The worldwide semiconductor lasers market is expected to hit $8.8 billion by 2023. It is expected to be valued at $15.7 billion by 2033. The market is estimated to grow at a 5.9% CAGR from 2023 to 2033.
The expanding usage of consumer devices, such as smartphones, tablets, laptops, and gaming systems, has raised the need for semiconductor lasers. These lasers are used in a wide range of applications, including optical data storage, gesture recognition, 3D sensing, and displays. As consumer gadgets develop, semiconductor laser technologies are expected to play an increasingly important role in enabling new features and capabilities.
In terms of energy efficiency, semiconductor lasers are more effective than conventional light sources. In addition to lasting longer and producing less heat, they use less power. Semiconductor lasers are increasingly valued over conventional light sources as energy efficiency and environmental concerns increase in magnitude, driving market growth.
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Smaller, more compact, and more effective semiconductor lasers are in high demand as due to the growing trend of miniaturization and integration across a variety of sectors. These lasers are viable for applications with limited spaces because they may be incorporated into small systems and devices, such as wearable electronics, mobile phones, and portable electronics. In essence, the growing demand for consumer electronics is likely to foster growth in the market.
New kinds of lasers with enhanced performance characteristics have been developed as a result of ongoing developments in material science, notably in semiconductor materials and epitaxial growth methods. For instance, the development of high-performance semiconductor lasers that operate at many wavelengths has been made possible by the use of compound semiconductor materials like Gallium Arsenide (GaAs) and Indium Phosphide (InP). Such material science advancements are predicted to bolster market growth during the forecast period.
Key Takeaways from this Market:
- The global semiconductor lasers industry size developed at a CAGR of 6.7% from 2018 to 2022.
- In 2018, the global market size stood at US$ 6.3 billion.
- The global market size stood at US$ 8.2 billion in 2022.
- The fiber optic lasers segment is predicted to expand at 5.8% CAGR during the forecast period.
- The communications segment is predicted to expand at 5.7% CAGR from 2023 to 2033.
- The semiconductor lasers industry in China is predicted to expand at 7.4% CAGR from 2023 to 2033.
- The market for semiconductor lasers in Japan is predicted to expand at a 6.1% CAGR during the forecast period.
Recent Developments Observed by FMI:
- UC Berkeley researchers created a brand-new class of semiconductor lasers in June 2022 that meets a difficult optical requirement: the capacity to emit a single mode of light while maintaining the potential to increase in size and power. As a consequence, without compromising coherence due to size, lasers may now be more powerful and increase their range for a number of applications.
- In April 2022, Panasonic presented the first high-brightness blue direct laser ever made. Using Panasonic’s Wavelength Beam Combining (WBC) technology, strong blue direct diode lasers are produced.
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Key Players Operating in the Global Market:
- Coherent Inc.
- IPG Photonics Corporation
- Lumentum Holdings Inc.
- II-VI Incorporated
- TRUMPF GmbH + Co. KG
- Jenoptik AG
- Newport Corporation
- Hamamatsu Photonics K.K.
- Nichia Corporation
- Sharp Corporation
Market Segmentation:
By Type:
- Fiber Optic Lasers
- Vertical Cavity Surface Emitting Lasers
- Compact Disc Lasers
- High Power Diode Lasers
- Red Lasers
- Violet Lasers
- Green Lasers
- Blue Lasers
By Application:
- Optical Storage Device
- Lithography
- Healthcare
- Defense and R&D
- Sensors
- Display
- Printing
- Communication
- Industrial
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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