Market Research Report
Optoelectronics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Optoelectronics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: January 1, 2021
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The optoelectronics market was valued at USD 5.14 billion in 2020 and is expected to reach USD 9.83 billion by 2026, and grow at a CAGR of 10.25% over the forecast period (2021 - 2026). Optoelectronics include devices that either convert light energy to electricity or electricity to light energy. These devices account for a major share in the global semiconductors market and are witnessing growing consumption across various verticals.
Laser Diodes are Expected to Witness a Significant Growth
North America is Expected to Hold a Significant Share
Increasing investments in the development of smart infrastructure and focus in automation technologies will be key in the growth of the market in this region while growing investments in infrastructure development are likely to further support the market.
U.S. Department of Agriculture's National Institute of Food and Agriculture (NIFA) has sanctioned a grant funding to the Purdue-led team of academic and industry scientists from Wisconsin, Michigan, and New Jersey to investigate the use of light emitting diodes in order to provide a perfect light spectrum which is most efficient for photosynthesis in plants. Initiatives like these are supposed to boost the optoelectronics market.
With optoelectronics finding its applications in the indicators and headlights of the vehicles, the US in the year imported USD 178.5 billion worth of cars originating from a total of 68 countries or territories. This number is expected to grow over the forecasted period which would boost the optoelectronics market.
With the focus of local manufacturing in the country growing, the country is expected to invest heavily in developing local semiconductor manufacturing facilities. This is expected to have a great impact over the coming years.
The competitive rivalry in the optoelectronics market is high owing to the presence of major players like Samsung, Sony, Mitsubishi Electric Toshiba and many more. Due to their ability to innovate their products coupled with hefty investments in research and development has allowed them to gain a competitive advantage over their competitors. Strategic partnerships and mergers and acquisitions have allowed the companies to grow and gain a substantial amount of market share and maintaining a strong foothold in the market.