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The future of the optoelectronics component market looks promising with opportunities in the automotive, consumer electronics, telecommunication, military & aerospace, medical, residential, commercial, and manufacturing industries. The global optoelectronics component market is expected to grow with a CAGR of 8% to 10% from 2021 to 2026. The major drivers for this market are increased use of infrared components in consumer electronics & automobiles, the long life & low power consumption, demand for improved imaging & optical sensing solutions in the healthcare industry, and the suitable physical properties of optoelectronic sensors to operate in harsh environments.
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