NEW YORK, Oct. 20, 2023 /PRNewswire/ — The “optoelectronics market by component (LED, /image sensors, laser diode, optocouplers, and others), end-user (consumer electronics, automotive, information technology and communication, aerospace and defense, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa) – Forecast and Analysis 2023-2027″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the optoelectronics market from 2022 to 2027 is USD 30.64 billion. The expanding automotive industry is a key factor driving market growth. Optoelectronics, which is used in a wide variety of uses, has increased its popularity in the automotive sector. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
High costs of optoelectronic products is one of the significant challenges restricting market growth. Several customers have chosen alternative solutions, e.g., LED light bulbs, which are less expensive than those components, as a result of the excessive costs related to optoelectronic products. Furthermore, replacing operating system components each time costs more than buying a genuine product. Moreover, the demand for optoelectronics components is affected by an increasing customer preference for alternative products. Hence, these factors are expected to restrict market growth during the forecast period.
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The optoelectronics market is segmented by component (LED, /image sensors, laser diode, optocouplers, and others), end-user (consumer electronics, automotive, information technology and communication, aerospace and defense, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The LED segment is estimated to witness significant growth during the forecast period. Increasing demand among customers for energy-efficient LED components is a major factor in this segment’s growth. As they are more durable, consume less energy, and produce light equivalent to or better than other lighting types, the LED segment has a major advantage. Additionally, several government initiatives are driving the adoption of LED lighting, which is also driving demand in this segment. For example, in India, the Navi Mumbai Municipal Corporation decided to convert all street lights to LED lights; 35,000 street lights will be replaced by 2022, saving 7 billion Indian rupees (USD 0.85 million) per year.
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Key Companies in the Optoelectronics Market:
AC Photonics Inc., AFW Technologies Pty Ltd, Agiltron Inc., ams OSRAM AG, Canon Inc., Coherent Inc., Corning Inc., FOCI Fiber Optic Communications Inc., General Electric Co., IPG Photonics Corp., LG Innotek Co. Ltd., Luna Innovations Inc., Nichia Corp., OmniVision Technologies Inc., Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Sony Group Corp., TRUMPF SE Co. KG, Vishay Intertechnology Inc., and Lumileds Holding BV
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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