July 11, 2023 10:00 ET | Source: REPORTSINSIGHTS CONSULTING PVT LTD REPORTSINSIGHTS CONSULTING PVT LTD
New York, July 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Semiconductor Laser Market” published by Reports Insights, the market was worth USD 7,931.82 Million in 2022 and is anticipated to reach over USD 13,520.75 Million by the year 2030, growing at a CAGR of 7.1%. Ultrasonic Cavitation 40k
Semiconductor laser is a type of light-emitting device that is capable of generating carriers by inserting carriers into a PN junction of a semiconductor through an electric current. Various types of semiconductor lasers including fiber optic lasers, vertical cavity surface emitting lasers, high power diode lasers, and others are utilized in telecommunication, military & defense, medical, automotive, and other industrial sectors. The benefits of semiconductor lasers including monochromaticity, low power consumption, high light density, and optimized beam profile are key determinants for increasing its adoption in the aforementioned end users. The market for semiconductor lasers is highly competitive, with a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for semiconductor lasers in the telecommunication, military & defense, and automotive industries, among others.
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The increasing utilization of semiconductor lasers in automotive industry is one of the key factors driving the market growth. Semiconductor lasers are utilized in the automotive industry, particularly for application in automobile LIDAR system. According to the International Organization of Motor Vehicle Manufacturers, the overall production of automobiles across the world reached 61.59 million in 2022, depicting an increase of 6% from 57.05 million in 2021. The rising production of automobiles is driving the adoption of semiconductor lasers for application in automobile LIDAR systems to support autonomous driving. Thus, the growing automotive industry is among the prime factor driving the adoption of semiconductor lasers, in turn proliferating the market growth.
Further, the rising application of semiconductor lasers in telecommunication sector is a vital factor fostering the growth of the market. Semiconductor lasers are used in the telecommunication sector for application in fiber optics communication systems. The features of semiconductor lasers including low power consumption, high reliability, long service life, and superior power conversion efficiency make it ideal for application in the telecommunication sector. Moreover, factors including the rising adoption of advanced communication devices and increasing investments in telecommunication infrastructure are among the key prospects fostering the application of semiconductor lasers.
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Semiconductor Laser Market Growth Drivers:
Global Semiconductor Laser Market Segmentation Details:
Based on type, the high power diode laser segment contributed to largest share to the market growth in 2022. High power laser diodes are made through an alteration of intrinsic semiconductors' electrical properties by introducing impurities to the surface of a crystal wafer. Moreover, factors including rising investments in military & defense systems and growing demand for semiconductor lasers with high electrical and optical efficiency are key prospects driving the growth of the high power diode laser segment.
Based on end use, the telecommunication segment is anticipated to offer largest shares to the global semiconductor laser market growth during the forecast period. Semiconductor lasers are used in the telecommunication industry for their application in fiber optics communication systems, attributing to its low power consumption, superior power conversion efficiency, and high reliability. Moreover, factors including increasing investments in telecommunication infrastructure and rising adoption of advanced communication systems are expected to fuel market growth during the forecast period.
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Based on region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant semiconductor lasers providers in North America such as Coherent Corp., IPG Photonics Corporation, Sheaumann Laser Inc., Newport Corporation, and others lead to significant innovations in semiconductor lasers in the region. In addition, factors including the growing automotive industry and rising investments in military & defense and telecommunication sectors in North America are expected to drive market demand in the region during the forecast period.
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List of Major Global Semiconductor Laser Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Global Semiconductor Laser Market Segmentation:
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