DUBLIN--(BUSINESS WIRE)--Sep 4, 2018--The "Global Optoelectronics Market - Segmented by Component Type (Photo Voltaic (PV) Cells, Optocouplers, Image sensors), Application (Aerospace and Defense, Automotive, Consumer Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The optoelectronics market is expected to grow at a CAGR of 10.25% over the forecast period (2018-2023).

Photo Voltaic Cell Demand is Increasing Due to Global Stress for Renewable Energy

Owing to the increasing focus on environmental protection and green energy sources, most of the investments in the optoelectronics industry have been driven towards photovoltaic cells. Governments around the world have been offering incentives to both companies and users, encouraging the consumption of solar power, thus supporting the growth of the technology in the market.

In the Asia-Pacific region, countries such as China and India are aggressively opting for projects supporting the installment of solar power. This is indirectly driving the optoelectronics market. The International Energy Agency (IEA) suggests that rapid deployment of solar photovoltaics (PV), led by China and India, is helping solar power become the largest source of low-carbon capacity by 2040, by which time the share of all renewables in total power generation is expected to reach 40%.

Asia-Pacific is Emerging as the Market with Potential for High Growth

The increasing spending from the consumers in Asia-Pacific is helping the optoelectronics-based products demand. The developments in display technology and increased demand for consumer electronics such as smartphones, display devices, digital imaging devices, and photovoltaic cells have helped Asia-Pacific take lead in the growth for optoelectronics demand.

Notable Developments in the Market

Samsung enhances chip-scale LED package lineup with industry's highest luminous efficacies. 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.

Companies Profiled

Toshiba Corp. Omnivison Technologies Inc. Osram Licht AG General Electric Company On Semiconductors Corp Cree Inc. Sony Corporation Finisar Corp. Samsung Electronics Ltd. Panasonic Corporation Avago Technologies Ltd. Finisar Corporation Rohm Ltd. Sharp Corp. Philips Mitsubishi Electric Ltd. Suntech Corp.

For more information about this report visit https://www.researchandmarkets.com/research/cgbxwj/global?w=4

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Related Topics:Photovoltaics,Optoelectronics,Optical Sensors,Automotive Sensors

KEYWORD: ASIA PACIFIC

INDUSTRY KEYWORD: TECHNOLOGY HARDWARE

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 09/04/2018 02:30 PM/DISC: 09/04/2018 02:30 PM

http://www.businesswire.com/news/home/20180904005766/en