The North America Optoelectronic Components Market would witness market growth of 4.4% CAGR during the forecast period (2023-2029).
The wavelength is longer in optoelectronic components and devices. Therefore, they are affordable to produce and simple to do. These gadgets use powerful light sources. P-n junction devices, in which the carriers are produced by photons, are what make up optoelectronic junction devices. Optocouplers, LEDs, laser diodes, image sensors, photovoltaic cells, and other components are the primary categories of optoelectronics components.
Optoelectronics is utilized in LED devices such as indication lights, computer parts, watches, medical devices, switches, instrument panels, consumer electronics, home appliances, traffic signals, fiber-optic communication, and automotive brake lights. Among the various materials used are gallium nitride, gallium arsenide, gallium phosphide, silicon germanium, silicon carbide, and indium phosphide. These materials are used by end-users in the automotive, aerospace & defense, information technology, healthcare, consumer electronics, residential & commercial, industrial, and other sectors.
Automotive optoelectronic component sales are predicted to increase in the region. During the forecast period, the growing popularity of electric vehicles, the rise in sales of luxury vehicles, and increased auto production will all have an effect on market growth. The demand for laser diodes is likely to increase as electric mobility becomes more prevalent across substantial portions of North America. The use of laser diode technology in the region will likely be followed by Canada and Mexico after the United States. In addition to these, it is expected that the rising tendency of young people for high-end and luxury vehicles will create lucrative prospects.
The US market dominated the North America Optoelectronic Components Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $12,262 million by 2029. The Canada market is poised to grow at a CAGR of 6.7% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 5.8% 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 U.S., Mexico, Canada, and Rest of North America.
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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