Optoelectronic Transistor Market Trends

Growth Drivers

• Growing Shift towards Renewable Energy– The adoption of optoelectronic components in the solar sector is being driven by the transition towards renewable energy sources, which as a result is estimated to drive market growth. In 2020, renewable energy now accounted for over 15% of the electrical generation in the US.
• Rising Adoption of the Internet of Things (IoT) – The growing popularity of the IoT is anticipated to increase the demand for optoelectronics components since they are being widely used in a variety of applications, such as smart home appliances, wearable technology, and industrial automation. By 2025, there will be over 38 billion Internet of Things (IoT)-connected gadgets globally.
• Increasing Automotive Industry – As electric vehicles become more popular, the demand for optoelectronics transistors in battery management systems and charging stations is expected to increase. By 2026, the automobile industry in India is anticipated to generate over USD 250 billion.
• Growing Prevalence of Chronic Diseases – It is expected that patients with chronic illnesses, including gastroesophageal reflux disease, celiac disease, or cancer, are anticipated drive the market growth. More than 27% of US people had several chronic illnesses in 2018.

Challenges

• Exorbitant Cost of Optoelectronic Transistors- The high cost associated with optoelectronic transistors, is one of the major factors predicted to slow down the market growth. For instance, transistors made of optoelectronics frequently require sophisticated fabrication processes and materials, which might increase their cost relative to conventional electronic components. This may restrict their use in applications where cost is an issue.
• Lack of Standardization
• Highly Sensitive to Environmental Factors such as Temperature, Humidity, and Vibration