Press release
Soaring Demand Set to Propel Optoelectronics Market to $18.79 Billion by 2029
Optoelectronics
What Is the Expected CAGR for the Optoelectronics Market Through 2025?
The size of the optoelectronics market has seen a rapid increase in the past few years. Projected to amplify from $8.62 billion in 2024 to a staggering $9.97 billion in 2025, it displays a compound annual growth rate (CAGR) of 15.6%. The substantial growth during the last period is due to factors such as growth in telecommunications, consumer electronics, medical instrument production, automobile lighting, and energy efficacy.
What's the Projected Size of the Global Optoelectronics Market by 2029?
The market size of optoelectronics is predicted to witness significant expansion in the upcoming years, escalating to a value of $18.79 billion in 2029 with a compound annual growth rate (CAGR) of 17.2%. Semiconductors manufacturing, military and defense sectors, autonomous vehicles, miniaturization, and the information technology revolution greatly contribute to the predicted growth in the forecast period. The coming years are also expected to see major trends such as advancements in display technology, optical sensors, the spread of 5g network, optoelectronic materials, and quantum technologies.
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Top Growth Drivers in the Optoelectronics Industry: What's Accelerating the Market?
The surging requirement for luxury and ultra-luxury automobile options is anticipated to boost the evolution of the optoelectronics market. Luxury vehicles are those that offer comfort, refinement and quality. The desire to enhance vehicle safety and illumination, coupled with the enduring emphasis on research and development pursuits, will drive the optoelectronic innovations in luxury automobiles. In fact, optoelectronics find application within modern automobiles as they automate functions like brake lights and headlights. Consequently, the growing sales of luxury and ultra-luxury automobiles amplify the demand for the optoelectronics market. As per the Federation of Automobile Dealers Associations (FADA), India's national organization for automobile dealers, in December 2022, there was a 19.7% spike in retail luxury car sales due to the expansion of high stock and dealerships with OEMs. Therefore, the escalating sales of luxury and ultra-luxury cars are fuelling the growth of the optoelectronics market.
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What Trends Will Shape the Optoelectronics Market Through 2029 and Beyond?
Leading entities in the optoelectronics market are concentrating on creating unique solutions such as UVC LEDs on starboards to improve swift prototyping capacities for sensors and tools, catering to diverse requirements in cleanliness and water quality assessment. UVC LEDs on starboards denote ultraviolet C (UVC) LED lights firmly attached to a starboard, a sort of circuit board or substrate tailored for efficient integration and testing in a range of applications. To illustrate, Marktech Optoelectronics, a manufacturing company based in the US, launched advanced 235nm and 255nm UVC LEDs on starboards in May 2024. These LEDs, specifically designed to expedite rapid prototyping for sensors, devices, and sanitizers, have a dual-chip setup for an improved power output. They are encased in a sturdy ATLAS hermetic SMD package and provide various lens choices to suit different application requirements. Ideal for an extensive range of applications like water quality sensors and surface sanitization robots, these UVC LEDs allow engineers to promptly assess performance without dealing with PCB design complexities.
What Are the Main Segments in the Optoelectronics Market?
The optoelectronics market covered in this report is segmented -
1) By Component: Light-Emitting Diode (LED), Laser Diode, Image Sensors, Optocouplers, Photovoltaic Cells, Other Components
2) By Device Material: Gallium Nitride, Gallium Arsenide, Gallium Phosphide, Silicon Germanium, Silicon Carbide, Indium Phosphide
3) By End-User: Automotive, Aerospace And Defense, Consumer Electronics, Information Technology, Healthcare, Residential And Commercial, Industrial, Other End Users
Subsegments:
1) By Light-Emitting Diode (LED): Standard LEDs, High-Power LEDs, Organic LEDs (OLEDs), Miniature and Micro LEDs
2) By Laser Diode: Infrared Laser Diodes, Red Laser Diodes, Blue Laser Diodes, Ultraviolet Laser Diodes
3) By Image Sensors: Charge-Coupled Device (CCD) Sensors, Complementary Metal-Oxide-Semiconductor (CMOS) Sensors, Hybrid Sensors
4) By Optocouplers: Phototransistor Optocouplers, Photodiode Optocouplers, High-Speed Optocouplers
5) By Photovoltaic Cells: Monocrystalline Silicon Cells, Polycrystalline Silicon Cells, Thin-Film Solar Cells, Bifacial Solar Cells
6) By Other Components: Fiber Optic Components, Optical Interconnects, Light Sensors, Photodetectors
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Which Top Companies are Driving Growth in the Optoelectronics Market?
Major companies operating in the optoelectronics market include 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., Micropac Industries Inc., NeoPhotonics Corporation., 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
Which Regions Will Dominate the Optoelectronics Market Through 2029?
Asia-Pacific was the largest region in the optoelectronics market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the optoelectronics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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