Optoelectronics: Whether you run a business or you’re looking to move into a new world of business, you always have to keep your eye on what’s happening around the world.
This will help when it comes to growing and developing a business, or moving into new investments. One area you need to keep a watch on at all times is the world of technology, and its many, many areas. While there are areas that’ll be more relevant to you, and there are several companies like RS Components that can help you procure what you need. Keeping your eyes open at all times is key.
An area that seems to be growing at a rapid pace is the optoelectronics market. Going from strength to strength over the last few years, the market is expected to see continued growth over the continuing few years. With exciting opportunities in the market, it’s something you need to know about.
What Is Optoelectronics?
Before you get to know a little bit more about the market, you’re probably sat wondering what optoelectronics are.
Well, when simply put, these are devices which combine both electronics and light technologies, such as LED’s, fibre optics or light sensors. The smaller components within a printed circuit board, they emit and/or detect lights in particular wavelengths, and are used throughout manufacturing.
So, what about the market?
The Growth of the Market
Well, over the last few years the market has been growing. In fact, it was projected to grow by 18.3% in the period between 2016 and 2023. But the growth boomed between 2016 and 2018, with the expected growth between 2018 and 2013 standing at an estimated 10.25%, which is still huge.
In fact, over the five years between 2019 and 2024, the revenue generated is expected to grow by around 9.4%. This would see the revenue of $41900 million in 2019 rise to $71900 million in 2019.
As you can see, the market is thriving, as is projected to continue doing so. In fact, the market has been credit with contributing heavily to global revenue.
Things to Know About the Market
While these are huge numbers, there are things you should know about the market in general, such as markets to watch and developments that are happening.
In developmental area, there are two that are more notable than others. Both of these come from technology giant Samsung. These advancements are:
- An enhanced chip-sale LED package line-up, which has provided the industry with its highest luminous efficiencies
- In 2018 the company launched a flagship line-up of QLED TVs and AV productsat the New York Stock Exchange
While these are two huge areas to keep an eye on, they’re sure to develop and change the industry over the next few years. However, the other space to watch is the market growth in the Asia-Pacific area.
This part of the world has seen higher consumer spending following advancements in display technology, and a boost in consumers buying smartphones, digital imaging services and display devices.
As you can see, optoelectronics is continuing to grow, and grow globally. So, if there’s something to watch over the next five years, this is it.