Semiconductor devices have become an integral part of our lives. Si is the prime elemental semiconductor that has revolutionized the microelectronics industry. However, Si is an indirect bandgap semiconductor and thus an inefficient light emitter/absorber. Optoelectronic devices involve interaction between photons and electrons. Direct bandgap semiconductors that show strong absorption/emission characteristics are best suited for such applications. Most widely used semiconductors for optoelectronic device applications are compounds formed between elements of group III and group V of the periodic table. These compound semiconductors find applications in different optoelectronic devices based on these parameters. The bandgap of the compound semiconductors can be engineered by alloying them. Bandgap engineering enables formation of heterojunctions that is critical for design of high performance optoelectronic devices like lasers.