Semiconductor laser market to reach $15.18 billion by 2032, driven by growing adoption in medical and communication sectors

The semiconductor laser market is growing at a rapid pace due to significant technological advances and increasing acceptance in various sectors as they offer much greater precision, efficiency and flexibility compared to other types of lasers.

Austin, July 17, 2024 (GLOBE NEWSWIRE) — This The size of the semiconductor laser market was valued at USD 8.10 billion in 2023 and is projected to reach USD 15.18 billion by 2032. The compound annual growth rate for the next period 2024–2032 will be 7.23%.

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The semiconductor laser market is witnessing increased growth and wide applications along with the demand and necessity among various end-user industries. The demand for these lasers is growing to a great extent due to the demand for fiber lasers, which are used to provide stable light and equipment that requires accurate light beams. Moreover, the use of vertical cavity surface emitting lasers (VCSELs) in telecommunication and data devices is also increasing the demand for semiconductor lasers. The best VCSEL manufacturers can achieve efficiency of 65% to 70%. The output power of VCSELs was limited but recently multi-junction VCSELs, which deposit multiple active regions, have shown 30% improvement in efficiency. VCSELs are mainly made of gallium arsenide and the wavelengths are limited to 850 nm to 940 nm. For longer wavelengths, 1.3 or 1.5 µm, it is necessary to use an indium phosphide-based material, but InP-based production is much more complex than for GaAs.

Various advancements in technology and continuous R&D of semiconductor lasers are driving the market. For example, the processes in the telecommunication sector are entirely dependent on semiconductor lasers for high-speed data transfer. In the healthcare industry, such lasers are used for performing surgeries and various diagnostic methods. Semiconductor lasers are also used in communication and optical data storage, medical devices, aerospace and defense, and materials processing. The versatility of these lasers coupled with their ability to provide high precision and efficiency makes them indispensable in various applications. The miniaturization of semiconductor lasers has also increased their demand in consumer electronics.

Semiconductor laser Scope of the market report:

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Segment analysis

By type:

Fiber lasers led the market segment with a market share of over 35.18% in 2023. Fiber lasers have been adopted mainly due to their highly stable and precise focused light beams. Hence, these lasers are used to transmit light through fiber optic cables. Moreover, these fiber lasers are essential for telecommunications and data centers.

The story continues

Vertical cavity lasers are projected to grow at a stable CAGR of 8.61% during 2024-2032. Since VCSEL is an important device for various communication devices and data centers, increasing market investments in data centers and 5G device sales are likely to drive the market growth rapidly.

By application:

Material processing had the largest share in 2023 with a market share of 38.70%, which was driven by increased spending on the production of cutting automotive components and industrial machinery. Laser cutting applications provide high precision and quality advantages in material processing.

The Instruments & Sensor segment is expected to grow at the highest CAGR during the forecast period. This segment is benefiting from increased financing of IoT devices and growing demand for technologically advanced instruments and sensors.

Key regional development

North America captured 39.16% of the market share in 2023, making this region dominant. Several factors, including a large semiconductor industry capable of supporting this type of technology, a large number of market participants resulting in a high level of demand for this type of production, and increasing investment in research and development, are helping in the regional development.

The second largest market is Europe, which has set a CAGR of 7.75% for the forecast period 2024-2032; reasons for this growth include the growing impact of laser-based applications in telecommunications, automotive, healthcare, and manufacturing. Asia Pacific emerges as the fastest growing region with a stable CAGR from 2024 to 2032 due to the growth in demand in telecommunications, manufacturing, and healthcare.

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Last changes

• In November 2023, AFRL launched the Indoor Semiconductor Laser Propagation Research (SLIPR) Site at Kirtland Air Force Base in New Mexico, providing U.S. warfighters with an innovative approach to laser development.

• In October 2023, LMI mentioned the release of remastered 4K+ Gocator 2600 3D laser line profile sensors with fast scanning components, adaptive data quality fills, and higher resolutions. The product now includes 12 new models with different scan profiles.

Key conclusions

• Gain in-depth insight into the Semiconductor Laser market, its size, growth drivers, and segment analysis.

• Learn how new technological advances are driving market growth and helping expand demand for more applications.

• Detailed regional analysis includes the dominance of North America and potential growth in Europe and Asia-Pacific.

• The latest news on new product launches, mergers and acquisitions in the semiconductor laser market.

Table of Contents – Key Points

1. Introduction

2. Industry Flow Chart

3. Research methodology

4. Market dynamics

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Segmentation of the semiconductor laser market by type

8. Segmentation of the semiconductor laser market by application

9. Regional analysis

10. Company profiles

11. Competitive Landscape

12. Use Case and Best Practices

13. Conclusions

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