Optoelectronics Market

Optoelectronics Market

Growth Factors of Optoelectronics Market

The optoelectronics market size was valued at USD 44.84 billion in 2022, and the market is now projected to grow from USD 46.88 billion in 2023 to USD 73.83 billion by 2030, exhibiting a CAGR of 6.7% during the forecast period of 2023-2030.

The pandemic led to a drop in the development of the worldwide economy with a termination in trade and disturbed source, leading to a drop in the deals of electronics and semiconductors worldwide. The drop in trade events due to a deficit of resources impacted the deals of display technologies. However, a strong demand overcame the backlogs of the pandemic and pushed the deals of optoelectronic devices.

Light-emitting diode (LED) technology has transformed the worldwide LED lighting and display industry with progressive retina displays that deal high brightness and improved color experience. The progressive retina display solution and upsurge in demand for related infotainment solutions in the automotive sector due to progressive touch facility and voice interaction incorporation have affected the optoelectronics market growth during the prediction period.

The industry has witnessed a huge transition from a small-unit device to a broad-level incorporation and large-scale photonics integration to modern chipsets. Additionally, there has been a growing need for an advanced transmission volume of optical fibers in the optical communication industry. This motivates the popularity of photonic-integrated chipsets through industrial optical communication that enhances the optoelectronics market progression in the extended period.

Comprehensive Analysis of Optoelectronics Market

The market can be segmented in various ways, depending on the focus of analysis such as by product type, and by application. Based on product type, the optoelectronics market is classified into optical information instruments, optical sources & optoelectronics devices, optical communication, precision instruments, optical materials, and optical instruments. Based on application, the market is classified into residential and industrial.

North America region is dominating the optoelectronics market share due to upsurge in internet penetration and arrangement of 5G technology universally.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Broadcom (U.S.), Samsung (South Korea), Intel (U.S.), Texas Instruments (U.S.), Applied Materials (U.S.), Lam Research (U.S.), Synopsys (U.S.), Renesas (Japan), Rohm (Japan), Coherent (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In June 2023, STMicroelectronics, a prominent semiconductor producer, contracted an agreement with Sanan Optoelectronics to improve the manufacturing and progress of Silicon Carbide ecosystems across China.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2017-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2017-2021

Growth Rate CAGR of 6.7% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Product Type

Optical information instruments

Optical sources & optoelectronics devices

Optical communication

Precision instruments

Optical materials

Optical instruments

By Application

Residential

Industrial

• Automotive
• Consumer Electronics
• Telecommunication
• Healthcare
• Energy & Power
• Others (Military, Utilities)

By Region

North America (By Product Type, Application, and Country)

• U.S. (By Product Type)
• Canada (By Product Type)
• Mexico(By Product Type)

Europe (By Product Type, Application, and Country)

• U.K. (By Product Type)
• Germany (By Product Type)
• France (By Product Type)
• Italy (By Product Type)
• Spain (By Product Type)
• Russia (By Product Type)
• Nordics (By Product Type)
• Benelux (By Product Type)
• Rest of Europe

Asia Pacific (By Product Type, Application, and Country)

• China (By Product Type)
• Japan (By Product Type)
• India (By Product Type)
• South Korea (By Product Type)
• ASEAN (By Product Type)
• Oceania (By Product Type)
• Rest of Asia Pacific

Middle East & Africa (By Product Type, Application, and Country)

• GCC (By Product Type)
• South Africa (By Product Type)
• North Africa (By Product Type)
• Turkey (By Product Type)
• Israel (By Product Type)
• Rest of the Middle East & Africa

South America (By Product Type, Application, and Country)

• Brazil (By Product Type)
• Argentina(By Product Type)
• Rest of South America


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