The global optoelectronic components market is poised for significant growth, propelled by cutting-edge research insights, according to a Vantage market research report.
The report, which aims to provide a comprehensive presentation of the global market for optoelectronic components, provides analysis on the trajectory of the market, including an estimate that the global optoelectronic components market is estimated to be valued at approximately USD $64 billion by 2030.
The report claims that this figure is likely due to an exponential growth rate of 4.8% in the next seven years. Analysis from industry experts also sheds light on the dynamics of the market, stating that the key market players will include: Osram; Hamamatsu; NTT Electronics; ON Semiconductor; Vishay; Sick AG; Cree; Trumpf; Samsung; Broadcom; and Sony.
While offering insights on the key players, the report claims that Asia-Pacific will continue to hold dominance over the market. This comes while semiconductor companies are expanding their production capacity both domestically and abroad.
At the same time as providing predictions on growth, the report says that increased competition among semiconductor companies for mobile orders will bring about lower growth prospects in the future. Mature mobile handset and tablet PC markets will result in reduced demand for optoelectronic components.
Instead, demand will be driven by the traditional LED lighting market, with the development of green and eco-friendly products, expansion of end-use applications, and increasing R&D investment leading to a positive trajectory.
The market is predicted to achieve this in spite of the fact that the cost of raw materials has been increasing, lowering the profitability of many companies.
Lead image: University of Cambridge
