New York, July 27, 2022 (GLOBE NEWSWIRE) -- Over 3,700 people are killed in traffic accidents daily, killing around 1 million people annually. The eighth most common cause of mortality worldwide is now related to driver negligence. On US roadways, there were a total of 36,000 fatal car accidents in 2019. Accidents involving distracted driving account for 30 to 50 percent of all collisions. With this, the adoption of autonomous vehicles (AVs) is predicted to rise and around 33 million AVs are estimated to hit the road by 2040. This merely suggests that driverless cars are going to become the norm for people.
Research Nester has published a detailed market report on ‘Global Vertical-Cavity Surface-Emitting Laser (VCSEL) Market’ for the forecast period i.e. 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
By 2025, completely autonomous vehicles are estimated to gain a boost and are predicted to cover 20% of the market share. The global vertical-cavity surface-emitting laser (VCSEL) market is estimated to grow at a CAGR of ~18% over the forecast period. A semiconductor-based laser diode known as a vertical-cavity surface-emitting laser, or VCSEL, generates an optical beam vertically from its top surface. The growth of the market can be attributed to the wider scope of usage of VCSEL, mainly as a sensing device and light detection and ranging tool (LiDAR) in autonomous vehicles. Moreover, the growing adaption and manufacturing of autonomous vehicles and increasing investment in the autonomous vehicle manufacturing across the globe are estimated to drive the market growth over the forecast period. For instance, around USD 600 million is estimated to be invested by leading automobile players in the European region for the production of autonomous vehicles.
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Furthermore, for 3D sensor systems, which include 3D facial identification systems, gesture recognition, augmented reality, virtual reality, robotics, metaverse, and proximity sensors, the VCSE laser is an essential component. Therefore, the boost in the digitalization sector is estimated to drive the growth of the vertical-cavity surface-emitting (VCSEL) market over the forecast period. With the countless technological developments notably 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI), the unceasing increase in internet connectivity around the world has greatly accelerated economic growth in the past two decades. According to the most recent statistics, 4.9 billion people, or nearly 63% of the global population, are expected to be online in 2021. Since 2019, there has been a rise of about 17%, with an estimated 800 million individuals using the internet. Along with other changes to economies around the world, the expansion of the ICT industry has made a substantial contribution to GDP growth, labor productivity, R&D spending, and other areas. Additionally, the ICT sector's creation of goods and services also boosts economic expansion and development. According to World Data Bank, the global exports of ICT goods (as a percentage of all exports of goods) increased from 11.9% in 2015 to 11.43% in 2020. Hence, the rising technological advancement and growing ICT sectors are estimated to propel the market growth over the forecast period.
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On the basis of geographical analysis, the global vertical-cavity surface-emitting laser (VCSEL) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimated to witness modest growth over the forecast period owing to the rising vehicle sales and production, a sharp increase in the population of consumers, and the implementation of government policies encouraging industrial growth. Furthermore, the growing export of ICT goods in the region is predicted to drive market growth during the forecast period. As per the research report, exports of ICT items across the Asia Pacific region increased exponentially in 2020, with Hong Kong SAR, China, totaled 58%, followed by East Asia & Pacific with 28.5%, China with 27.1%, and Vietnam with 38.8%.
On the other hand, the market in North America region is estimated to hold the largest market share over the forecast period owing to the burgeoning use of ADAS in automobiles and the region's expanding car production. In 2020, the automotive industry in the USA sold more than 3.4 million vehicles. In addition to this, the rising technological advancements, increasing investment in the research and development field, growing ICT sector, and presence of key market players in the region are some of the factors which are estimated to accelerate market growth over the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global vertical-cavity surface-emitting laser (VCSEL) market is segmented by type into multi-mode VCSEL and single-mode VCSEL. Out of these, the single-mode VCSEL segment is estimated to gain the largest market share over the forecast period owing to the rising popularity of mobile apps and the capacity of single-mode VCSELs for low power consumption, high output, and efficiency, they are employed in mobile industrial applications, wireless laser mice, and mobile phones. It is believed that, the number of mobile apps released around the world in June 2022, was around 90,000 and around 134,0000 new android apps were made available in May 2019. In addition to this, the benefits of VCSEL, mainly improved coupling into the optical fiber without the requirement for beam-shaping objects, have accelerated the use of this technology by numerous sectors. Industries use 1060 nm single-mode VCSELs as a competitive single-mode technology. Therefore, all these distinctive characteristics and wide usage range of single-mode VCSEL are estimated to drive the segment growth over the forecast period.
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Further, the global vertical-cavity surface-emitting laser (VCSEL) market is segmented by application into telecom, consumer electronics, automotive, medical, industrial, aerospace and defense, and others. Out of these, the automotive segment is estimated to hold substantial market share over the forecast period owing to the growing adaption of autonomous vehicles (AVs) across the globe. Moreover, the comparative studies show that more adoption of AVs is expected to increase the societal benefits. As per the data, major societal AV impacts in the form of crash reductions, reduced travel times, fuel efficiency gains, and parking benefits are anticipated to reach around USD 2000 to USD 4000 annually per AV. In addition to this, the rising investment in to AVs by key market players and growing research and development in the field of automobile across the globe are expected to drive the segment growth over the forecast period.
The global vertical-cavity surface-emitting laser (VCSEL) market is also segmented on the basis of material.
Global Vertical-Cavity Surface-Emitting Laser (VCSEL) Market, Segmentation by Material
- Gallium Arsenide
- Gallium Nitride
- Indium Phosphide
- Others
Some of the prominent key players and their company profiling mentioned in the global vertical-cavity surface-emitting laser (VCSEL) market research report include Lumentum Operations LLC, Vixar Inc., Hamamatsu Photonics K.K., TRUMPF, II-VI Incorporated, Broadcom Inc., Vertilite Inc., Coherent Inc., Alight Solutions, LLC, Connector Optics LLC, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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