RENO – Market research firm DataBeans Inc. predicts the worldwide optoelectronics annual market will grow to $17.4 billion in 2008, up 8.6% year-over-year.

The firm expects a CAGR of 12% between 2008 and 2013, when the market will reach $31.2 billion.

Databeans predicts global optoelectronics revenue for lighting and other consumer applications will grow at a CAGR of 14% during the next five years, followed by the medical market, with a growth rate of 13%, and automotive, with growth of 12%.