Chicago, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The growth of the VCSEL Market size in North America is due to the growing number of technological innovations in field of laser technology for various application areas such as medical, telecommunication, military, and automotive. The increase in R&D activities, particularly in the military and defense industries, has propelled the demand for VCSEL in the region. As of 2021, the annual military expenditure in the US was about 3.6% of the global GDP of the country. This will create lucrative growth opportunities for VCSEL in military applications. Apart from this, increasing application of VCSEL in the healthcare sector is one of the major market drivers.
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Scope of the Report
| Report Metric | Details |
| Estimated Value | USD 1.6 billion in 2023 |
| Projected Value | USD 2.9 billion by 2028 |
| Growth Rate | 13.6% from 2023 to 2028 |
| Market size availability for years | 2018–2028 |
| Base year considered | 2022 |
| Forecast period | 2023–2028 |
| Forecast units | Value (USD Thousand/Million/Billion) and Volume (Million Units) |
| Segments covered | By Type, Material, Wavelength, Application, Data Rate, and Industry |
| Geographies covered | Asia Pacific, Europe, North America, and Rest of the World |
Key Segments:
The VCSEL market encompasses a range of segments, including:
Type: The market is categorized into Single-Mode and Multi-Mode VCSELs.
Material: Key materials include Gallium Arsenide (GaAs), Gallium Nitride (GaN), Indium Phosphide (InP), and others.
Application: VCSELs find applications in data communication, sensing, infrared illumination, pumping, industrial heating, and emerging applications.
End User: The market serves various industries, including data centers, automotive, consumer electronics, healthcare, industrial, and aerospace & defense.
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Growth Drivers:
Several factors are driving the growth of the VCSEL market, including:
Rising Demand for High-Speed Data Transmission: VCSELs are integral for high-speed data transmission in data centers and emerging applications.
Increasing Adoption in 3D Sensing: VCSELs are crucial for depth-sensing applications in smartphones and other consumer electronics.
Expanding Applications: VCSELs are finding applications in automotive LiDAR systems, industrial heating, and infrared illumination.
Efficiency and Compactness: VCSELs offer high efficiency and compact form factors, making them ideal for various applications.
Technological Advancements: Continuous innovations in VCSEL technology enhance their capabilities and expand their applications.
Challenges:
While the VCSEL market holds immense potential, it also faces challenges, including:
Cost Constraints: The production of high-quality VCSELs can be cost-intensive.
Competitive Landscape: The market is highly competitive, with several key players vying for market share.
Supply Chain Disruptions: Global supply chain disruptions can impact the production and availability of VCSEL components.
Opportunities:
Emerging Applications: VCSELs are increasingly being adopted in emerging applications, creating new growth opportunities.
Technological Advancements: Ongoing research and development efforts are likely to yield advanced VCSEL solutions.
Market Expansion: The increasing use of VCSELs in various industries is expanding the market's reach.
Key Players:
Prominent players in the VCSEL market include:
- II-VI Incorporated
- Lumentum Holdings Inc.
- Broadcom Inc.
- Finisar (II-VI)
- Coherent, Inc.
- IQE PLC
- Princeton Optronics, Inc.
- Vixar, Inc. (Osram)
- TRUMPF
- Vertilite
The VCSEL market is set to experience substantial growth, driven by technological advancements, expanding applications, and the increasing demand for high-speed data transmission. As the market evolves, key players continue to innovate and expand their product offerings to meet the growing needs of various industries.
