The Asia Pacific Optoelectronic Components Market would witness market growth of 5.3% CAGR during the forecast period (2023-2029).
The market expansion is anticipated to be aided by the aerospace and defense sector's expansion. The industry uses optoelectronics to increase production volumes while lowering manufacturing costs. In order to boost their market revenue, optoelectronics manufacturers are extending their photonics manufacturing capabilities. New reflecting optical sensors are also being introduced for use in automobiles and smart homes.
Manufacturing of optoelectronic materials and components, including the production of plasma panels, LEDs, solar cells, liquid crystal displays, and their components. Optoelectronic components are used for stimulating emission in quantum cascade lasers and injection laser diodes. Huge market prospects have been established as a result of the technological development of LED communication and rising R&D activity.
Currently, a variety of products are produced by the optoelectronic component and materials manufacturing sectors. Related product applications include those liquid crystal displays, TV screens, optical communication systems, smart gadgets, energy-saving lighting equipment, etc. Numerous new technologies have been created as a result of the quick growth of technology. In addition, the manufacturing of optoelectronic materials and components has been improved and developed due to research and development projects, including AMOLED, Micro LED, and Mini LED.
The region's leading marketplaces for consumer electronics and automobiles are chiefly responsible for the region's rapid expansion. Additionally, progress in optoelectronic devices is anticipated in other fields, such as smart city initiatives, cutting-edge technologies like virtual and simulated reality, the Internet of Things (IoT), smart industrial appliances, and big data. Throughout the forecast period, rising government initiatives in developing nations like China and India are anticipated to support market expansion. The demand for optoelectronics is anticipated to expand significantly in South Asian nations as they become centers for the production of automobiles. The market also benefits from the simple availability of raw materials. Thus, the optoelectronic components market will grow rapidly in the region due to the aforementioned factors.
The China market dominated the Asia Pacific Optoelectronic Components Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $6,817.9 million by 2029. The Japan market is estimated to grow a CAGR of 4.7% during (2023 - 2029). Additionally, The India market would experience a CAGR of 6% during (2023 - 2029).
Based on Material, the market is segmented into Gallium Nitride, Gallium Arsenide & Gallium Phosphide, Silicon Carbide, Indium Phosphide, and Silicon Germanium. Based on Application, the market is segmented into Measurement, Lighting, Communication, Security & Surveillance, and Others. Based on Component, the market is segmented into Sensor, LED, and Laser Diode & Infrared Components. Based on Vertical, the market is segmented into Consumer Electronics, Telecommunication, Automotive, Military & Aerospace, Medical, Manufacturing, Commercial, Residential, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Optoelectronic Components Market is Projected to reach USD 60.9 Billion by 2029, at a CAGR of 5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hamamatsu Photonics K.K., OSRAM GmbH (AMS AG), TT electronics PLC, Vishay Intertechnology, Inc., ON Semiconductor Corporation, Cree, Inc. (SMART Global Holdings, Inc.), TRUMPF GmbH + Co. KG, Sick AG, Broadcom, Inc. and Samsung Electronics Co., Ltd. (Samsung Group).
By Material
By Application
By Component
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