The science of optoelectronics involves the electronic devices that use light as a source and as a method of control and detection. This is a major segment under the discipline of photonics and comprises various waveforms classified under the broad spectrum of light, including infrared, ultraviolet rays, gamma rays, and x-rays, in addition to the main component, i.e. visible light.
The global optoelectronic components market is expanding at a CAGR of 9.7% within a forecast period of 2015 to 2023. This market was valued around US$60 bn in 2014 and is expected to reach close to US$137 bn by the end of 2023. The key players in the global optoelectronic components market are Texas Instruments, Inc., Maxwell Technologies, Inc., Panasonic Corporation, Samsung Electronics Co., Ltd., Fairchild Semiconductor, Maxim Integrated Products Inc., Sony Corporation, Diodes, Inc., Toshiba Corporation, Royal Philips Electronics, and Avago Technologies.
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Low Power Consumption Demand Propels the Global Optoelectronic Components Market
There are various factors currently driving the global optoelectronic components market, the most important of which is the increasing demand for electronics that consume less power to function. Optoelectronic components not only provide a significantly lower consumption rate of power in comparison to conventional electronic devices, but they are also highly reliable and efficient in function. As a result, the global optoelectronic components market has proliferated into various industry verticals on a global scale. The global optoelectronic components market is also experiencing a high rate of usage in consumer electronics, along with the core application fields of automotive, industrial, and medical electronics. As the scope of utility of optoelectronics increases in all fields, the growth of the global optoelectronic components market is cemented further over time.
High Availability of Substitutes Hampers the Global Optoelectronic Components Market
A major factor for the lower-than-optimal growth rate of the global optoelectronic components market is the availability of substitute electronics in large numbers. These electronics are also more user-friendly than optoelectronics, which puts them at an advantage in verticals pertaining to consumer electronics and such. Although the use of optoelectronics will allow for better power savings with consistent use, consumers and industries still tend to shy away from them due to their high initial cost, owing to highly expensive raw materials and manufacturing processes. This makes the global optoelectronic components market a high initial investment market and therefore compels users to look for cheaper substitutes, which are available in large numbers. For instance, the use of optoelectronics in the manufacture of energy efficient LED displays is far too high in comparison to conventional substitutes.
Asia Pacific Dominates the Global Optoelectronic Components Market
With key geographical segments in the global optoelectronic components market being North America, Europe, Asia Pacific, and the Rest of the World, the market was dominated by Asia Pacific in 2014. This region held the largest market share in 2014 due to a high adoption rate of optoelectronics in consumer electronics. Optoelectronics are used on a large scale in this region in various common devices such as laptops, smartphones, tablet PCs, and other handheld electronics. This region has also shown a high usage of optoelectronics in commercial and residential electronics, especially in China and Japan. At the same time, North America and Europe are showing a rapid rate of increase in the adoption of optoelectronics, owing to a high demand for lower power consumption and improved power efficiency.
The future of the global optoelectronic components market could lie in the increasing use of infrared and LED components in consumer electronics, including the television and handheld devices.