart cities projects by the government across the globe.

Market Overview

Optoelectronics refers to a branch of electronics that focuses on devices that emit or detect light. These are the channels of communication between optics and electronics, and they involve the investigation, creation, and design of hardware that transforms electrical energy into light or light into energy via semiconductors. Voltage and current are used by light-emitting devices to create electromagnetic radiation or light. The device is constructed of solid crystalline materials, which are heavier than insulators but lighter than metals. These light-emitting components are frequently employed for illumination or as indicators.

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In contrast, phototransistors and other light-detecting devices are made to transform electromagnetic energy into electric current or voltage. Devices that detect light can be used for communications and light sensing. Examples include switches that are activated by darkness and remote controls. Numerous optoelectronics applications, including those in the military, telecommunications, automatic access control systems, and medical equipment, use this technology.

Regional Insights:

The Asia Pacific is expected to dominate the market during the forecast period. The region's leading marketplaces for consumer electronics and automobiles are the primary reason for the region's rapid expansion. Additionally, progress in optoelectronic devices is anticipated in other fields, such as smart city projects, cutting-edge technologies like virtual and simulated reality, big data, the Internet of Things (IoT), and intelligent industrial appliances. Asia-Pacific is the region where most semiconductor component production is done. This region's concentration of significant optoelectronics firms, including Rohm Co., Ltd., Sony Corporation, Renesas, Samsung Electronics Co., Ltd., Panasonic Corporation, Hamamatsu Photonics K.K., and Sharp Corporation, along with several other smaller regional businesses, is expected to drive market growth over the coming years.

Europe is expected to grow at a significant rate during the forecast period owing to the rapid adoption of electric vehicles. For instance, according to the International Energy Agency, the second-largest market for electric vehicles is in Europe. Sales of electric vehicles increased by over 15% in 2022, accounting for more than one out of every five automobiles purchased. Thus, the aforementioned fact supports the growth of the market over the forecast period.

Report Highlights

• By application, the measurement segment is expected to grow at the fastest rate over the forecast period. An OMS detects light via time-of-flight triangulation and uses this detection to infer the 3D location of a marker. OMSs can only gather data in a specific region because they are based on fixed cameras. Due to its greater accuracy than other measuring systems, optoelectronic measuring systems are used for process monitoring and control in several industries as well as in machine vision and other applications, which is what is causing the market to rise.
• By industry vertical, the healthcare industry is expected to grow at the highest CAGR during the forecast period. The growth in the segment is attributed to the growing use of optoelectronics in various medical devices. The medical device application is expected to rise in the future due to the increasing prevalence of various chronic diseases such as cancer, cardiovascular disease and others. For instance, in Australia, there were 48,266 cancer-related fatalities in 2020 (27,167 men and 21,099 women). A projected 49,996 people will pass away in 2022 (28,022 men and 21,974 women). A person's risk of dying from cancer by the age of 85 is predicted to be 1 in 7 (or 15%) in 2022 (1 in 6 or 17% for men and 1 in 8 or 13% for women). Thus, this is expected to drive segment growth in the region.

Scope of the report

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Market Dynamics:

Drivers

Growing application of optoelectronics

Optoelectronics produces great beam-quality light with a minimum amount of power and energy consumption, and it is widely used in automotive, telecommunications, and industrial applications. Numerous industrial applications use optoelectronics, such as proximity detection, color quality control, scanners, and robotics. Optoelectronic components have become popular among industrial businesses because they offer better performance at low cost and long-term operation. The main factors influencing the potential for players in the optoelectronics business are the ease of availability and the quickly rising demand for these products.

Restraint

High Capital Investment

The main issue in the optoelectronics business is that not all suppliers can afford to invest in R&D because it requires significant investments. Additionally, the cost of the most recent lights, displays, and medical equipment that combine optoelectronics devices dwarfs the market even further. Due to the shortcomings of transparent metal oxides, there is also a demand for alternate conducting film, which drives up the cost overall. However, the industry's biggest players are investing, so more advancements will be seen in the future.

Opportunities

Rising demand for luxury and ultra-luxury vehicles

The optoelectronics market is expected to grow as a result of increased demand brought on by the rising sales of luxury and ultra-luxury vehicles. Automobiles classified as luxury provide quality, comfort, and luxury. The need for optoelectronics is rising as more modern vehicles employ them to automate features like brake lights and headlights. The desire to increase vehicle illumination and safety as well as the ongoing emphasis on R&D operations are the main drivers of the expansion of optoelectronics in luxury automobiles. Retail sales of luxury vehicles increased by 19.7% in December 2021, according to the Federation of Automobile Dealers Associations (FADA), a national body that represents automobile dealers in India. This increase was brought on by the growth of huge inventories and dealerships with OEMs. The growing demand for premium and ultra-luxury vehicles is what is driving the optoelectronics market.

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Recent Development

• In September 2022, Chinese optoelectronics manufacture and assembly company OFilm announced that its wholly-owned subsidiary had completed the first technological docking of a very pure lidar in cooperation with several regional automakers. This pure solid-state lidar subverts the traditional robotic or semi-mechanical semi-solid-state lidar system architecture with its homogeneous construction. This lidar resembles a high-end camera because of the chip mode of its reception and transmitting modules.
• In May 2022, to carry out in-depth invention, manufacture, and industrialize crucial core technologies in response to market and industry development demands, Huawei and Nationstar Optoelectronics established a collaborative innovation center. Nationstar Optoelectronics supplied knowledge in a variety of fields, including backlighting and LED displays. On the other hand, Huawei provided expertise in a variety of fields, including AI, 5G, and semiconductors. The cooperation placed a lot of emphasis on creating technologies for tiny and micro-LED displays.

Market Segmentation:

By Device

• LEDs
• Sensors
• Infrared Components
• Optocouplers
• Photovoltaic Cells
• Display
• Others
  
  

By Device Material

• Gallium Phosphide
• Gallium Arsenide
• Gallium Nitride
• Silicon Carbide
• Silicon-Germanium
• Indium Phosphide

By Application

• Communication
• Security & Surveillance
• Lighting
• Measurement
• Displays
• Others

By Industry Vertical

• Consumer Electronics
• Automotive
• Aerospace & Defense
• IT & Telecommunication
• Food & Beverage
• Healthcare
• Energy & Utilities
• Residential
• Industrial
• Commercial
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  

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