Optoelectronic components have the capability to source, identify, detect, and control light. The interaction of these components with light makes them ideal to be used in a wide range of applications. These components are primarily used in automatic control systems, aerospace and defense, telecommunications, and healthcare among others.
Growing application across different industry verticals primarily owing to its low power consumption, reliability, scalability, and performance is fueling the demand of optoelectronic components globally. Furthermore, increasing application of high end optoelectronic components in security and defense, automotive and industrial sector is one of the prime contributing factors in directing the growth of the market. Growing usage of LED Driver and IC, OLED, image sensor, infrared components in telecommunication, medical devices and security systems is expected to fuel the growth of optoelectronic components market over the forecast period. Comparatively high price of raw materials, requirement of huge capital investments for developing energy efficient LED displays and niche nature of application of some of the optoelectronic components are major restraining factors for the market. These factors are expected to hinder growth of optoelectronic components market during the forecast period.
Convenience in terms of application of infrared components in consumer electronics and automotive industry is one of the important factors fueling the growth in adaptation of optoelectronic components across different countries. Growing popularity of infrared LEDs in consumer security cameras is one of the major driving factors contributing to the positive growth of this market globally. Each of these cameras contains a number of rings of infrared LEDs, which offer night vision capabilities. Infrared LEDs are used in handheld devices for identity verification and authentication of monetary transactions. Furthermore, proliferation of applications in telecommunication and industrial set ups spurs demand for optoelectronic components at the global level.
By components, the market can be segmented into LED Driver and IC (General LED, HV LED), OLED, Image Sensor (CMOS Image Sensor, CCD Image Sensor, Others), Infrared Component (Infrared Emitting Diode, Irda Transceiver, Infrared Detector), Optocouplers (High Speed Optocoupler, 4 Pin Optocoupler, IGBT Gate Driver, 6 Pin Optocoupler, Isolation Amplifier, Others), Laser Diode (Near Infrared, Red Laser Diode, Blue Laser Diode, Green Laser Diode) and others. Geographically, the optoelectronic components market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). The scope of the report offers an insight into optoelectronic components market in these regions based on revenue (USD billion).
The report also includes competitive profiling of leading players in the industry and their market position to aid in strategic decision making. The market attractiveness analysis and patent analysis included in the report provide insight into market dynamics, future research scope, industry competition and strategies adopted by market leaders.