Global Optoelectronics Market

Description

Introduction

Optoelectronic devices can react to light i.e., they can either produce light or detect light (can covert electricity into light and vice versa), i.e. these devices are the amalgamation of both optics and electronics. The optoelectronics market has observed significant growth in the past few years and is expected to grow at a substantial rate owing to the increased employment of this technology in consumer electronics and devices such as flat and flexible televisions. Moreover, the technological advancements and opportunities are many in the form of IoT, massive data traffic and applicability across industries.

Market Dynamics

One of the major driver of growth of the global Optoelectronics market is the growing concern for depletion of resources and henceforth adoption of green technology such as LEDs and Solar lighting. There are countries where governments provide subsidies for these projects. LEDs are not only environment friendly but also energy-efficient. Moreover, they find use in smart and street lighting which are growing trends these days. For example: the light switches off automatically if the room is not occupied by anyone. Another major driver is the range of functions and advantages offered by optoelectronics in various industries such healthcare, entertainment etc.

The impediments to the adoption of optoelectronics are many, from high installation, acquisition and deployment cost to the availability of low cost alternatives in the market. Thus, it will take time for the market to see the advantages of optoelectronic devices and choose them despite being of higher cost.

Market Segmentation

Market can be segmented on the basis of component type, application and geography. Various types of components of optoelectronics include LEDs, Laser Diodes, image sensors, IR Components, photo voltaic cells, optocouplers etc. The market is majorly captured by LEDs and image sensors. Image sensors finds applications in wide variety of cameras, likewise LEDs finds widespread applications in lighting and upcoming technologies such as smart lighting and Light Fidelity (Li-Fi).

On the basis of application, optoelectronics’ devices can be employed in various industries such as healthcare, defence, automotive, manufacturing, Information and Communication, consumer electronics, commercial, residential, aerospace, oil and gas, cinematography etc.

Regional/Geographic Analysis

On the basis of region, the market can be segmented into North America, Europe and Asia Pacific. Asia Pacific region account for major growth owing to China, which is a leader in production and supply of Optoelectronic devices. North American market is experiencing growth because of a surge in adoption of consumer electronics. Similarly, in the European market application of Optoelectronics in industries is the major reason for growth. Solar Energy production utilizing photo voltaic cells drives consumption of optoelectronics in many countries, majorly Japan and Germany.

Opportunities

The role of optoelectronics in data transmission is enormous and increasing. Also, with the increased penetration of phones, tablets, computers, and other online platforms, there is a growing need of data carriers to handle such massive data traffic. Another opportunity comes with the technological advancements in integrated devices and appliances (IoT), the bandwidth requirements of which can be taken care by laser optimized fibres.

Key Players

Some of the major players in the market include Lumileds Lighting, GE Lighting, Samsung, Seoul Semiconductor, OmniVision, Oplink Communications LLC, Sony Corp., Toshiba, Avago Technologies, Philips, Accelink Technologies etc.