Increasing relevance of optical fibres in key industries has brought optoelectronics under the radar of attention. Several new products in the electronics industry are developed on the principle of optical sensing. Furthermore, the area of photoelectric testing has also gathered momentum in the contemporary times. The relevance of photodiodes, and other devices that can be run on solar energy, has brought in fresh revenue for photoelectronic manufacturers. A plethora of new products that exploit the functions of optoelectronic transducers are in the pipeline. The revenues generated by the sale of optoelectronic devices shall increase by a dramatic chase in the times to follow.
- Light-emitting diodes (LEDs) and OLEDs have gained popularity across several industries. This factor, coupled with the progressive development within electronic manufacturing, shall drive demand for optoelectronics. Manufacturers of optoelectronic devices are focusing on expediting manufacturing in order to meet the ascending demand.
- The importance of photoemission cameras in several industries such as entertainment, science and technology, and research has helped in popularising optoelectronics. Fiber optical communications also hold value across leading industries, creating fresh demand for optoelectronics. As new lines of manufacturing emerge in the domain of optical technologies, the demand for optoelectronics is expected to rise.
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Optoelectronics Market: Overview
Optoelectronics currently dominate the global semiconductor industry as the fastest growing segment. As the global optoelectronics market exhibit multi-fold growth every year, the hold in the semiconductor industry is likely to strengthen further. The robust segments within the industry, particularly those catering to the cause of energy-efficiency have led to innovations in image sensors, LEDs, and other optoelectronics. With several other developments underway, Transparency Market Research pegs a high CAGR for the global optoelectronics market between 2016 and 2024.
The report presents a broad evaluation of the global optoelectronics market on the basis of various segments. Based on in-depth research it determines the potential threats and opportunities for the market. Besides this, a detailed assessment of the growth drivers and restraints is also included in the report. In order to determine the scope for the entry of new players, the report also conducts an investment feasibility analysis. It also gauges the effect of Porter’s five forces on the overall market operations.
Global Optoelectronics Market: Trends and Opportunities
Experts connote the optoelectronics market as self-driven by its segments, which are distributed in terms of type and application such as LEDs, the Internet and compact disks (CDs), OLEDs, Blue Ray, and DVDs among others. The exponentially increasing demand for these products and their easy availability are the chief factors translating into opportunities for the optoelectronics industry. In addition, the ever increasing spending incurred on power by consumers in Asia Pacific has been contributing immensely to the high revenue generated by the industry in the last couple of years.
On the downside, optoelectronics has higher cost compared to their conventional counterparts. This could hinder the market’s expansion to an extent. In terms of application, the demand for liquid crystal displays (LCDs), which is key substitute for LEDs and a more economical solution despite difference in terms of quality, will continue rising through the forecast period. Besides this, the high replacement cost of spare parts will also emerge as a major restraint for the sales of LEDs, which occupy a major revenue share in the global optoelectronics market.
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Global Optoelectronics Market: Regional Outlook
Asia Pacific, among the key regional segments, is foretold to exhibit lucrative market opportunities. The surge in the China optoelectronics market, coupled with the rising demand from other nations such as India, Japan, and South Korea, will enable the Asia Pacific market gain significant momentum over the course of the report’s forecast period. Furthermore, the report forecasts the market to witness attractive prospects in Rest of the World.
In developed markets such as North America, the rising demand from nations such as Canada, Mexico, and the U.S. will keep the demand for optoelectronics high. In Europe, the market is expected to witness attractive opportunities in countries such as Germany, France, U.K., and others.
