Optoelectronics is an emerging technology for electronic devices that detect, source, and control light. These devices can convert electrical energy into photon signals for various purposes such as telecommunications, medical equipment, and general science. However, the high cost of energy-efficient displays, complex operational usage, and cheaper substitute technologies will hamper the market growth.
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Market Dynamics
Factors such as Laser transmitters for high-speed optical networks, demand for digital cameras, increase in smartphones sales, low power consumption, the growing use of optoelectronic systems in the automotive sector are driving factors for the market growth.Also, the surge for organic LEDs (OLEDs), innovations such as plasmonic nanostructures, and little light bulbs will provide lucrative opportunities for the optoelectronics market.For instance, in March 2018, Samsung Electronics launched its flagship line of 2018 QLED TVs and AV products at the 2018 First Look New York event at the American Stock Exchange building in Manhattan.
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Segment Analysis
By component type, the global optoelectronics market is segmented into Light Emitting Diodes (LED), Optocouplers, Infrared Components, and Others.Light Emitting Diodes (LED) dominate the market due to increasing demand for power-efficient illuminating systems across the residential, commercial, and industrial sectors.Although optoelectronic sensors offer significant advantages over other types of sensors, they are expensive to manufacture.To improve fabrication techniques and device reliability and to reduce costs. The development of sensors networks plays an essential role in the military and aerospace.
Competitive Landscape
The global optoelectronics market is competing with the presence of various small and large players in the market. Multinational companies are dominating the global optoelectronics market in recent years. OSI Systems, Inc., Cree, Inc., NeoPhotonics Corporation, Panasonic Corporation, and Philips are prominent players in the global optoelectronics market. OSI Systems, Inc. is one of the dominant companies in optoelectronics and is enhancing the market through funding and acquisition.
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