Optoelectronic Components Market by Type, Size, Share, Growth & Forecast 2024

Optoelectronic Components Market

Global Optoelectronic Components Market: Overview

Optoelectronic component is an electronics device which is designed to detect and control the light signals. It converts the electrical signals into visible energy and vice versa. Optoelectronic components are used in the monitor & control circuits, optical fiber communications systems, electric eyes, and photovoltaic power supplies. Quantum cascade lasers and injection laser diodes utilize optoelectronic components for stimulated emission. LEDs and image sensors are used for packaging, digital imaging systems, and safety purposes.

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Global Optoelectronic Components Market: Growth Factors

Increasing use of the infrared components in the automobile and camera increases the demand for the optoelectronic components market. Low power consumption is one of the major driving factors that contribute to the market growth. Increasing investments in R&D and the technological advancements in the LED communication offer new growth opportunities to the market. Consumer electronics is the major consumer of optoelectronic components which are used in the various LED drivers and ICs, image sensors, laser diodes, and others is expected to propel the market. Companies are focusing on adopting strategies, such as new product launches, expansions, joint ventures, partnerships, agreements, collaborations, mergers & acquisitions to strengthen their position in the market. However, the high cost of devices and easy availability of the low-cost substitute technologies are hampering the market optoelectronic components growth.

Global Optoelectronic Components Market: Segmentation

The global optoelectronic components market is categorized based on the application, component types, and geography. The application segment is segregated into healthcare, residential and commercial, industrial, and consumer electronics. The component types segment is fragmented into the image sensor, LED, and the laser diode. The LED segment dominates the global market. Geographically, the global optoelectronic components market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

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Global Optoelectronic Components Market: Regional Analysis

The availability of cheap and reliable LED drivers and ICs in the market and its increasing popularity drives the optoelectronic components market in Europe and the North America. The global market expects a higher growth in the near future due to the rise in the lighting and backlighting applications in European regions. High adoption of optoelectronic components in numerous applications in Asia Pacific region positively influences the global market. New emerging application areas in this region such as PV inverters, hybrid & electric vehicles, and smart meters are enhancing the global market. OEM manufacturers are focusing on implementing ambient light in televisions, smartphones, and tablets. Growing usage of optoelectronic components in the automotive sector in the Latin American region increases the demand of optoelectronic components market. There is an increasing demand for optoelectronic components from the aerospace, defense, and healthcare sectors thus have opened up new growth opportunities in the Middle East and Africa.

Global Optoelectronic Components Market: Competitive Players

The major leading players that are operating in the global optoelectronic components market are Koninklijke Philips N.V., Cree Inc., Samsung Electronics Co. Ltd., ON Semiconductor, Sony Corporation, Vishay Intertechnology Inc., Osram Licht AG, Sharp Corporation, and OmniVision Technologies Inc.

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