DUBLIN--(BUSINESS WIRE)--The "Optoelectronics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The optoelectronics Market is expected to grow at a CAGR of 10.25% over the forecast period (2019-2024).
Optoelectronics include devices that either convert light energy to electricity or electricity to light energy. These devices account for a major share in the global semiconductors market and are witnessing growing consumption across various verticals.
- Growing consumption of advanced manufacturing and fabricating technologies is further driving the consumption of optoelectronic components in the industrial sector, with the use of Laser and Machine vision systems.
- The increasing demand in the automotive industry specifically with the increase in the adoption of electric vehicles, self-driven trucks, and autonomous vehicles is expected to boost the usage of optoelectronic devices which would further drive the market.
- Light Emitting Diode (LED), has become standard display technology in electronics devices, with consumers demanding higher resolution and performance has been the reason for a high demand of LED's which would, in turn, influence the optoelectronics market positively.
- Due to the significant rise in the consumption of consumer electronics in the Asia-Pacific and Latin Americas region has opened up new potential for the optoelectronics manufacturers which would drive the growth of the optoelectronic market.
- In September 2018. Sanan Optoelectronics, the Chinese LED chip maker announced to build it's Micro LED epi-wafer and chip production for smart wearable devices, large size displays of over 100-inches and automobile taillights. In collaboration with Samsung, the company is also developing Micro LED display technology.
Major Market Trends
Laser Diodes are Expected to Witness a Significant Growth
- The demand for laser products globally has increased rapidly. There is an increasing demand from emerging end users, such as the automotive sector, owing to the increased usage of laser technology for advanced driver assistance systems and safety systems over the ultrasound and other technologies.
- However, the trade war between China and the United States has taken a considerable toll on the laser diodes market. Both these markets are highly dependent on each other for laser technology. While China is estimated to occupy 40% of the world's lasers supply, the United States and Europe are known to manufacture most of these laser products.
- High Power lasers are finding extensive demand in industrial sectors, for a wide range of applications including cutting, welding, and fabrication. Companies are moving towards Laser technologies to take advantage of high performance and reliability, which is driving the demand for high power laser diodes.
- In December 2019, Mitsubishi Electric Corporation launched the ML562G86 pulse laser diode (LD) for projectors, featuring a vibrant 638-nanometer (nm) red light, the output power of 3.0W under pulse operation and mean time to failure1 (MTTF) of over 20,000 hours.
North America is Expected to Hold the Largest Share
- Increasing investments in the development of smart infrastructure and focus in automation technologies will be key in the growth of the market in this region while growing investments in infrastructure development are likely to further support the market.
- U.S. Department of Agriculture's National Institute of Food and Agriculture (NIFA) has sanctioned a grant funding to the Purdue-led team of academic and industry scientists from Wisconsin, Michigan, and New Jersey to investigate the use of light emitting diodes in order to provide a perfect light spectrum which is most efficient for photosynthesis in plants. Initiatives like these are supposed to boost the optoelectronics market.
- With optoelectronics finding its applications in the indicators and headlights of the vehicles, the US in the year imported USD 178.5 billion worth of cars originating from a total of 68 countries or territories. This number is expected to grow over the forecasted period which would boost the optoelectronics market.
- With the focus of local manufacturing in the country growing, the country is expected to invest heavily in developing local semiconductor manufacturing facilities. This is expected to have a great impact over the coming years.
The competitive rivalry in the optoelectronics market is high owing to the presence of major players like Samsung, Sony, Mitsubishi Electric Toshiba and many more. Due to their ability to innovate their products coupled with hefty investments in research and development has allowed them to gain a competitive advantage over their competitors.
Strategic partnerships and mergers and acquisitions have allowed the companies to grow and gain a substantial amount of market share and maintaining a strong foothold in the market.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Demand for Smart Consumer Electronics and Next Generation Technologies
4.3.2 Increasing Industrial Applications of the Tehnology
4.4 Market Restraints
4.4.1 High Manufacturing and Fabricating Costs
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.6 Industry Value Chain Analysis
5 MARKET SEGMENTATION
5.1 By Component Type
5.1.2 Laser Diode
5.1.3 Image Sensors
5.1.5 Photovoltaic Cells
5.2 By End-user Industry
5.2.2 Aerospace & Defense
5.2.3 Consumer Electronics
5.2.4 Information Technology
5.2.6 Residential and Commercial
5.2.8 Other End - User Industries
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Sony Corporation
6.1.2 Samsung Electronics
6.1.3 Osram Licht AG
6.1.4 Koninklijke Philips N.V.
6.1.5 Vishay Intertechnology, Inc
6.1.6 Omnivision Technologies Inc
6.1.7 Panasonic Corporation
6.1.8 Texas Instruments Inc
6.1.9 Stanley Electric Co
6.1.10 Rohm Co., Ltd (ROHM SEMICONDUCTOR)
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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