According to a study published by the U. S. Market research agency, Marketsand Markets, the 2020 Global photovoltaic Devices market forecasts, from 2015 to 2020, the photoelectric device market is expected to grow at a 9.41% annual compound growth rate (CAGR) to $55.53 billion in a year-to-2007.
2014, organic light-emitting diodes (LED) accounted for the largest share of the market, and expected to continue to lead the market by 2020. Meanwhile, in the forecast period, the laser diode is expected to grow at the highest rate of 12.98%.
The report shows that the photoelectric device market is mainly used in residential and commercial, consumer electronics, Industrial, automotive, medical, telecommunications and aviation and defense and other fields. The market can be divided into led, image sensor, laser diode, photoelectric coupler, infrared (IR) components. Because of its long working life, high efficiency and high durability, LED is widely used in various lighting fields. On the other hand, image sensors are widely used in surveillance cameras, machine vision cameras and automotive cameras. In addition, laser diode has been widely used in telecommunications, measuring instruments and consumer electronics products.
It is reported that by 2020, the Asia-Pacific optoelectronic Devices market is expected to grow at 9.98% annual composite growth to $22.31 billion. The Chinese market is expected to grow at a compound growth rate of 11.14% per cent for the largest year.