The global optoelectronic component market is highly competitive due to the presence of large number of regional and international players. In the coming years, the completion in the market is likely to increase due to growing number of new players. However, new players need to come up with innovative ideas and a strong distribution chain to hold larger share in the global market. Leading players in the market are focusing in expanding their business through mergers and acquisitions. Texas Instruments, Inc., Cree, Inc., Sharp Corporation, OSRAM, and Avago Technologies are some of the leading players operating in the global market.
In a recent report published by Transparency Market Research, the global optoelectronic components market is anticipated to rise at CAGR 9.7% during the forecast period between 2015 and 2024. During the forecast period, the market valuation is projected to touch US$137 bn by the end of 2024. In 2014, market valuation was US$60bn.
Based on component, the LED driver and IC component held 37.6% share in terms of revenue in 2014. This segment is likely to attain a valuation of US$50 bn by the end of 2024 progressing from US$22 bn earned in 2014. Geographically, Asia Pacific led the global optoelectronic components market in terms of revenue, followed by North America. Growing popularity in Asia Pacific of optoelectronic components, as they are cost- effective and reliable are the key factor for its growth.
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Reducing Power Consumption to Accelerate Optoelectronic Component Market
The demand for optoelectronic component is high in customer electronics. It helps in producing image sensors, LED drivers and ICs, laser diodes, and similar other devices are projected to provide a fillip to the global optoelectronic component market. In addition, usage of optoelectronic component helps in reducing power consumption, thus further augmenting its demand. Moreover, optoelectronic component helps in detecting and controlling light and it converts electrical signals into infrared or visible energy or vice versa. It is also used in photovoltaic power supplies, monitor and control circuits, electric eyes, and optical fiber communications systems. These factors are likely to drive the global optoelectronic component market in the near future.
The largest number of optoelectronic components patent filings were done in 2012, while the largest publications of patents were done in 2015. Of these, the U.S. held the majority of patents, both filed and published, for optoelectronic components.
Cost-effective LED Drivers and ICs in High Demand
LED drivers can drastically improve the function of an LED system by transforming the incoming electricity to a more suitable form for the LED. Advancements in LED driver technology have allowed them to be highly efficient and cost-effective. This, in conjunction to the reduction in LED costs, has boosted the manufacturing volume of optoelectronic components significantly over the past few years.
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LED drivers and ICs have and will continue to be the largest optoelectronic components segment till 2024.
The key reason for the popularity of LED drivers and ICs is the ability of manufacturers to make them cheap and yet highly reliable. It made them highly sought-after in the Asia Pacific region along with most of the emerging industrial settings across the world. These modern industrial setups are expected to show a rapidly increasing demand for LED drivers and ICs along with image sensors, the components segment with the second largest revenue generated in 2014. Top vendors of optoelectronic components in the world include OSRAM, Texas Instruments, Inc., Sharp Corporation, Cree, Inc., and Avago Technologies.
