Optoelectronics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

The global optoelectronics market was valued at USD 5.14 billion in 2020 and is anticipated to expand at a CAGR of 10.2% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing demand for advanced consumer electronics. Moreover, technological advancements are expected to spur the market growth.
Optoelectronic devices are deployed in areas such as LED lighting, optical sensors, optical interconnects, and photonic cells. These are the devices that either covert light energy to electricity or electricity to light energy through semiconductors. These devices are expected to replace traditional electronics due to their cost effectiveness, high performance, and durability.

Market Drivers, Restraints, Trends, and Opportunities
Increasing demand for optoelectronic equipment in consumer electronics such as CD/DVD & Blu-ray storage technologies, flexible television display panels, photocopy machines, and smartphones.
Rising demand for sophisticated devices that offer efficient solutions, dynamics areas of applications and portable devices is anticipated to spur the market growth.
Low customization rate, complex operational usage, and high deployment costs are some of the key factors that are expected to drive market growth during the forecast period.
High cost physical & thermal testing are the major restraints of the market growth.
The COVID-19 pandemic has adversely affected the market growth due to the suspension of manufacturing operations and slowdown of transportation across the globe.
Scope of the report
The report on the global optoelectronics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.Global optoelectronic market segment insights
Based on types, the market is segmented into photo voltaic (PV) cells, optocouplers, image sensors, light emitting diodes (LEDs), laser diodes (LDs), and infrared (IR) components. The light emittin