Yahoo Finance Global Optoelectronic Components Market Size to Reach Over USD 60.55 Billion by 2028; Vantage Market Research
WASHINGTON, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The Global Optoelectronic Components Market size is expected to reach over USD 60.55 Billion by 2028, exhibiting a CAGR of 4.9% during the forecast period.
Market Synopsis
The optoelectronic components industry growth is mainly fuelled by the rising use of infrared components in automobiles and consumer electronics, the low power consumption and long life, demand for enhanced optical & imaging sensing solutions in the healthcare industry, and the favourable physical characteristics of optoelectronic sensors to manage in harsh environments, states Vantage Market Research, in a report, titled “Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, Infrared Components), by Application (Measurement, Lighting, Communications, Security & Surveillance), by Material (Gallium Nitride, Gallium Arsenide, Silicon Carbide, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List Of Prominent Players in the Optoelectronic Components Market:
Osram (Germany)
Hamamatsu (Japan)
TT Electronics (UK)
ON Semiconductor (US)
Vishay (US)
SICK AG (Germany)
Cree (US)
Trumpf (Germany)
Samsung (South Korea)
Broadcom (US)
Sony (Japan)
Market Dynamics:
Driver: Rising Consumer Electronics Demand
The use of technologies in optoelectronic by various verticals stands as a main driver boosting the Optoelectronic Components Market globally. The interest on the Optoelectronic Components Market worldwide is expanding at a good speed. The consistency of advancements in a few associations has open doors for market development. Customer gadgets are the greatest business probably on the planet today, and a significant end user of optoelectronic components.
Driver: High Demand for LED Drivers
LED drivers can improve drastically the activity of an LED system by changing the incoming electricity to a suitable form for the LED. LED driver technology Advancements have allowed them to be highly cost-effective and efficient. This, in conjunction to the decline in LED costs, has facilitated the volume of optoelectronic components substantially over the past few years.
The main reason for the popularity of ICs and LED drivers is the manufacturer’s ability to make cheap and yet reliable. These modern industrial setups are anticipated to show a rising demand for ICs and LED drivers. Top players of optoelectronic components worldwide include Sharp Corporation, Cree, Inc., Texas Instruments, Inc., OSRAM, and Avago Technologies.
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Regional Trends
Asia Pacific generated the significant share of revenue in the market for optoelectronic components, followed by North America. Both regions have massively benefitted from the swift adoption of these components in various application fields. Most components are regarded as cost-effective and reliable, making them famous in Asia Pacific. Europe held third position in revenue share of the market for optoelectronic components owing to their increasing usage in the automotive industry. Apart from consumer electronics, Asia Pacific optoelectronic components demand is also coming from the healthcare, defense, and aerospace sectors.
Recent Developments
April, 2019: Vishay (US) strengthened its product portfolio by adding two series of optocouplers, DIP-6 and SMD-6. Both optocouplers offer a high off-state voltage of 800 V.
Feb, 2019: Osram (Germany) acquired Ring Automotive, is a British manufacturer and distributor of vehicle lighting and auto-electrical parts. The acquisition will enable OSRAM to strengthen its expertise in automotive lighting and tap into additional sales potential by using the distribution channels of Ring Automotive.
Oct, 2018: Hamamatsu (Japan) strengthened its product portfolio by adding a 4-channel pulsed laser diode to its laser diode product line. The laser diode can operate at a high temperature of up to 105°C.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Optoelectronic Components Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Optoelectronic Components Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Optoelectronic Components Market?
How will the Optoelectronic Components Market change in the upcoming six years?
Which application and product will take a lion’s share of the Optoelectronic Components Market?
What are the Optoelectronic Components market drivers and restrictions?
What will be the CAGR and size of the Optoelectronic Components Market throughout the forecast period?
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This market titled “Optoelectronic Components Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Report Attribute | Details |
Market Size in 2021 | USD 42.32 Billion |
Projected Market Size in 2028 | USD 60.55 Billion |
CAGR Growth Rate | CAGR of 4.9% from 2022–2028 |
Base Year | 2021 |
Historic Years | 2016 – 2020 |
Forecast Years | 2022 – 2028 |
Segments Covered | Component: - Sensor, LED, Laser Diode |
Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Browse market data Tables and Figures spread through 160 Pages and in-depth TOC on "Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, Infrared Components), by Application (Measurement, Lighting, Communications, Security & Surveillance), by Material (Gallium Nitride, Gallium Arsenide, Silicon Carbide, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/optoelectronic-components-market-657052
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