LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global optoelectronics market is expected to grow at a CAGR of close to 17% during the forecast period.
This research report titled, ‘Global Optoelectronics Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global optoelectronics market into five major product segments, of which the top three are discussed in detail below:
- LEDs (display and lighting)
- Image sensors
- Laser diodes
- Optical isolators
- Optical switches
LED
LEDs are an integral part of semiconductor devices. LEDs emit light using a process called electro-luminescence. LEDs are durable, cheaper, and environmentally safe lighting systems. They are rapidly gaining traction among consumers due to their multiple benefits and their energy-efficiency factor. LEDs consume up to 75% less energy than other bulbs and have a longer lifespan, which is 50,000 hours compared to 1,500 hours of incandescent bulbs and 8,000 hours of CFLs. Due to their energy-efficient features, LEDs are also known as green lighting systems.
Governments are also working on multiple projects and providing subsidies to promote LED lights. Countries such as India, China, and Japan have started different promotional campaigns to make LEDs available at subsidized rates and provide land at low prices to foreign companies to set up LED factories.
According to Sunil Kumar Singh, a lead analyst at Technavio for embedded systems research, “Government incentives, infrastructural development across the world, and the emergence of smart cities concept will foster immense growth in the LED market during the forecast period.”
Image sensors
Image sensors are used to convert images to electronic signals. Image sensors are used in cameras, camcorders, and all types of imaging devices. CCD image sensors were the first high-quality image sensors, which were initially used in cameras. They are being replaced by CMOS sensors gradually in every application. Though CCD sensor is superior in factors like light sensitivity, quality, and noise, CMOS image sensors have low power consumption and low manufacturing cost, leading to their increased adoption. So, in the future, CCD sensors are likely to be replaced entirely by CMOS sensors.
The growing advances in the image sensors are attributed to their increasing implementation in several imaging devices such as camera modules for consumer electronic devices and digital cameras. Also, they are being used for medical imaging in minimally invasive procedures such as endoscopy. The development and growing awareness of driver assistance and safety offered by advanced driver assistance system (ADAS) are driving the adoption of these sensors in the automobile sector.
“The use of image sensors for quality control in industries will improve product yield by reducing the defective units. Developing economies such as India, China, and Latin American countries will contribute to the growth of image sensors,” says Sunil.
Laser Diodes
Laser diodes are combined with sensors to increase the sensing range of a laser by aligning the advantages of visible sensing beam. In instrumentation, the laser diodes are used to control the optical output of machines from thermal and electrical damage during an operation. Laser diodes have high efficiency, power, and brightness, which makes them useful in various applications.
They are used in industrial applications such as material processing in the automotive, manufacturing, and heavy industries. In the military segment, laser diodes are used in airborne laser mine detection systems, anti-missile systems, illuminators, and high-energy laser pump sources. They are also used for target destination locking. Laser diodes are also used for communication applications as they are easy to modulate. Laser communications are considered better than radio waves, as diodes can transmit more information at a faster speed with a stronger signal. The ability of laser diodes to produce large optical energies makes them suitable for medical purposes in the areas of ophthalmology, dermatology, and aesthetics.
Some of the top vendors highlighted by Technavio’s hardware and semiconductor market research analysts in this report are:
- Cree
- GE Lighting
- LG Innotek
- Lumileds Lighting
- NICHIA
- OSRAM
Browse Related Reports:
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- Automotive Optoelectronic Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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