Optoelectronics Market to be Dominated by Blockchain Technology Through 2028
Growing
adoption of optical-based electronics devices in healthcare and automotive
industries are driving the implementation of the Optoelectronics market across
the globe.
According to TechSci Research
report, “Optoelectronics Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028.” The global optoelectronics
market is growing owing to the rising use of infrared components in electronic
items such as thermal imaging systems, cameras, etc., for automobile
positioning systems. Optoelectronics is the application method to measure the
mechanical effects of light in electronic devices. This process mainly focuses
on light-detecting or light-emitting devices. The rising use of infrared
components in various consumer electronic items such as thermal imaging systems
and cameras in the industrial sectors is majorly driving the global
optoelectronics system.
Optoelectronic devices are
majorly used for various purposes such as telecommunication, automatic access
control system, medical equipment, and the military. Some popular optometric
devices are- blue lasers, solar cells, optical fibers, photodiodes, and LED
traffic lights. They are also used for solar energy projects such as solar
power charge controllers, auto irrigation systems, sun-tracking solar panels,
etc. It is projected that the Asia-Pacific region will hold the largest market
share in the optoelectronics market in the forthcoming years. Hence, due to its
diverse uses, the demand for the optoelectronics system is also rising rapidly.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Optoelectronics Market."
The COVID-19 pandemic
outbreak had a significant impact on public health as well as a number of
businesses. To halt the virus's spread, governments around the world-imposed
lockdowns, effectively shutting down on-premises business processes and
manufacturing operations, as well as disrupting supply chains and production
schedules. This scenario resulted in a demand-supply gap in residential and
healthcare application features. The global shutdown of consumer automobiles,
industrial, electronics, and other manufacturing facilities reduced demand for
optoelectronics. Furthermore, the Asia-Pacific semiconductor manufacturing hub
and China, the epicenter of the virus outbreak, resulted in massive losses
during the first and second quarters of 2020. However, the market is expected
to pick up steam in 2021, with manufacturing facilities resuming full-scale
operations to meet the growing demand for optoelectronic components across a
variety of industry verticals.
Based on component, the
market is further fragmented into light-emitting diode (LED), laser diode,
sensors, optocouplers, photovoltaic cells and others. Based on material, the
market is further split into gallium nitride, gallium arsenide, gallium
phosphide, silicon germanium, silicon carbide, and indium phosphide. Based on
the end-user, the market is further split into automotive, aerospace &
defense, consumer electronics, information technology, healthcare, and others. On
the basis of region, the market is divided into North America, Europe,
Asia-Pacific, South America, and Middle East & Africa.
Top companies are spending a
lot of money on evaluation and analysis of the innovative service and product
offerings to improve the user experience and customer engagement for the optoelectronics
services across the globe. Retail stores can be able to offer customers less
power consuming electronics devices based on the optical solutions by
effectively closing the immersive experience gap. One of the main factors
driving the expansion of the market for optoelectronics is the rise in the
advanced semiconductor industry across the globe.
Key market players in the optoelectronics
market include:
- General Electric
Company
- Panasonic
Corporation
- Samsung
Electronics
- Omnivision
Technologies, Inc.
- Sony Corporation
- Hamamatsu
Photonics K.K.
- Osram Licht AG
- ON Semiconductor
- Texas Instruments
- Micropac
Industries
Recent Developments
- Sanan Optoelectronics, a
manufacturer of LED chips, announced in September 2018 the development of its
Micro LED epi-wafer and chip production for smart wearable devices, large-size
displays of more than 100 inches, and automobile taillights. The company is
also developing Micro LED display technology in collaboration with Samsung.
- In March 2021, Largan
Precision Co. Ltd., a Taiwan-based company, acquired Ability Optoelectronics
Technology Company in China for a deal of 20 million shares. This acquisition
is expected to deliver an increase in the market share of the company for the
upcoming years and is projected to be enter the Taiwan stock exchange by buying
USD 21.08 million worth of shares. Ability Optoelectronics Technology is a
Taiwan-based optoelectronics manufacturers such as lenses, filters, scanners,
and digital still cameras.
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“The growing use of advanced
manufacturing and fabrication technologies is driving up demand for
optoelectronic components in the industrial sector, which include laser and
machine vision systems. The growing demand for optoelectronic devices in the
automotive industry, particularly with the adoption of electric vehicles,
self-driving trucks, and autonomous vehicles, is expected to drive the market even
further. LEDs have become the standard display technology in electronic
devices. Consumer demand for higher resolution and better performance have been
the primary drivers of high LED demand, which is expected to have a positive
impact on the optoelectronics market.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Optoelectronics
Market By
Component (Light-Emitting Diode (LED), Laser Diode, Sensors, Optocouplers,
Photovoltaic Cells, Others), By Material (Gallium Nitride, Gallium Arsenide,
Gallium Phosphide, Silicon Germanium, Silicon Carbide, Indium Phosphide), By
End-User (Automotive, Aerospace & Defense, Consumer Electronics,
Information Technology, Healthcare, Others), By Region, Competition”, has evaluated the future growth
potential of optoelectronics and provides statistics and information on market
structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
optoelectronics market.
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