“Optoelectronic Components Market by Component (LED, Laser Diode, Image Sensor), Application (Residential and Commercial, Consumer Electronics, Industrial, Healthcare), and Geography (North America, Europe, APAC, and RoW) – Global Forecast to 2020”
Optoelectronic components are those which possess the capability to source, detect, and control light. These optoelectronic components are used for a wide range of applications such as for indoor and outdoor lighting, mobile phones in the field of consumer electronics, for fiber optics in telecommunication, for measurement instruments in the industrial sector and many others.
Optoelectronic components have the ability to interact with light which makes it ideal to be used in the wide range of applications. The optoelectronic components market is highly competitive and comprises a few leading players from LED & image sensor markets, including mid-tier companies and start-up firms.
The optoelectronic components market has been segmented based on applications into residential & commercial, consumer electronics, industrial, automotive, healthcare, telecommunication, and aerospace & defense. The market has also been segmented based on components into LEDs, image sensors, laser diodes, optocouplers, IR components, and others. For instance, LEDs due to their long operational life, efficiency and high durability are used in a wide variety of lighting applications.
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On the other hand, image sensors are being used extensively in surveillance cameras, machine vision cameras, and automotive cameras among many others. Also, laser diodes have a large application in telecommunication, measurement instruments, and numerous consumer electronics products.
The market has been segmented based on components, applications, and geography. It has been segmented based on components into LEDs, image sensors, laser diodes, optocouplers, IR components, and others; based on application it has been segmented into automotive, residential & commercial, consumer electronics, telecommunication, industrial, healthcare, and aerospace & defense. Automotive, telecommunication, and healthcare are the fastest growing application sectors in the said market.
The APAC is the largest market for optoelectronic components and is expected to grow at a CAGR of 9.98% from 2015 to 2020. The said market in China is expected to grow at the highest CAGR of 11.14%; its growth is expected to be driven by growing applications in residential & commercial, and consumer electronics sectors.
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