by Device (LED, Sensors), Device Material (Gallium Nitride, Indium Phosphide), Application (Measurement, Communication, Lighting), End User (Consumer Electronics, Healthcare), and Geography—Global Forecast to 2027", published by Meticulous Research®
, the optoelectronics market is expected to grow at a CAGR of 9.6% from 2020 to 2027 to reach $77.9 billion by 2027.
Optoelectronics technology has found applications across various industry verticals due to the high performance, high bandwidth, and low energy consumption of optoelectronic devices. The technology has witnessed high demand in applications such as telecommunications, monitoring and sensing, long-wavelength LiDAR, microwave photonic links, and medical equipment. LEDs, optocouplers, image sensors, laser diodes, and optical fiber are widely used optoelectronics devices. The optoelectronics market is driven by factors such as the rising demand for optical solutions in the healthcare and automotive industries, growing adoption of smart consumer electronics devices, and increasing need for durable, low power consuming components. However, high initial costs associated with manufacturing and fabrication are expected to hamper the market growth. The market is expected to witness immense growth opportunities from the proliferation of IIoT applications, advancements in Li-Fi technology, and innovations in optoelectronic devices.