Lasers market to reach US$ 15.7 billion
The global semiconductor lasers market size is predicted to exceed a valuation of US$ 8.8 billion in 2023.
It is anticipated to attain a valuation of US$ 15.7 billion by 2033. The market is expected to expand at a CAGR of 5.9% from 2023 to 2033.
The demand for semiconductor lasers has increased as a result of the widespread use of consumer electronics, such as smartphones, tablets, laptops, and gaming systems. These lasers are employed in a variety of technologies, including optical data storage, gesture recognition, 3D sensing, and displays. Semiconductor laser technologies are predicted to be essential in facilitating new features and capabilities as consumer devices continue to improve.
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.
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. Consequently, 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.
