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Optoelectronics Market Size, Industry Insights, Growth Analysis 2024 To 2033
Optoelectronics Market Size
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According to The Business Research Company's, The optoelectronics market size has grown rapidly in recent years. It will grow from $7.39 billion in 2023 to $8.76 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to telecommunications expansion, consumer electronics, medical devices, automotive lighting, energy efficiency.
The optoelectronics market size is expected to see rapid growth in the next few years. It will grow to $17 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to semiconductor manufacturing, military and defense, autonomous vehicles, miniaturization, information technology revolution. Major trends in the forecast period include display technology advancements, optical sensors, 5g network expansion, optoelectronic materials, quantum technologies.
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Market Drivers and Trends:
The increasing demand for luxury and ultra-luxury vehicle modes is expected to propel the growth of the optoelectronics market. Luxury vehicles refer to vehicles that provide comfort, luxury, and quality. The motivation to improve the safety and lighting of the vehicles and the continuous focus on RandD activities will lead to the growth of optoelectronics in luxury vehicles, and optoelectronics are used in new cars to automate vehicle functions such as brake lights and headlights. As a result, increasing sales of luxury and ultra-luxury vehicles increases the demand for the optoelectronics market. According to the Federation of Automobile Dealers Associations (FADA), a national body representing automobile dealers in India, in December 2021, retail luxury car sales increased by 19.7% due to the growth of high inventory and dealerships with OEMs. Therefore, the increasing sales of luxury and ultra-luxury vehicles drive the growth of the optoelectronics market.
Strategic partnerships are shaping the optoelectronics market. Many companies operating in optoelectronics are undergoing partnerships to meet customer demands. For instance, in the year 2021, Global Foundries, a semiconductor manufacturing company has improved and continued its strategic partnership with Raytheon a commercial electronics manufacturing company to develop a new gallium nitride on silicon.
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Major Key Players of the Market:
General Electric Company, Accelink Technologies Co. Ltd., Avago Technologies Limited, BetaLED Inc., Broadcom Inc., Broadex Technologies Co. Ltd., Browave Co. Ltd., Cree Inc., Finisar Corporation, Fujitsu Limited, Hamamatsu Photonics K.K., JDS Uniphase Corporation, Micropac Industries Inc., NeoPhotonics Corporation, Oclaro Inc., Omnivision Technologies Inc., ON Semiconductor Corporation, Oplink Communications LLC, OSRAM Licht AG, Panasonic Corporation, Koninklijke Philips N.V., Renesas Electronics Corporation, ROHM Co. Ltd., Samsung Electronics Co. Ltd., Sharp Corporation, Sony Corporation, Texas Instruments Incorporated, Toshiba Corporation, TT Electronics plc, Vishay Intertechnology Inc., Aixtron SE, ASML Holding N.V., Canon Inc., Coherent Inc., EMCORE Corporation
Optoelectronics Market 2024 Key Insights:
• The optoelectronics market size is expected to see rapid growth in the next few years. It will grow to $17 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%.
• Rising Sales Of Luxury Vehicles Fuel Optoelectronics Market Growth
• Evolving Optoelectronics Market Through Strategic Partnerships
• Asia-Pacific was the largest region in the optoelectronics market in 2023
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