According to a new market research report published by Acute Market Reports, “Optoelectronics Market - Growth, Future Prospects, and Competitive Landscape, 2023 -2030”, the optoelectronics market was valued at US$ 6.10 Bn in the year 2021 and expected to reach US$ 15.81 Bn by the year 2030, expanding at a CAGR of 11.2% during the forecast from 2023 to 2030.

Market Insights

"Rising Trend for Renewable Energy expected to spur the Optoelectronics Demand over the Forecast Period"

Photonics and optoelectronics are the key enablers for the digitalization, IoT, artificial intelligence, big data, automation, and other megatrends of the era. Therefore, optoelectronics is the most prominently growing sector in the semiconductor industry and expected to continue the same trend in the coming years. In addition, forthcoming disruptions in the optical industry predicted to shape future trends in the optoelectronics and photonics industry. It is believed that only 20% of the light technology potential has been revealed and many more are expected to come in near future. The global photonics market stood US$ 666 Bn in 2021 and anticipated to grow at a steady pace.

Moreover, the rising preference for solar energy for electricity generation has also accelerated the optoelectronics market at a rapid pace. Besides the above, the complexity of optoelectronic devices while integrating it with other devices coupled with high initial cost may hinder the market growth. Nonetheless, its alluring benefits overcome its disadvantages such as high bandwidth, low power consumption, and lower current value required for its operation.

The global optoelectronics market seeks high competition attributed to new product launch, on-going research, regional expansion, and product up-gradation. In addition, market players are also focused on strategic alliance and merger, acquisition to strengthen their market position.

Industrial Developments

• On November 09, 2021, Solid State PLC acquired Pacer Technologies Ltd., a display and optoelectronics specialist. The acquisition helps the company in enhancing its exposure to the niche medical market. Furthermore, the acquisition enabled the company to design & manufacture the products on its own by using recent investment by Pacer Technologies Ltd.

Key Market Movements:

• Globally, the optoelectronics market projected to witness a CAGR of 11.2% during the forecast period from 2023 to 2030
• The LED segment dominated the global optoelectronics market in 2021 with maximum revenue share. A prominent application of LED in display units and ICs has uplifted its demand in the present market status.
• Escalating use of industrial lasers along with rising investment in LiDAR technology has triggered the growth in laser diode demand
• Consumer electronics segment held significant market revenue share in 2021 owing to increasing application of photodetectors, LEDs, and image sensors in display screens, cameras, and different wearable electronics
• The Asia Pacific seeks lucrative growth over the forecast period due to the fastest-growing consumer electronics market
• North America and Europe garnered prominent market share in the year 2021 attributed to rising investment in the smart city, and emerging technologies such as IoT, big data, and others.

List of Companies Covered:

• Toshiba Corp.
• Sony Corp.
• Samsung Electronics
• Osram Licht AG
• ROHM Co., Ltd.
• Sharp Corp.
• BetaLED
• Avago Technologies
• Panasonic
• Philips

Browse the full report at https://www.acutemarketreports.com/report/optoelectronics-market

The Global Optoelectronics Market is Segmented into:

*Complete segmentation list is on the report page