Optoelectronics market is expected to grow at a CAGR of 10.25% over the forecast period (2018-2023) |Key Players - TOSHIBA CORP, ROHM LTD, SHARP CORP, PHILIPS, and MITSUBISHI ELECTRIC LTD, amongst others.

Asia-Pacific is Emerging as the Market with Potential for High Growth

The increasing spending from the consumers in Asia-Pacific is helping the optoelectronics-based products demand. The developments in display technology and increased demand for consumer electronics such as smart phones, display devices, digital imaging devices, and photovoltaic cells have helped Asia-Pacific take lead in the growth for optoelectronics demand.

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Owing to the increasing focus on environmental protection and green energy sources, most of the investments in the optoelectronics industry have been driven towards photovoltaic cells. Governments around the world have been offering incentives to both companies and users, encouraging the consumption of solar power, thus supporting the growth of the technology in the market. China and India are aggressively opting for projects supporting the installment of solar power. This is indirectly driving the optoelectronics market.

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Market Segments:
Optoelectronics market is segmented by:
1. Component Type: Light Emitting Diodes (LED), Laser Diode (LD), Photo Voltaic (PV) Cells, Infra Red Components (IR), Optocouplers, Image Sensors, Others
2. Application: Automotive, Aerospace & Defense, Consumer Electronics, Information Technology, Healthcare, Residential and Commercial, Industrial, Others
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• March 2018 - Samsung enhances chip-scale LED package lineup with industry’s highest luminous efficacies.
• March 2018 - Samsung Electronics launched its flagship line of 2018 QLED TVs and AV products at the 2018 First Look New York event at the American Stock Exchange building in Manhattan.

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This release was published on openPR.