Optoelectronic Components Market to Touch $137.44B by 2023

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Transparency Market Research has published a new market report titled - Optoelectronic Components Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023. According to the report, the global optoelectronic components market 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.

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. 

Availability of user-friendly and cost effective substitutes is one of the major restraining factors hindering the positive growth of the optoelectronic components market. Furthermore, high price of raw materials along with huge initial investment for developing energy efficient LED displays is one of the restraining factors for the market and is likely to negatively affect growth of optoelectronic components market during the forecast period. 

By components optoelectronic components market can be segmented into LED Driver and IC, (General LED and HV LED), OLED, Image Sensor (CMOS Image Sensor, CCD Image Sensor and Others), Infrared Component (Infrared Emitting Diode, Irda Transceiver and Infrared Detector), Optocouplers (High Speed Optocoupler, 4 Pin Optocoupler, IGBT Gate Driver, 6 Pin Optocoupler, Isolation Amplifier and Others), Laser Diode (Near Infrared, Red Laser Diode, Blue Laser Diode and Green Laser Diode) and others. As of 2014, LED Driver and IC held the largest share in optoelectronic components market. Increasing application of LEDs and infrared components in consumer electronic products such as televisions and other handheld electronic devices is stimulating the growth for optoelectronic components market globally.

The market for optoelectronic components has been segmented into major geographic regions which include North America, Asia Pacific, Europe and RoW (Rest of the World). Increasing penetration for optoelectronic components in different industry verticals of Asia Pacific such as automotive, consumer electronics, defense and security and medical devices among others is driving the overall growth of the market. 

As of 2014, Asia Pacific held the largest share of the market in terms of revenue. Increasing adoption of optoelectronic components in consumer electronics such as smartphones, laptops, tablets and other handheld devices coupled with home appliances, medical devices is one of the factors fueling the market growth in this region. With the growing application of optoelectronic components in residential, household, commercial sectors are boosting the demand for laser diodes, infrared components across China and Japan. Moreover, proliferation of applications in telecommunication and industrial set ups spurs demand for optoelectronic components across North America and Europe. U.S. is leading the market across North America owing to increasing demand for power efficient and cost effective electronic components across different industries. Germany is leading the market across Europe, followed by Italy and U.K. Optoelectronic components play a major role in the evolution of telecommunications networks. Increasing the network flexibility to facilitate multiservice integration and fraction of the fiber's natural bandwidth are some of the major attributes of optoelectronic components. Furthermore, applications of optoelectronic components in laser range finders for weapons; nuclear radiation sensors along with different displays and monitors are one of the major reasons that fuelling the growth of this market.

Research and development (R&D) is crucial to increase the application scope of different optoelectronic components. Major companies continuously engage in research and development activities to incorporate better product features to gain customer satisfaction. New product development, implementation of new technology through extensive research and development and merger and acquisition are among the major strategies adopted by leading companies in the optoelectronic components market. 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.).