The development of the telecommunication industry is quite evident with the fact that the number of mobile Internet users is projected to catapult at a remarkable rate with 1.75 billion new users over the next eight years and the figure will reach a milestone of 5 billion mobile Internet users by 2025. Optoelectronics is playing a vital role in developing telecommunication networks, and the devices are leveraged to lower the cost of high-speed network termination equipment. Furthermore, the future foresees an augmented application of optoelectronic devices in the telecommunication industry, which will create abundant opportunities in the optoelectronics market. The global optoelectronics market size has ballooned to $3.56 billion as of 2018. Additionally, the demand for optoelectronic devices in various sectors is estimated to observe a healthy compound annual growth rate (CAGR) of 16.59% during the forecast period of 2019 to 2025.
North America boasts of the most advanced telecommunication technologies with the implementation of laser transmitters for high-speed optical networks. Furthermore, the medical equipment market that is observing a demand influx in the region largely utilizes optoelectronic devices. The value of the total number of vehicles imported to the US alone translates to $1.121 billion in 2017 and 6,016 in quantity. Similarly, other parts of North America are witnessing a hefty import of vehicles. The vehicles use the optoelectronic devices in the indicators and headlights which happens to be one of the major reasons the optoelectronics market is gaining a lot of traction in the region. North America had the maximum optoelectronics market share of 35.19% in 2018.
Optoelectronics, a part of photonics is a study of the integration of electronic and optical devices, and the concept is applied in injection laser diodes, quantum cascade lasers, photoconductive camera tubes, photoemissive camera tube, and the integrated optical circuit (IOC). The optoelectronics application has gained prominence in the telecommunication industry as mentioned above and medical equipment too.
Owing to the application in vehicles, the key application in the optoelectronics market is credited to the automotive industry. The automotive industry is going to observe a definite demand influx, and more so because of the anticipated dominance of electric vehicles, self-driving trucks, and autonomous vehicles which will be significantly increasing the use of optoelectronic devices that will further drive the market in the application segment which is estimated to grow at a CAGR of 14.29% through to 2025.
The Application in the Medical Field –
The use of optoelectronics in endoscopic medicine and surgery is poised to witness propitious progress. Moreover, pulse oximetry, blood diagnostics, and dental diagnosis are other areas in the healthcare sector where optoelectronics is utilized. Optoelectronics also finds applications in the healthcare equipment market as the devices are incorporated for optical purposes. The amalgamation of healthcare and technology is giving rise to an enormous amount of opportunities in the optoelectronics market.
LED Displays Playing Important Role in Boosting the Market –
The avenue for growth in the LED displays market is quite evident when the LED displays, lighting and fixtures market was already valued to be $70 billion to $75 billion in 2018. Furthermore, the demand for the same is projected to increase at a remarkable CAGR of 12% to 14% through to 2025. Some part of this growth is attributable to the soaring sales of the LED displays across the globe. The growth prospects in the LED displays market will lead to a surge in the revenues generated in the optoelectronics market.
The Overall Photonics Sector Going Uphill –
The photonics industry is progressing at a rapid rate, and it can be fathomed by the fact the silicon photonics market had a market size of $774.15 million in 2018 and is estimated to observe a profitable CAGR of 20.90% over the forecast period of 2019 to 2025. Optoelectronics is a subfield of photonics and the study of photonics employs the nuances of optoelectronics too, which is leading to a considerable expansion in the optoelectronics market size.
The Emergence of High-brightness LEDs – The high-brightness LEDs have acquired the luminous efficacy of the conventional incandescent light and it is much credited to the innovations in the optoelectronics market.
Optic Laser Transmitters – This segment of the optoelectronics market will
be growing because of the upsurge in Internet traffic, video streaming, and
downloads along with cloud computing services which is proving to be a major
Creating Revenue Avenue – Image
sensors market had observed an impressive valuation of $15 billion to $20
billion in 2018, and is projected to grow at a CAGR of 8% to 9% through to
2025. Evidently, CMOS image sensors are going to witness growth scenario which
will open up new opportunities in the optoelectronics market.
The major challenge in the optoelectronics market is that the R&D warrants a lot of investments, and so, not all the vendors can afford it. Furthermore, the latest lights, displays, and medical equipment incorporate with optoelectronics devices are expensive which dwarfs the market size even further. Furthermore, there is a demand for the alternative conducting film because of the drawbacks of transparent metal oxides which furthermore shoots up the overall cost. However, the big giants are making investments, and the future will observe more innovations in the field.
The major players crusading for greater optoelectronics market share are Texas Instruments Inc., Broadcom Inc., Vishay Intertechnology, Inc, Hella KGaA Hueck & Co, OSRAM Licht AG, Grupo Antolin, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Stanley Electric Co., Ltd., and Magneti Marelli S.P.A.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the optoelectronics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The optoelectronics market research report also analyses the application of optoelectronics in the medical, telecommunication, and automotive industry.
This report also documents the demand analysis of the product based on components that include phototransistors, optocouplers, and others, and also devices including photodiodes, LEDs, and others.
The optoelectronics market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
Is the market demand for optoelectronics growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the optoelectronics market?