According to a new report, published by KBV research, The Global Optoelectronic Components Market size is expected to reach $60.9 billion by 2029, rising at a market growth of 5.0% CAGR during the forecast period.
The Gallium Nitride segment acquired maximum revenue share in the Global Optoelectronic Components Market by Material in 2022 thereby, achieving a market value of $27.5 billion by 2029. For high-power transistors with high operating temperatures, gallium nitride (GaN), a semiconductor with a binary III/V direct bandgap, is the best material. Gallium nitride is ideal for imaging as well as sensing applications because it can endure high temperatures and voltages. GaN is utilized in applications like LEDs, power equipment, RF parts, lasers, and photonics.
The Communication segment is showcasing a CAGR of 5.3% during (2023 - 2029). Optical transmissions are preferable for secure communication since they are more challenging to decipher than electrical ones. In addition, future communication networks can benefit greatly from the ease with which optoelectronic devices can be scaled to accommodate the demands of growing data traffic. High-speed data transmission is made possible by the ability of optoelectronic devices to operate at very high frequencies.
The Sensor segment is leading the Global Optoelectronic Components Market by Component in 2022 thereby, achieving a market value of $27.1 billion by 2029. Image sensors, optical sensors, UV sensors, photodiodes, photo relays, phototransistors, and other sensors are included in the sensors sector. The increased usage of different sensors across numerous business verticals is the primary reason for the sensors segment's significant market share.
The Automotive segment has shown the growth rate of 5.4% during (2023 - 2029). In the automotive industry, a variety of LEDs, image sensors, infrared components, and laser diodes are used. To enable automatic lighting switching in automobiles, light sensors are employed to detect ambient light. Furthermore, to allow the operation of windshield wipers, these sensors are also utilized to detect rainfall presence. Additionally, the automotive industry has seen a rise in the application of LEDs in lighting applications.
The Asia Pacific market dominated the Global Optoelectronic Components Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $23.9 billion by 2029. The Europe market is exhibiting a CAGR of 4.6% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 4.4% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/optoelectronic-components-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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).
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