Optoelectronics Market- Global Opportunity Analysis and Industry Forecast (2020-2027)

The optoelectronics market is expected to grow at a CAGR of 9.6% from 2020 to 2027 to reach $ 77.9 billion by 2027 from $ 41.2 billion in 2020. The market is growing rapidly due to the increasing demand for optical solutions in the healthcare and automotive industry verticals, growing demand for smart consumer electronics devices, and increasing need for durable and low power consuming components. However, high initial costs associated with manufacturing and fabrication are expected to hamper the market growth. The market is expected to witness immense growth opportunities from the proliferation of IIoT applications, advancements in Li-Fi technology, and innovations in optoelectronic devices.

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