Laser Diode Market to exceed US$ 22.25 billion by 2030

by Sameer Joshi or 08-Nov-2023
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Report : Laser Diode Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Doping Material (AlGaInP, GaAlAs, GaN, InGaN, and Others), Wavelength (Infrared Laser Diode, Red Laser Diode, Blue Laser Diode, Blue-Violet Laser Diode, and Others), and Application (Telecommunication, Consumer Electronics, Healthcare and Life Sciences, Automotive, Military and Defense, and Others)

According to our latest study on "Laser Diode Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Doping Material, Wavelength, Application,” the laser diode market size was valued at US$ 8.03 billion in 2022 and is expected to reach US$ 22.25 billion by 2030. The laser diode market is estimated to record a CAGR of 13.8% from 2022 to 2030.

Growing Telecommunication Industry to Provide Lucrative Opportunities for Laser Diode Market Growth During Forecast Period

There is a rise in demand from consumers for high-speed internet and better connectivity of devices. Small- and large-sized businesses are digitalizing their operations to increase output and simplify their processes and workflow. Due to the rise in demand for better connectivity, governments of several countries are investing in strengthening their telecom sector. For instance, in December 2021, the US President announced an investment of US$ 1.2 trillion under the infrastructure package. A large portion of this package was used to boost the broadband infrastructure and affordability initiatives. This package was also focused on remodeling its aging infrastructure. Moreover, there is a rise in the telecom industry in the developing economies.

According to Invest India, the telephone connection increased by 25.42% in October 2022 compared to March 2014. In addition, internet connections experienced a growth of 232% in June 2022 compared to March 2014. Thus, such a rise in telecom industry demands the use of fiber optics cables for optical communications. A laser diode can provide excellent output power stability, along with constant wavelength, which fuels its demand in the telecommunication industry. Therefore, the growth in the telecommunication industry is likely to create growth opportunities for the laser diode market in the coming years.

Key Findings of Laser Diode Market Study:

The laser diode market is segmented on the basis of doping material, wavelength, application, and geography. Based on doping material, the laser diode market is segmented into AlGaInP, GaN, GaAlAs, InGaN, and others. Based on wavelength, the laser diode market is segmented into blue laser diode, blue-violet laser diode, infrared laser diode, red laser diode, and others. By application, the laser diode market is segmented into automotive, consumer electronics, healthcare, military & defense, and others. Based on geography, the laser diode market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America (SAM).

Based on doping material, the laser diode market is segmented into AlGaInP, GaN, GaAlAs, InGaN, and others. The aluminum gallium indium phosphide (AlGaInP) laser is a type of diode laser that emits visible light. In the visible spectrum of electromagnetic radiation, visible diode lasers emit wavelengths of green and red. Diode lasers are made of a semiconductor material, with the p-n junction serving as the active medium. AlGaInP lasers emit wavelengths of 0.63–0.9 µm, and each of these wavelengths is used in different applications. Electric current is utilized as a pumping source for these lasers. The primary application of AlGaInP laser is in compact disc players, DVD players, and optical disc readers. Other applications of the AlGaInP laser include laser pointers, gas sensors, pumping sources, and machining. As AlGaInP has several benefits and applications, it is gaining traction in the laser diode market.

While GaN segment is growing with the highest CAGR over the forecast period. Gallium nitride (GaN) is a relatively hard, binary III/V direct bandgap semiconductor with a Wurtzite crystal structure and good mechanical stability. Molecular beam epitaxy or metalorganic vapor phase epitaxial (MOVPE) growth, also known as metalorganic chemical vapor deposition (MOCVD), can be used to manufacture GaN crystals commercially. GaN is appropriate for the construction of semiconductor optoelectronic devices, producing blue wavelength light without the requirement for nonlinear crystal harmonic generation due to its comparatively large bandgap energy of 3.4 eV. Thus, owing to the various benefits of the GaN material, the market for the segment is growing.

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