Optoelectronics is a branch of photonics that deals with the study and application of electronic devices that can be used source and control light, including invisible light such as infrared, UV, and X-rays. Optoelectronic components are transducers that can be used to either convert optical (electromagnetic) input into electricity or vice versa. The market of optoelectronic components was valued at USD 60.05 billion in 2014 and is anticipated to reach USD 137.44 billion by 2023, expanding at a CAGR of 9.7% from 2015 to 2023.
Technical Knowledge of Optoelectronic Components- http://bit.ly/1T7khlG
Factors such as growing application of optoelectronic components in various industries owing to reliability, efficiency and low power consumption is stimulating the demand for optoelectronic components at the global level. Moreover, rising usage of optoelectronic components in consumer electronics, industrial, medical and automotive applications is one of the important contributing factors for boosting the growth of this market. Increasing application wise penetration of optoelectronic components in defense and security and telecommunication sector is expected to drive the growth of this market during the forecast period, 2015 to 2023.
Increasing demand for HV LEDs and general LEDs in industrial applications is one of the major factors contributing in the positive growth of optoelectronic components market globally. OLEDs are primarily used to create digital displays in devices such as computer monitors, television screens, and portable systems such as handheld game consoles and mobile phones. Furthermore, increasing application of optoelectronic components such as various types of sensors including throttle position sensor, speed sensor, transmission fluid temperature sensor and turbine speed sensors in powertrain systems has boosted the growth of the market. With the increasing penetration rate of high-capacity batteries and image sensor systems in automotive as well as process automation industries is stimulating the growth of optoelectronic components market globally.
Increasing Investment in R&D Remains Best Competitive Strategy
Due to the sophisticated technology used in the relatively nascent field of optoelectronic components, technological upgradation is of crucial importance for players to remain ahead of the competition in the global optoelectronic components market. The rising application of optoelectronic components in weapons and other defense equipment also holds importance in the expected growth trajectory of the global optoelectronics market in the coming years.
Optoelectronic components also have crucial applications in telecommunications and industrial setups. This has propelled the optoelectronic components market in developed countries such as the U.S., which emerged as the largest market for optoelectronic components in North America in 2014, Germany, which was the dominant regional segment of the Europe optoelectronic components market the same year, the U.K., and Italy. The prosperous telecommunications networks in these countries are benefitting the North America and Europe optoelectronic components markets massively, with the two expected to be the largest regional segments of the global optoelectronic components market after Asia Pacific in the aforementioned forecast period.
Some of the major companies operating in the optoelectronic components market are Nichia Corporation (Japan), Avago Technologies (U.S.),Vishay Intertechnology, Inc.(U.S.), Cree, Inc. (U.S.), EPISTAR Corporation (Taiwan), OSRAM (Germany), Royal Philips Electronics (Netherlands), Renesas Electronics Corporation (Japan), Toshiba Corporation (Japan), ROHM Semiconductor (Japan), Finisar Corporation (U.S.), Sharp Corporation (Japan), NXP Semiconductors N.V. (Netherlands), STMicroelectronics N.V. (Switzerland), Infineon Technologies AG(Germany), Diodes, Incorporated (U.S.), Sony Corporation (Japan), Maxim Integrated Products Inc. (U.S.), Fairchild Semiconductor (U.S.), Samsung Electronics Co., Ltd (South Korea), Panasonic Corporation (Japan), Maxwell Technologies, Inc (U.S.) and Texas Instruments, Inc. (U.S.).
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