Optoelectronic Components Market is Driven By Defense, and AerospaceConsumer electronics is one of the biggest industries in the world today, and also a major end user of optoelectronic components.
The growing use of image sensors, laser diodes, and most importantly LED drivers and ICs is expected to boost the revenues and manufacturing rates of optoelectronic components.
LED drivers and ICs form the largest optoelectronic components segment and held 37.6% of all revenue in the global market in 2014. By the end of 2023, the second largest components segment is expected to by image sensors.
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Asia Pacific has consistently held the highest demand and revenue generation for optoelectronic components. This region accrued 40% of the global revenue in 2014 and is expected to show an even higher growth rate than before over the coming years.
Owing to these factors and more, the global optoelectronic components revenue generation is expected to rise at a CAGR of 9.7% from 2015 to 2023. By the end of this forecast period, the revenue generated will be close to US$137 bn, while it was valued around US$60 bn in 2014.
Asia Pacific Dominates Optoelectronic Components Revenues, the U.S. Holds Most Patent Filings
Asia Pacific generated the leading share of revenue from optoelectronic components in 2014, followed by North America with 30.8% of the revenue.
Both regions have benefitted massively from the rapid adoption of optoelectronic components in multiple application areas. Most optoelectronic components are regarded at reliable and cost-effective, making them popular in Asia Pacific.
Europe held the third largest revenue share from optoelectronic components in 2014 due to their growing usage in the automotive sector. Apart from consumer electronics, the Asia Pacific demand for optoelectronic components is also coming from the defense, healthcare, and aerospace sectors.
The largest number of optoelectronic components patent filings were done in 2012, while the largest publications of patents were done in 2015. Of these, the U.S. held the majority of patents, both filed and published, for optoelectronic components.
LED drivers can drastically improve the function of an LED system by transforming the incoming electricity to a more suitable form for the LED. Advancements in LED driver technology have allowed them to be highly efficient and cost-effective.
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This, in conjunction to the reduction in LED costs, has boosted the manufacturing volume of optoelectronic components significantly over the past few years.
LED drivers and ICs have and will continue to be the largest optoelectronic components segment till 2023.
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