Pre and Post COVID-19 Market Analysis : Optoelectronics Market to Reach $77.9 Billion by 2027 at a CAGR of 9.6%

According to a new market research report titled, "Optoelectronics Market by Device (LED, Sensors), Device Material (Gallium Nitride, Indium Phosphide), Application (Measurement, Communication, Lighting), End User (Consumer Electronics, Healthcare), and Geography—Global Forecast to 2027", published by Meticulous Research®, the optoelectronics market is expected to grow at a CAGR of 9.6% from 2020 to 2027 to reach $77.9 billion by 2027.

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Optoelectronics technology has found applications across various industry verticals due to the high performance, high bandwidth, and low energy consumption of optoelectronic devices. The technology has witnessed high demand in applications such as telecommunications, monitoring and sensing, long-wavelength LiDAR, microwave photonic links, and medical equipment. LEDs, optocouplers, image sensors, laser diodes, and optical fiber are widely used optoelectronics devices. The optoelectronics market is driven by factors such as the rising demand for optical solutions in the healthcare and automotive industries, growing adoption of smart consumer electronics devices, and increasing need for durable, low power consuming components. However, high initial costs associated with manufacturing and fabrication are expected to hamper the market growth. The market is expected to witness immense growth opportunities from the proliferation of IIoT applications, advancements in Li-Fi technology, and innovations in optoelectronic devices.

The Impact of COVID-19 on the Optoelectronics Market

The sudden outbreak of the COVID-19 pandemic had a significant impact on public health as well as businesses. To stop the spread of the virus, governments worldwide imposed lockdowns, consequently shutting down on-premise business processes and manufacturing operations and disrupting supply chains and production schedules. This scenario led to a demand-supply gap of components required in residential and healthcare applications. The demand for optoelectronics witnessed a dip due to the shutdown of consumer electronics, automobile, industrial, and other manufacturing facilities across the globe. Moreover, Asia-Pacific being the hub of semiconductor manufacturing and China, the epicenter of the virus outbreak, led to huge losses during the first and second quarters of 2020. However, the market is expected to gain traction in 2021, with manufacturing facilities resuming operations at full capacity to meet the growing demand for optoelectronic components across various industry verticals.

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The optoelectronics market has been segmented based on device type, device material, application, end user, and geography.

Based on device type, the optoelectronics market has been further segmented into LEDs, sensors, infrared components, optocouplers, photovoltaic cells, displays, and others, such as optical fiber, solid-state relays, and laser diodes. The sensors segment is expected to register the highest growth rate during the forecast period. It is further segmented into phototransistors, photodiodes, photo relays, image sensors, optical sensors, and UV sensors. The image sensors segment is expected to be one of the fastest-growing segments in the optoelectronics market. CMOS sensor technology enables the capturing of high-resolution images at high speeds in consumer, industrial, and machine-vision applications. Moreover, CMOS sensors are highly sensitive and consume low power, thereby driving demand. Thus, rising machine vision applications and the growing demand for advanced camera technology are expected to drive the demand for image sensors further.

Based on device material, the optoelectronics market has been segmented into gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide. The silicon carbide (SiC) segment is expected to register the highest growth rate during the forecast period owing to the material's capability of producing wide-bandgap semiconductors. The material offers various characteristics to high-voltage power semiconductors. The high breakdown field strength and thermal conductivity of SiC help achieve enhanced efficiency, which is expected to drive the demand further.

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Based on application, the optoelectronics market has been segmented into lighting, security & surveillance, communication, measurement, displays, and other applications, such as infotainment, spectrometry, and scanning. The measurement segment is expected to register the fastest growth during the forecast period. Optoelectronic measurement systems are more accurate than the other systems due to which optical measurement systems are used for process monitoring and control across various industries and in machine vision and other applications. Thus, the increasing adoption of machine vision and IoT technology is expected to drive the adoption of optoelectronic components in measurement applications.

Based on end user, the optoelectronics market is segmented into automotive, consumer electronics, aerospace & defense, IT & telecommunication, healthcare, food & beverage, energy & utilities, residential, industrial, commercial, and others, such as media & entertainment, retail, and government. Amongst end users, the consumer electronics segment is expected to account for the largest market share and is expected to record the highest CAGR. The high market share is attributed to continuous advancements in electronic devices such as smartphones, high-end cameras, smart television displays, LED projectors, organic LEDs, and flexible 3-D displays that require optoelectronic components. The increasing adoption of smart connected devices is driving the adoption of optoelectronic components in consumer electronics applications

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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (U.K., Germany, France, Spain, Italy, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia, and the rest of APAC), Middle East & Africa (UAE, Saudi Arabia, South Africa, and the rest of the Middle East & Africa), and Latin America (Brazil, Mexico, Argentina, and the rest of Latin America). Asia-Pacific region is expected to account for the largest market share and is projected to be the fastest-growing regional market throughout the forecast period.

Asia-Pacific region is the hub of semiconductor components manufacturing. The region houses a majority of the key players operating in the optoelectronics market, such as Renesas, Rohm Co., Ltd, Hamamatsu Photonics K.K., Samsung Electronics Co., Ltd., Sony Corporation, Panasonic Corporation, and Sharp Corporation, along with other small regional players that are focused on research and development activities to develop innovative optoelectronic components. Moreover, growing economies in the region such as China, India, and Indonesia that showcase increased disposable incomes are witnessing increased adoption of optoelectronic components in automotive, healthcare, and consumer electronics applications. North America follows Asia-Pacific in the optoelectronics market and has obtained a considerable share. Market growth in North America is attributed to the presence of key market players emphasizing research & development activities for developing optoelectronic components to cater to a wide application area. Moreover, the well-established healthcare industry in the region further fuels the demand for optoelectronic components. Furthermore, the high demand for high-tech consumer electronics such as smartphones, cameras, and smart televisions with LED and OLED displays and advanced camera technologies and the growing automotive industry in the region boost market growth in the region.

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The key players operating in the optoelectronics market are Rohm Co., Ltd (Japan), Renesas (Japan), Vishay Intertechnology, Inc. (U.S.), Hamamatsu Photonics K.K. (Japan), Osram Licht AG (Germany), ON Semiconductor (U.S.), Cree, Inc. (U.S.), TT Electronics (U.K.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Panasonic Corporation (Japan), General Electric Company (U.S.), Sharp Corporation (Japan), Broadcom (U.S.), and Texas Instruments (U.S.) among others.

Key players in the optoelectronics market are focused on strengthening their market positions and expanding their product portfolios to offer innovative products with advanced capabilities. The companies are focused on using raw materials to enhance product efficiency and cater to wider application areas. Moreover, the companies emphasize strategies such as acquisitions, partnerships, and collaborations to boost their market share and secure competitive positions in the market.

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