The global market for semiconductor lasers is anticipated to reach $8.8 billion by 2023. Its value is predicted to reach $15.7 billion by 2033. The market is expected to increase at a CAGR of 5.9% from 2023 to 2033.
The growing use of consumer gadgets like smartphones, tablets, laptops, and gaming systems has increased the need for semiconductor lasers. These lasers are utilized for a variety of applications, including optical data storage, gesture recognition, 3D sensing, and displays. As consumer electronics evolve, semiconductor laser technologies are projected to play a larger role in providing 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.
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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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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