The global optoelectronic component market is highly competitive due to the presence of large number of regional and international players. In the coming years, the completion in the market is likely to increase due to growing number of new players. However, new players need to come up with innovative ideas and a strong distribution chain to hold larger share in the global market. Leading players in the market are focusing in expanding their business through mergers and acquisitions. Texas Instruments, Inc., Cree, Inc., Sharp Corporation, OSRAM, and Avago Technologies are some of the leading players operating in the global market.
In a recent report published by Transparency Market Research, the global optoelectronic components market is anticipated to rise at CAGR 9.7% during the forecast period between 2015 and 2023. During the forecast period, the market valuation is projected to touch US$137 bn by the end of 2023. In 2014, market valuation was US$60bn.
Based on component, the LED driver and IC component held 37.6% share in terms of revenue in 2014. This segment is likely to attain a valuation of US$50 bn by the end of 2023 progressing from US$22 bn earned in 2014. Geographically, Asia Pacific led the global optoelectronic components market in terms of revenue, followed by North America. Growing popularity in Asia Pacific of optoelectronic components, as they are cost- effective and reliable are the key factor for its growth.
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Reducing Power Consumption to Accelerate Optoelectronic Component Market
The demand for optoelectronic component is high in customer electronics. It helps in producing image sensors, LED drivers and ICs, laser diodes, and similar other devices are projected to provide a fillip to the global optoelectronic component market. In addition, usage of optoelectronic component helps in reducing power consumption, thus further augmenting its demand. Moreover, optoelectronic component helps in detecting and controlling light and it converts electrical signals into infrared or visible energy or vice versa. It is also used in photovoltaic power supplies, monitor and control circuits, electric eyes, and optical fiber communications systems. These factors are likely to drive the global optoelectronic component market in the near future.
Easy Availability of Low-Cost Substitute Technologies to Deter Market Growth
On the other hand, easy availability of the low-cost substitute technologies and expensive devices are expected to hamper the growth of the global optoelectronic component market. However, the technological advancements in the LED communication and increasing investment in research and development are expected to boost the demand for optoelectronic component. Moreover, increasing use of low power consumption of optoelectronic components, growing use of infrared components in cameras and automobiles are some of the other factors pushing the growth of the market.