The global optoelectronic components market size is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%. Emerging opportunities for optoelectronic components and R&D could lead to innovation in the optoelectronic components industry. Promising industrial IoT applications provide major growth opportunities to market players. This report covers optoelectronic components such as LEDs, optocouplers, sensors, infrared components, ultraviolet components, and laser diodes. These components find application in verticals such as automotive, consumer electronics, telecommunication, military & aerospace, industrial, medical, and residential & commercial.

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Emerging opportunities for optoelectronic components and R&D could lead to innovation. Promising industrial IoT applications provide major growth opportunities to market players. The optoelectronic components industry growth is mainly driven by the increased use of infrared components in consumer electronics and automobiles, their long life and low power consumption, the demand for improved imaging and optical sensing solutions in healthcare vertical, and the suitable physical properties of optoelectronic sensors to operate in harsh environments.

The optoelectronic components market in North America is projected to grow at the highest CAGR during the forecast period. The US, Canada, and Mexico are the major contributors to the growth of the market in North America.

North America is one of the most technologically advanced markets for optoelectronic components owing to the presence of prominent system suppliers, large semiconductor companies, LED, laser, and sensor manufacturers in the region.

Key players operating in the optoelectronic components market include:

Hamamatsu (Japan),
Osram (Germany),
TT Electronics (UK),
Vishay (US),
ON Semiconductor (US),
Cree (US), and so on..

Other major companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.

Related Reports:

Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025

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