The Europe Optoelectronic Components Market would witness market growth of 4.6% CAGR during the forecast period (2023-2029).
A significant factor in the market's growth is the increasing usage of infrared components in electronics like cameras, thermal imaging systems, etc., for automotive positioning systems. For determining the physical consequences of light in electronic devices, optoelectronics is the most common approach. Devices that detect or emit light are the major focus of this technique. In addition, telecom, automatic access control, medical equipment, and even the military heavily rely on optoelectronic devices for a variety of uses. Some of the more well-known optometric instruments are blue lasers, optical fibers, and LED traffic lights.
In addition, they are employed in solar energy projects like solar charge controllers, sun-tracking solar panels, automatic irrigation systems, etc. The demand for better imaging and optical sensing products in the healthcare sector, as well as the physical characteristics of optoelectronic sensors that allow them to function in harsh environments, are the main factors driving the expansion of the optoelectronic components market. These factors include the growing prevalence of infrared components in electronic products and automobiles, their long life, and low power consumption. The growing use of optoelectronics in the research and development of a variety of electronic components, including displays, optical storage, optical communication systems, cameras, and remote sensing systems, is driving the market.
Europe is increasing the use of smart commercial lighting products due to the region's growing use of technology to conserve energy and cut energy costs, which is driving the development of novel LED lighting solutions. In addition, the first multi-level intelligent control-connected city lighting system is being developed and installed in the region. The system uses a GIS-based management system to connect street lamps to the IoT or Internet of Things and offers cities access to each lamp's performance, has increased the need for intelligent commercial lighting solutions. Therefore, the region presents lucrative growth prospects for the optoelectronic components market.
The Germany market dominated the Europe Optoelectronic Components Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $3,638.8 million by 2029. The UK market is experiencing a CAGR of 3.7% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 5.3% during (2023 - 2029).
Based on Material, the market is segmented into Gallium Nitride, Gallium Arsenide & Gallium Phosphide, Silicon Carbide, Indium Phosphide, and Silicon Germanium. Based on Application, the market is segmented into Measurement, Lighting, Communication, Security & Surveillance, and Others. Based on Component, the market is segmented into Sensor, LED, and Laser Diode & Infrared Components. Based on Vertical, the market is segmented into Consumer Electronics, Telecommunication, Automotive, Military & Aerospace, Medical, Manufacturing, Commercial, Residential, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Optoelectronic Components Market is Projected to reach USD 60.9 Billion by 2029, at a CAGR of 5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hamamatsu Photonics K.K., OSRAM GmbH (AMS AG), TT electronics PLC, Vishay Intertechnology, Inc., ON Semiconductor Corporation, Cree, Inc. (SMART Global Holdings, Inc.), TRUMPF GmbH + Co. KG, Sick AG, Broadcom, Inc. and Samsung Electronics Co., Ltd. (Samsung Group).
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