Europe Optoelectronics Market Size

Europe Optoelectronics Market Analysis

The Europe Optoelectronics market is expected to register a CAGR of 9.36% during the forecast period (2021 - 2026). The outbreak of COVID-19 affected the production facilities of automotive industries across the globe. COVID-19 outbreak in European countries affected the automobile industry in the region. Spain, Russia, UK, Italy, France, and Germany is the worst-affected country after the United States, and the unprecedented lockdown of the country has heaped fresh pressure on the region's ailing car sector.Due to the COVID-19 outbreak, there was a slight increase in some components, such as laser transmitters due to the demand of increased bandwidth; however, it saw a downfall in other component demands such as image sensors in automobiles, infrared devices, etc.

• The increasing involvement of regional government in promoter search programs has enhanced many semiconductors-oriented industries, and it is supported by high technology connectivity environment. For instance, the German Government is committed to increasing the number of research companies to 20,000 and innovative companies to 140,000 by the year 2020.
• According to Germany Trade & Invest, Germany's electronics, and electrical companies manufacture more than 100 thousand different electronic products and systems, ranging from automation systems, electronic medical equipment, automotive electronics, and microelectronic components.
• In the automotive industry, OEMs have been focusing on developing the next generation of electrified, autonomous vehicles. The United Kingdom is encouraging the adoption of autonomous cars. The UK government also funded GBP 100 million to the UK Connected Intelligence Transport Environment(UKCITE), a project that aims to create an advanced environment for testing autonomous and connected vehicles, which include technologies, such as emergency vehicle warning(EVW), road works warning(RWW), emergency electronic brake light(EEBL), and traffic condition warning(TCW).
• Furthermore, the United Kingdom is the leading destination for foreign direct investment into the European Union, with a growing proportion coming in high technology sectors. With the significant expertise in design and manufacturing, combined with policy and a business-friendly environment, the United Kingdom lighting industry offer significant investment opportunities to businesses through collaboration and direct investment.
• The outbreak of COVID-19 affected the production facilities of automotive industries across the globe. COVID-19 outbreak in European countries affected the automobile industry in the region. Spain, Russia,United Kingdom, Italy, France, and Germany is the worst-affected country after the UnitedStates, and the unprecedented lockdown of the country has heaped fresh pressure on thee region's ailing car sector.