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Optoelectronics Market Trends

Report ID: GMI9844
Published Date: Jun 2024
Report Format: PDF

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Optoelectronics Market Trends

Organic Light-emitting Diodes (OLEDs) are gaining popularity in a variety of applications, such as televisions, automobile displays, and smartphones, due to their improved energy economy and performance. The incorporation of optoelectronic components for health monitoring, augmented reality (AR), and other new applications into wearable technology and smart textiles is another rising trend. In order to support ADAS and autonomous vehicle technologies, the automotive sector is seeing a sharp increase in demand for optoelectronic sensors and LiDAR systems. In addition, there is an increasing emphasis on creating flexible and small optoelectronic devices to fulfill the needs of wearable and compact electronics. These trends point to a move toward optoelectronic solutions that are more adaptable, energy-efficient, and networked across a range of industries.

For instance, in May 2024, Marktech Optoelectronics, a leader in innovative light emission and detection solutions, launched its new 235nm and 255nm UVC LEDs mounted on starboards, designed to accelerate the development and prototyping of sensors, instruments, and sanitizers. These state-of-the-art UVC LEDs on starboards are a convenient solution, relieving optical and electrical design engineers from the intricacies of PCB design and assembly, and allowing them to swiftly evaluate the performance of 235nm or 255nm UVC LEDs in their projects.

Authors: Suraj Gujar, Rutvij Kshirsagar

Frequently Asked Questions (FAQ) :

Market size for optoelectronics was USD 45.1 billion in 2023 and is expected to register over 7% CAGR from 2024-2032 owing to the growing need for consumer devices such as laptops and smartphones worldwide.

Optoelectronics industry from the photovoltaic (PV) cells segment is expected to reach over USD 25 billion by 2032 due to growing emphasis on renewable energy sources, to fight climate change and reduce dependence on fossil fuels worldwide.

North America industry held over 35% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the presence of a strong and technologically advanced industrial foundation in the region.

Samsung Electronics, Sony Corporation, Osram Licht AG, Sharp Corporation, Nichia Corporation, and Broadcom Inc., are some of the major optoelectronics companies worldwide.