The optoelectronic components market is expected to rise at a compound annual growth rate (CAGR) of 9.41% from 2015 to $55.53bn by 2020, according to the report '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' from MarketsandMarkets.
LEDs comprised the largest share of the market in 2014 and are expected to lead this market till 2020, whereas laser diodes are expected to exhibit the highest growth rate of 12.98% during the forecast period.
The report segments the optoelectronic components market by application into residential & commercial, consumer electronics, industrial, automotive, healthcare, telecoms, and aerospace & defense. The market has also been segmented by component type into LEDs, image sensors, laser diodes, optocouplers, infrared (IR) components, and others. Due to their long operational life, efficiency and high durability, LEDs are used in a wide variety of lighting applications. On the other hand, image sensors are used extensively in surveillance cameras, machine-vision cameras, and automotive cameras. Also, laser diodes have wide applications in telecoms, measurement instruments, and consumer electronics products.
The optoelectronic components market in the Asia-Pacific (APAC) region is expected to grow at a CAGR of 9.98% to $22.31bn by 2020. The market in China is expected to grow at the highest CAGR of 11.14%.
Major players in the optoelectronic components market are cited as Cree Inc in the USA, Germany's Osram Licht AG, Vishay Intertechnology Inc, ON Semiconductor and OmniVision Technologies Inc in the USA, Sony Corp and Sharp Corp in Japan, Samsung Electronics Co Ltd in South Korea, and Koninklijke Philips N.V. in The Netherlands.
