The global optocoupler market displays a highly competitive and diversified competitive landscape notes Transparency Market Research. This is mainly because of the presence of a large number of regional and international vendors across the globe. Some of the predominant players operating in the global optocouplers market are Maxwell Technologies, Toshiba Corporation, Texas Instruments, Inc., Isocom Limited, Renesas Electronics, Silicon Laboratories, Inc., Avago Technologies, and Fairchild Semiconductor.
As per a new market study by Transparency Market Research, the global optocoupler market is projected to touch a valuation of US$3.2 bn by 2024. Rising from a valuation of US$1.8 bn in 2014 at an impressive CAGR of 8.20% from 2015 to 2024.
From a geographical standpoint, Europe accounted for 35.1% of the global optocoupler market in the year 2014. With this staggering share, Europe stood as the most prominent regional segment in terms of revenue. From a application standpoint, automotive and industrial segments dominate the global optocoupler market. This is because increased use of optocoupler in both of these industry verticals.
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Industrial Sector to dominate global Optocoupler Market
This main driver of the optocoupler market is the rising demand from automotive and industrial sectors. This is because of a noteworthy shift in consumers owing the increasing demand from the communication sector and growing sales of hybrid electric vehicles. Along with this growing applications in the communication sector is anticipated to boost the global optocoupler market. Optocoupler is largely used in industrial robots, power supplies, motor control, and industrial networking. The significant investments done of the key industrialist in the communication sector likely to impacting the growth of the global optocouplers market.
Apart from the sector industrial, the expanding use of optocoupler in the manufacture of hybrid cars is another key factor boosting the global optocoupler market. Consumers are shifting towards the hybrid car mode owing to its power saving abilities. This is expected to offer a rapid thrust to the global optocoupler market. The growing use of the optocoupler in autommptovr is mainly due to their higher voltages and noise cancellation abilities.
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Dearth of skilled labor restricts growth
Optocoupler is widely used across several end-use industries owing to its ability to enhance the functioning of machines. However, the benefits of optocoupler can be relied only when it efficiently fits inside the machine. The dearth of the skilled labor able to perform installation, and maintenance is a major threat to the growth of the global optocoupler market.
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