Global Optoelectronics Market - Segmented by Component Type (Photo Voltaic (PV) Cells, Optocouplers, Image sensors), Application (Aerospace and Defense, Automotive, Consumer Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)
The optoelectronics market is expected to grow at a CAGR of 10.25% over the forecast period (2018-2023). The scope of the report includes insights on the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes various end-user-based applications, such as information technology, healthcare, residential & commercial, industrial, etc. The component-based segmentation is for light emitting diodes (LED), laser diode (LD), photo voltaic (PV) cells, and others.
Photo Voltaic Cell Demand is Increasing Due to Global Stress for Renewable Energy
Owing to the increasing focus on environmental protection and green energy sources, most of the investments in the optoelectronics industry have been driven towards photovoltaic cells. Governments around the world have been offering incentives to both companies and users, encouraging the consumption of solar power, thus supporting the growth of the technology in the market. In the Asia-Pacific region, countries such as China and India are aggressively opting for projects supporting the installment of solar power. This is indirectly driving the optoelectronics market. The International Energy Agency (IEA) suggests that rapid deployment of solar photovoltaics (PV), led by China and India, is helping solar power become the largest source of low-carbon capacity by 2040, by which time the share of all renewables in total power generation is expected to reach 40%.
Asia-Pacific is Emerging as the Market with Potential for High Growth
The increasing spending from the consumers in Asia-Pacific is helping the optoelectronics-based products demand. The developments in display technology and increased demand for consumer electronics such as smartphones, display devices, digital imaging devices, and photovoltaic cells have helped Asia-Pacific take lead in the growth for optoelectronics demand.
As per the estimates of IEA, during 2010-2016, average annual net capacity addition of solar power was 39 GW, which is expected to reach an annual net average of 74 GW for the period of 2017-2040. India installed 5.5 GW solar power in 2016-2017, whereas China installed approximately 34 GW during the same period. Both the countries have ambitious targets for the projected period. The demand for consumer goods with optoelectronics in their core has also been on the rise, and China is leading surveillance-based demand.
Key Developments in the Market