Optoelectronic Components Market Key Revenue Pocked - worth US$52.7 billion by 2025

 

The global optoelectronic components market size is projected to grow from USD 41.4 billion in 2020 to USD 52.7 billion by 2025, recording a CAGR of 5.0%. Emerging opportunities for optoelectronic components and R&D could lead to innovation in the optoelectronic components industry. Promising industrial IoT applications provide major growth opportunities to market players. This report covers optoelectronic components such as LEDs, optocouplers, sensors, infrared components, ultraviolet components, and laser diodes. These components find application in verticals such as automotive, consumer electronics, telecommunication, military & aerospace, industrial, medical, and residential & commercial.

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Emerging opportunities for optoelectronic components and R&D could lead to innovation. Promising industrial IoT applications provide major growth opportunities to market players. The optoelectronic components industry growth is mainly driven by the increased use of infrared components in consumer electronics and automobiles, their long life and low power consumption, the demand for improved imaging and optical sensing solutions in healthcare vertical, and the suitable physical properties of optoelectronic sensors to operate in harsh environments.

The optoelectronic components market in North America is projected to grow at the highest CAGR during the forecast period. The US, Canada, and Mexico are the major contributors to the growth of the market in North America.

North America is one of the most technologically advanced markets for optoelectronic components owing to the presence of prominent system suppliers, large semiconductor companies, LED, laser, and sensor manufacturers in the region.

Key players operating in the optoelectronic components market include:

1. Hamamatsu (Japan),
2. Osram (Germany),
3. TT Electronics (UK),
4. Vishay (US),
5. ON Semiconductor (US),
6. Cree (US), and so on..

Other major companies focus on organic and inorganic growth strategies such as product launches and developments, mergers and acquisitions, agreements, contracts, partnerships, collaborations, and expansions to increase their revenue.

Related Reports:

Optoelectronic Components Market by Component (Sensor, LED, Laser Diode, and Infrared Components), Application (Measurement, Lighting, Communications, and Security & Surveillance), Material, Vertical, and Region - Global Forecast to 2025

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Next-Generation Data Storage Market expected to grow $81.0 Billion by 2025

 

The report "Next-Generation Data Storage Market by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Architecture (File- & Object-Based, Block), Storage Medium (SSD, HDD, Tape), & End User - Global Forecast to 2025", is estimated to grow from USD 53.9 billion by 2020 to USD 81.0 billion by 2025 at a CAGR of 8.5%. The significant drivers for this market remember the monstrous development for computerized information volume; multiplied utilization of cell phones, workstations, and tablets; development of IoT market; and expanding infiltration of top of the line distributed computing.

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Storage area network to hold largest share of next-generation data storage market during forecast period

Capacity region network is supposed to hold the biggest portion of the cutting edge information capacity market during 2020-2025. As a rising number of organizations have begun using cloud-based administrations to store their information with the utilization of virtual servers, organizations mean to extend their capacity limits past existing infrastructural abilities. SAN innovation is generally utilized by cloud innovation makers because of its capacity to associate enormous quantities of servers to capacity gadgets.

Growing data generation by large enterprises is expected to drive the market for File- and object-based storage architecture

Record and item based capacity (FOBS) is supposed to hold the biggest portion of the cutting edge information capacity market during 2020-2025. Quickly developing information age by enormous undertakings is prompting an expanded requirement for FOBS to deal with those immense volumes of information. These colossal volumes of organized and unstructured information, including photographs, recordings, sound documents, and different media, are producing significant market open doors for document and item based capacity market players.

North America to hold largest size of next-generation data storage market during forecast period due to rapid technological advancements in the region

North America is supposed to represent the biggest portion of the market by 2020. The rising volume of unstructured information across different ventures and quick mechanical progressions have prompted an expanded interest for the safe, solid, and cost-proficient capacity framework in North America. The area, being the early adopter of cutting edge information capacity advancements, catches the biggest portion of the cutting edge information capacity market.

By Storage System

• Direct Attached Storage (DAS)
• Network Attached Storage (NAS)
• Storage Area Network (SAN)
  

By End User

• Enterprise
• Government
• Cloud Service Providers
• Telecom

The companies profiled in this report are

• Hewlett Packard Enterprise Company (US),
• Dell Inc. (US),
• NetApp, Inc. (US),
• International Business Machines Corporation (US),
• Toshiba  Corporation (Japan) and many more.
  

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Discover top 5 revenue growth opportunities in Compound Semiconductor

 

The study involved four major activities in estimating the current size of the global compound semiconductor market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.

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Secondary Research

The secondary sources referred to for this research study include semiconductor industry organizations such as the Semiconductor Industry Association (SIA), Global Semiconductor Alliance (GSA), and corporate filings (such as annual reports, investor presentations, and financial statements); and trade, business, and automotive associations. Secondary data has been collected and analyzed to arrive at the overall market size, which is further validated by primary research.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the compound semiconductor market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand-and supply-side players across four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World (Middle East & Africa and South America). Approximately 70% and 30% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report.

Samsung’s expertise in semiconductor manufacturing and IT serves as the quintessential foundation for the continued innovation and delivery of state-of-the-art LED devices. Samsung LEDs own various patent rights, involving EPI, chip, packaging, phosphor, modules, and drivers for crucial LED technological areas. Samsung LEDs endeavor to take the leading role in both LED applications and components with a smart, innovative approach to lighting. It is expected that the company would continue to invest in technological development and designing of LEDs. The company has a stronghold in the overall consumer electronics market in applications such as TVs, mobile phones, and others, which is expected to boost the overall LED business of the company. It is one of the leading consumer electronics companies. It has a worldwide presence with more than 217 plants in China, Korea, Japan, and Southeast Asia. It had a strong partnership network with 2,500 (Tier 1) suppliers as of December 2019. Samsung focuses on product launches to expand its presence in the market. For instance, in March 2020, the company introduced the first “human-centric” LED packages, collectively known as LM302N. The LM302N family helps human bodies adjust melatonin levels indoors, making people feel more energetic or relaxed, depending on their daily life patterns. Also, in April 2019, the company enhanced its mid-power LED package – the LM301H – for horticulture applications, such as greenhouse and vertical farming. At 3.10 micromoles per joule (ìmol/J), the newly introduced LM301H now features the highest photon efficacy.

APAC likely to emerge as the largest compound semiconductor market

APAC is estimated to be the largest market for compound semiconductors during the forecast period. The rapid market penetration of GaN and SiC in power devices, where GaN and SiC devices are increasingly replacing silicon counterparts, is predominant across several application segments in APAC. For power devices, the growing number of GaN and SiC power applications creates huge revenue potential in this region. This attracts several industry players to mass-commercialize GaN and SiC power devices for several power applications, which, in turn, are increasing the revenue potential of the compound semiconductor market in this region.

Major players in the compound semiconductor market include Nichia (Japan), Samsung Electronics (South Korea), ams (Austria), Qorvo (US), Skyworks (US), Cree (US), GaN Systems (Canada), Infineon (Germany), Mitsubishi Electric (Japan), NXP (Netherlands), and ON Semiconductor (US).

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Collaborative Robot Market expected to reach $10.5 billion by 2027

 

According to a research report "Collaborative Robot Market with COVID-19 Impact Analysis, Component, Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Handling, Processing), Industry (Automotive, Furniture & Equipment), and Region - Global Forecast to 2027" published by MarketsandMarkets, the collaborative robot market is projected to grow from  USD 1.2 billion in 2021 and is projected to reach USD 10.5 billion by 2027; it is expected to grow at a CAGR of 43.4% from 2021 to 2027. Owing to COVID-19, the collaborative robot market had to face headwinds for 2019–2020.

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The high return on investment (ROI) for collaborative robots as compared to traditional industrial robotic system has paved way for their growth in recent years. In addition to this, the benefits derived from adoption of cobots for businesses of all sizes is the key factors driving the collaborative robot market. Many SMEs and large manufacturers that have deployed collaborative robots are benefiting in terms of general competitiveness, increased production, and enhanced quality of their products.

“ Cobots with payload capacity up to 5 kg expected to hold the largest share of the market during the forecast period”

Cobots with payload capacity up to 5 kg are expected to hold the largest share of the collaborative robot market during the forecast period. First-time users prefer low payload capacity cobots, which are cheaper and take up less space than robots with higher payload capacity. These cobots are often already fitted with grippers, reducing the hassle of integration and programming for the end user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space when compared to higher payload cobots. Since most of the up to 5 kg payload capacity cobots are very lightweight, they are inherently safe and do not require force sensors, thereby reducing the hardware costs.

“Handling application to dominate collaborative robot market in 2021”

Handling application is expected to hold the largest share of the collaborative robot market in 2021. The handling application includes various sub-types such as material handling, machine tending as well as bin-picking which are currently booming. Handling tasks such as pick and place or palletizing are among the mundane and repetitive in nature for the human workers. Machine tending requires workers to stand for long hours beside a CNC or injection molding machine. Collaborative robots are able to automate a machine tending process during off hours without any supervision, boosting productivity. Besides, handling application has industry-wide usage in varied industries ranging from the automotive, electronics to furniture & equipment because of which is expected to register a fairly large amount of the market share in 2021.

“Automotive industry to maintain the largest share of collaborative robot market during the forecast period”

The automotive industry is one of the largest users of collaborative robots. In automotive manufacturing, collaborative robots are used for a variety of applications such as handling, welding, assembling and disassembling, welding, dispensing extensively. Amongst these applications, welding has been one of the first and most popular applications of collaborative robots in the automotive industry. Spray painting automation is another popular application in assembly lines, mainly to protect workers from toxic fumes. Cobots provide consistency in paint application and minimize wastages. Machine tending and material removal are a few of the other applications where cobots are used. As majority of the processes involved in automotive manufacturing and assembly are automated, the automotive industry has to employ collaborative robots on a large scale, which makes it the largest demand generator for the adoption of collaborative robots.

“Collaborative robot market in APAC estimated to grow at the fastest rate during the forecast period”

The collaborative robot market in APAC is expected to grow at the highest rate during the forecast period. With context to the collaborative robot market, the rising costs of labor in the APAC region have caused the SME industries, in particular, to incline towards industrial adoption by integrating collaborative robots in their manufacturing processes to make the operations more efficient and cost-effective. China is at the forefront in the adoption of collaborative robots owing to the increasing demand of automation given the fact that there is a significant growth in its geriatric population in recent years. Besides, China has a significantly strong presence of automotive and electronic industries. These industries are a major demand generator for the adoption of collaborative robots. China is also aiming to become self-sufficient in the manufacture of collaborative robots. Other APAC countries such as Taiwan and Thailand are also not far behind in terms of adopting automation through the integration of cobots to seek a cost advantage, in the wake of rising labour costs. The automotive and electronics industries from the APAC region are the major demand generators for the adoption of collaborative robots.

Key players in the collaborative robot market include Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea), Denso (Japan), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US), MABI Robotic (Switzerland), FrankaEmika (Germany), Comau (Italy), F&P Robotics (Switzerland), Stäubli (Switzerland), Bosch Rexroth (Germany), Productive Robotics (US). Apart from these, Wyzo (Switzerland), Neura Robotics (Germany), Elephant Robotics (China), ELITE ROBOT (China), Kassow Robots (Denmark), MIP Robotics (France) are among a few emerging companies in the collaborative robot market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Rising demand for 3D sensing-enabled consumer electronics - 3D Sensor Market

 

The 3D sensor market size is estimated to be USD 2.7 billion in 2021 and is projected to reach USD 9.4 billion by 2026; it is expected to grow at a CAGR of 28.1% from 2021 to 2026. Although 3D sensors have been in existence for a long time, the market for 3D sensors is growing owing to factors such as the rising demand for 3D sensing-enabled consumer electronics, increasing demand for medical imaging solutions, growing penetration of image sensors in automobiles, and surging requirement of security & surveillance systems.

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Infineon Technologies AG (Germany), OmniVision Technologies, Inc. (US), Sony Corporation (Japan), Cognex Corporation (US), Lumentum Operations LLC (US), ifm electronic gmbh (Germany), Intel Corporation (US), KEYENCE CORPORATION. (Japan), LMI Technologies Inc. (Canada), Microchip Technology Inc. (US), II-VI Incorporated (US), AIRY3D (Canada), ASUSTeK Computer Inc. (Taiwan), CronAI (UK), Leuze electronic GmbH + Co. KG (Germany), Mantis Vision ltd. (Israel), Melexis NV (Belgium), Microsoft (US), Occipital, Inc. (US), Orbbec 3D (US), Panasonic Corporation (Japan), Qualcomm Technologies, Inc. (US), Quanergy Systems, Inc. (US), Samsung (South Korea), and SICK AG (Germany) are among the many players in the 3D sensor market.

Infineon Technologies was ranked first in the 3D sensor market in 2020, with ~15–17% market share. The company markets its products to the automotive, industrial, communications, and consumer and security electronics sectors across the Americas, Europe, the Middle East, and Asia Pacific (APAC). The 3D image sensors manufactured by the company are based on the ToF technology, in which a 3D camera projects modulated infrared light on the targeted object. It helps measure the brightness and location of an object. Infineon has been mainly focusing on collaborations with other companies for developing new 3D sensor products. The company has collaborated with pmd technologies for the development of depth sensors based on ToF technology for applications such as gaming, e-commerce, and other immersive experiences. Infineon has also worked with Qualcomm for the development of 3D authentication in Qualcomm’s Snapdragon 865 platform.

OmniVision Technologies held the second position in the 3D sensor market in 2020, with ~12–14% market share.  With more than 2,000 employees worldwide and over 10 billion products shipped, it is one of the known leaders in the global CMOS image sensor market. It is the only image sensor company that serves every imaging market segment worldwide. OmniVision’s products are used in medical imaging, automotive in-cabin and outside sensing, security and smart homes, IoT, mobile, and computing, and various other industrial applications. The company is targeting a broad range of applications across medical imaging, as well as in the dental, veterinarian, and industrial markets. In the dental imaging market, OmniVision has opportunities in 3D scanners and camera-enabled dental tools such as dental mirrors. The company is immensely focused on partnerships and collaborations strategies to drive growth in the 3D sensor market.

Related Reports:

3D Sensor Market with COVID-19 Impact, by Type (Image Sensors, Position Sensors), Technology (Time of Flight, Structured Light), End-use Industry (Consumer Electronics, Industrial Robotics, Automotive), and Region, Global Forecast to 2026

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Speech and Voice Recognition Market expected to reach $28.1 billion by 2027

 

According to MarketsandMarkets, the speech and voice recognition market is projected to grow from USD 9.4 billion in 2022 to USD 28.0  billion by 2027, at a CAGR of 24.4 % from 2022 to 2027. Major factors driving the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances.

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Based on the technology speech and voice recognition market has been segmented into speech recognition and voice recognition. Speech recognition is dominating the speech and voice recognition market. It accounts for the largest market share in 2021. The elevating adoption of speech-enabled consumer electronics devices, including smart home devices, mobile devices, and wearable devices, is expected to result in the rapid growth of the speech recognition market in the coming years. Automatic speech recognition (ASR) technology is expected to dominate the speech recognition market throughout the forecast period.

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Based on the deployment mode the speech and voice recognition market has been segmented into On-cloud and on-premises/embedded. The on-premises/embedded segment is expected to witness a higher growth rate owing to the rising adoption of on-premises speech and voice recognition solutions by financial institutions and enterprises for multifactor authentication and keep consumer data highly secure.

speech and voice recognition systems are deployed across numerous verticals including automotive, enterprise, consumer, banking, financial services, and insurance (BFSI), government, retail, healthcare, legal, education, military, and others (aerospace, utilities, and travel & tourism) verticals. The speech and voice recognition market for the consumer vertical is expected to grow at the highest rate during the forecast period. The introduction of voice-based smart devices in the consumer sector has led to the launch of many innovative products in the market.

The continuous decline in the cost of voice and speech devices such as mobile phones, computers, and smart speakers, and the constant development in voice and speech recognition software also drive the market for speech and voice recognition technologies. The increasing demand for intelligent virtual assistant smart speakers with voice capabilities is expected to be a prominent driver for the speech and voice recognition market for the consumer vertical during the forecast period.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Revenue in European smart home market is projected to reach US$41.2 bn in 2027

 

The European smart home market will have a market size of 26.7 USD billion and this market size will increase up to 41.2 USD billion by the end of the forecast period i.e., by 2027 with a growth rate of 9.0%. The key aspects to the growth of this market are driven by a few factors including growing internet access in European region, rising need for energy saving and low-carbon emission-oriented solutions, increasing number of manufacturers expanding their smart home product portfolios, ongoing proliferation of smartphones, surging importance of home monitoring, and increasing safety, security, and convenience offered by smart home products are driving need for them.

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For the product segment of European smart home market, entertainment & other controls hold the largest market share for European smart home market in 2021. The growth of the entertainment & other controls market is driven by the convenience offered by these controls for managing and controlling the entertainment systems within a house. The advancements in wireless communication technologies are a significant factor boosting the growth of the home theater system control market, thereby driving the overall European smart home market for entertainment and other controls. Entertainment has become an important part of life as it provides relaxation and rejuvenation.

The most important feature of entertainment control is its ability to integrate multi-room entertainment systems. Audio and video systems can be integrated through wires or wirelessly with personal computers/laptops, CD/DVD players, smartphones, satellite radios, or portable music players to enable access to videos/movies and audio collection from any part of the home. Audio and volume controls are used to regulate and control the sound of the music systems and home theaters. Multimedia room controls comprise audio and video systems, theaters, and cinema room installations. Touchscreens and keypads are mainly used to control the audio-video systems in homes. Therefore, a host of controllers are used to control and regulate entertainment systems in homes.

Under the segmentation of software & service for European smart home market, the behavioral software are expected to contribute maximum towards the market share during 2022 to 2027, i.e., the forecast period. The behavioral segment of the European smart home market is projected to reach USD 5.3 billion by 2027, holding the largest market share in the software segment; it is expected to grow at a CAGR of 13.0% from 2022 to 2027. Increasing awareness among users in European countries regarding controlling and managing energy consumption is also leading to a rise in demand for behavioral software and services in the region.

This has also led to an increase in innovations pertaining to connected devices and smart homes in several countries, including France, Italy, and Spain. With increasing awareness about energy saving among end users in Europe, the companies offering smart home-related software and services are expected to witness an increased penetration of their smart home technologies in the region. Behavioral software and algorithms are limited to delivering and receiving data and do not take intelligent activities such as the proactive types. Factors such as the growing connection between machine-to-machine solutions and the Internet of Things might be attributed to behavioral software and services' increased market share. The behavioral software and services provide individuals real-time access to their gadgets and insights into their energy usage habits, allowing them to make informed energy consumption decisions. The growing number of smart city projects and green building initiatives supported by European governments is likely to boost demand for behavioral software and services even more.

Under the market segmentation of sales channel for European smart home market comes direct sales channel and indirect sales  channel. In 2021, the indirect sales channel segment accounted for the larger share of the European smart home market. Indirect sales channels or third-party service providers hold a major share of the European smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include selling smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms.

The COVID-19 pandemic resulted in a rise in the use of indirect sales channels. Due to lockdowns in various countries worldwide, people have started using online websites frequently, and their preference for online channels has increased post the outbreak of the pandemic. Subsequently, companies offer product setup and installation services that help users buy products online without hesitation. Moreover, third-party delivery providers have started taking extra precautions to encourage consumers to buy without reservations about getting infected.

The region wise segmentation of European smart home market depicts the maximum share of the European smart home market in the UK in the base year i.e., 2021. The UK is one of the early adopters of smart homes in Europe. Following regulations to ensure the safety of occupants in a building is mandatory in the UK. The government updates fire safety rules and laws—such as Regulatory Reform (Fire Safety)—from time to time to prevent fire accidents. Key fire protection product and service providers in the UK include Fire Suppression (UK) and Argus Fire Protection (UK). The UK has experienced a noticeable increase in the use of surveillance systems and is one of the world leaders in using video surveillance equipment on most premises. Major manufacturers in this segment are Crestron Electronics, Inc. (US), Snap One (US), Siemens (Germany), and Schneider Electric (France).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
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