Press release
Optoelectronic Components Market to Double in Revenue by 2023
TMR suggests that this competition will intensify over the coming years. The possibility of new entrants joining the competition is very high, although the new players will need innovative ideas and a strong distribution chain to establish their claim on the optoelectronic components market share.
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The telecom industry, a key end user of optoelectronic components, is ramping up its demand for them owing to a greater market penetration of telecom applications in industrial settings, finds TMR.
It is becoming a major reason for key optoelectronic components providers to consolidate their efforts through innovations, new product development, and the implementation of new technology post positive research and development.
Optoelectronic Components Manufacturers Seek Major Opportunities in Automotive and Consumer Electronics
“Infrared LEDs are currently the top reason why a major chunk of optoelectronic components comes from the automotive industry,” stated a TMR expert.
“So far, infrared LEDs have found use in consumer electronics such as remote controls. Optoelectronic components are now being used in security camera controls and car lighting, significantly increasing their market value and production scope.”
Optoelectronic components are rapidly finding scope of use in automobile headlights, auxiliary lighting, turn indicators, and other signaling. Additionally, optoelectronic components are also being used in mobile payment, gesture recognition, night vision instruments, active safety systems, and other technologies.
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Other fields of use of optoelectronic components include healthcare, residential and commercial buildings, defense, and aerospace. The power efficiency and stability they impart to lighting and communication systems have made users hold them in high regard in both short and long term usage.
The industrial setup has also been a highly potent application field for optoelectronic components, where they can improve the flexibility of a network and allow multi-service integration.
LED Driver and IC Components to More than Double in Revenue by 2023
In 2014, the LED driver and IC components had held a share of 37.6% of the total revenue generated in the market.
The increasing demand for cheaper optoelectronic components with advanced features has increasing the use of laser diodes, LED drivers, ICs, and other components. The LED driver and IC components segment was valued around US$22 bn and is expected to almost touch US$50 bn before the end of 2023.
The global optoelectronic components market is progressing at a CAGR of 9.7% through a cumulative result of the above factors, within a forecast period from 2015 to 2023. This market was valued around US$60 bn and will cross US$137 bn in 2023.
Asia Pacific will retain its regional lead in optoelectronic components consumption, with North America and Europe in second and third position, in terms of revenue.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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