(EMAILWIRE.COM, February 18, 2017 ) According to a new market research report “Optoelectronic Components Market by Component (LED, Laser Diode, Image Sensor), Application (Residential and Commercial, Consumer Electronics, Industrial, Healthcare), and Geography (North America, Europe, APAC, and RoW) - Global Forecast to 2020”, the total market is expected to reach USD 55.53 Billion by 2020.

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Optoelectronic components are electronic devices that are capable of producing light or reacting to it. Optoelectronic components include LEDs, image sensors, optocouplers, IR components, and laser diodes among others. These are widely used in sectors such as automotive, residential & commercial, consumer electronics, telecommunication, industrial, healthcare, and aerospace & defense.

LEDs held the largest market in 2014 and are expected to lead this market till 2020, whereas laser diodes are expected to exhibit the highest growth rate of 12.98% during the forecast period.

The report segments the optoelectronic components market on the basis of components, applications, and geography. Furthermore, it estimates and forecasts the market, along with analyzing various trends in the same. The market has been segmented based on geography into North America, Europe, APAC, and RoW. These regions have been further split into respective countries which comprise the market for this product.

Furthermore, North America has been segmented into the U.S., Canada, and Mexico; Europe comprises the U.K, Germany, France and others; APAC comprises Japan, China, South Korea, India, and others; and RoW has been segmented into Latin America and the Middle East & Africa. The market overview section of the report includes drivers, restraints, opportunities, and current market trends along with the technologies expected to drive the growth of the optoelectronic components market.

The optoelectronic components market has been segmented based on applications into residential & commercial, consumer electronics, industrial, automotive, healthcare, telecommunication, and aerospace & defense. The market has also been segmented based on components into LEDs, image sensors, laser diodes, optocouplers, IR components, and others. For instance, LEDs due to their long operational life, efficiency and high durability are used in a wide variety of lighting applications. On the other hand, image sensors are being used extensively in surveillance cameras, machine vision cameras, and automotive cameras among many others. Also, laser diodes have a large application in telecommunication, measurement instruments, and numerous consumer electronics products.

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The optoelectronic components market in APAC is expected to reach USD 22.31 billion by 2020, at a CAGR 9.98%. The optoelectronic components market in China is expected to grow at the highest CAGR of 11.14% during the forecast period.