Optoelectronic Device Market Research Report 2020 to 2025

Technological advancements in LEDs coupled with increasing utilization of infrared components in consumer electronics are major factors driving the optoelectronic device market growth. Optoelectronics convert electricity into light energy or vice-versa. Expanding semiconductor industry, owing their wide usage in consumer electronics, along with growing awareness regarding the benefits of optoelectronics is augmenting the industry scenario.

As per the credible estimates, global optoelectronic device market is expected to surge substantially by the year 2025. Optoelectronic devices not only consume less power, but also offers a high bandwidth for communications and hence are extensively used in aerospace and military applications. In addition, these devices are being employed in electric vehicles and automotive to enhance vehicle safety. These factors, in cognizance numerous R&D activities exploring the applicability of optoelectronics, such as integration with automotive components as well as development of next-gen communication network and high-speed optical computing are further impelling the market share.

However, high deployment costs, low customization rates, and usage complexities associated with the product may hinder the market growth. Adding to this, factors such as availability of affordable substitutes may also inhibit the optoelectronic device market expansion.

As per product type, the market is classified into LED, optocoupler, image sensor, laser diode, and others. The optocoupler devices segment is expected to register modest growth during the forecast period.  These devices are extremely responsive at lower frequencies. They are not only relatively cheaper but are also available in compact sizes. Ability of the device to prevent damage caused by high voltage in the electrification system of vehicles is favoring the adoption of optocoupler devices in automotive industry.

Alternatively, the demand for LEDs is predicted to surge during the study period. LED devices offer various benefits such as long lifecycle, low maintenance, efficiency, low power consumption, cost effectiveness, and short response time. Surging sales of LED displays across the globe, owing to aforementioned features, will contribute towards the segmental share.

Based on the application spectrum, global optoelectronic device market is categorized into consumer electronics, automotive, telecommunication, healthcare, and industrial. The consumer electronics applications of optoelectronic devices are presumed to expand substantially during 2020-2025. Increasing utilization of optoelectronic devices in various consumer electronics such as smartphones, photocopiers, sophisticated cameras, and flexible or flat television displays is fueling the segmental growth.

On the other hand, optoelectronic device market from industrial application segment is set to record considerable growth rate by the year 2025. Advancements in technology in industrial and manufacturing processes, rapid automation, and advent of Industry 4.0 are favoring the market outlook.

As per regional analysis, optoelectronic devices market is largely controlled by regions like Europe, North America, South America, Asia-Pacific, and Middle East & Africa. North America optoelectronic device industry is slated to gain lucrative traction in the subsequent years. Technological advancements in telecommunications sector along with evolving consumer preference for next-gen gadgets have augmented the regional demand for optoelectronic devices. Moreover, availability of advanced healthcare infrastructure and increasing sales of premium vehicles are facilitating the business scenario in North America.

Renesas, Coherent, Lumileds, MLS Lighting, IPG, Samsung, Nichia, Everlight, Osram, Vishay, Cree, Avago, LG, Liteon, and Epister are the prominent companies operating in the global optoelectronic device market.

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