The optoelectronics market is expected to grow at a CAGR of 10.25% over the forecast period (2018-2023), fueled by growing demand for consumer electronic devices with advanced features and technological advancement. Consumer electronic devices, digital imaging solution and communication network are the major areas where Optoelectronics has market opportunity for its major High-brightness LEDs (HB-LEDs), CMOS image sensors and Fiber-optic laser transmitters components.

In addition to this, increased demand for advanced technology in automotive industry is creating market opportunity for Optoelectronics. Most of the automotive vendors are integrating infrared components in cars for detect ambient light, whether estimation, gestured control for the infotainment console and night vision. These new application areas strengthen the Optoelectronics market share in emerging sectors.

Areas of application for optoelectronic devices include image sensors, LIDAR, and LED lighting. Optoelectronic devices are foreseen to replace traditional electronics by surpassing the contemporary expedients in cost, performance, and consistency.

Recent innovations in optoelectronics field such as inexpensive 3D imaging, plasmanic nanostructures, perovskite transistors, optically active quantum dots, microscopic light bulbs, laser-powered 3D display technology, and Laser Li-Fi are anticipated to bring about a quantum shift in dynamic applicability areas of optoelectronic equipment.