Optoelectronic components are widely being used in sectors such as residential and commercial, consumer electronics, industrial, healthcare, telecommunication, automotive and aerospace and defense. The growth of this market is being propelled by the increasing application of optoelectronic components due to its features such as long operational life and low power consumption making it ideal for numerous applications.
Optoelectronic Components Market
Optoelectronic components are electronic components that respond to light. These devices have the capability to source, detect, and control light. Light could be visible or invisible such as X-rays, gamma rays, UV, or infrared. The said market has been categorized based on components into LED, laser diode, image sensor, optocoupler, IR component, and others. The market has been segmented based on applications into residential and commercial, consumer electronics, industrial, healthcare, telecommunication, automotive and aerospace and defense.
The key revenue pockets for the optoelectronic components market are expected to include LED, image sensors, laser diodes, and optocouplers. Residential and commercial, consumer electronics, industrial and healthcare are the sectors wherein, these products are finding large applications.
The optoelectronic components market in APAC is expected to have a huge growth potential due to the presence of a large number of industrial units and the rising demand for lighting fixtures for both residential and commercial infrastructures along with huge consumer electronics market in this region. The presence of some of the leading manufacturers of optoelectronic components such as Sony Corporation (Japan), Sharp Corporation (Japan), and Samsung Electronics Co., Ltd. (South Korea) in the APAC region is also positively influencing the said market.
The global optoelectronic components market is expected to reach USD 55.53 billion by 2020, at a CAGR of 9.41% from 2015 to 2020. The market for the laser diodes component is expected to grow at a high CAGR of 12.98% during the forecast period. Currently, APAC is the largest optoelectronic components market, followed by North America and Europe.
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The major players in this market include Cree, Inc. (U.S.), Osram Licht AG (Germany), Vishay Intertechnology, Inc. (U.S.), ON Semiconductor (U.S.), OmniVision Technologies, Inc. (U.S.), Sony Corporation (Japan), Sharp Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), and Koninklijke Philips N.V. (Netherlands).
