You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

LONDON--(BUSINESS WIRE)--The MOCVD market is expected to grow by USD 84.93 million, progressing at a CAGR of over 5% during the forecast period. Click & Get Free Sample Report in Minutes The increasing focus on renewable energy is one of the major factors propelling market growth. However, factors such as trend of leasing MOCVD equipment will hamper the market growth. More details: https://www.technavio.com/report/MOCVD-market-industry-analysis MOCVD Market: End-user Landscape The optoelectronics segment includes devices such as LEDs, organic light-emitting diodes (OLEDs), laser diodes, and solar cells. MOCVD equipment is used during the production of optoelectronic devices. LED lighting applications have become the global standard in the private and public lighting markets owing to their energy efficiency. The growing investment in LED production plants will increase the orders of MOCVD equipment by LED manufacturers. The MOCVD market share growth by the optoelectronics will be significant during the forecast period. MOCVD Market: Geographic Landscape APAC will offer several growth opportunities to market vendors during the forecast period. 77% of the markets growth will originate from APAC during the forecast period. China, Japan, and Taiwan are the key markets for MOCVD in APAC. Market growth in this region will be faster than the growth of the market in other regions. Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free. View market snapshot before purchasing Related Reports on Information Technology Include: Global PLM Software Market in the Automotive Sector: The PLM software market size in the automotive sector has the potential to grow by USD 937.74 million during 2020-2024, and the markets growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes! Global Automotive Software Market: The automotive software market size has the potential to grow by USD 10.70 billion during 2020-2024, and the markets growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes! Companies Covered: What our reports offer: Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavios in-depth research has direct and indirect COVID-19 impacted market research reports. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Key Topics Covered: Executive Summary Market Landscape Market Sizing Five Forces Analysis Market Segmentation by End-user Customer landscape Geographic Landscape Vendor Landscape Vendor Analysis Appendix About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Answer: Global MOCVD Market Report, History and Forecast 2020-2024, Breakdown Data by Companies, Key Regions, and End-Users | Technavio