Reaching the valuation of around US$9 Bn in the year 2021, global laser diode market now awaits a bright future in the upcoming years. The rise and expanse of autonomous vehicle technology will largely favour the market during the period of assessment.
Rising Use in Autonomous Vehicles to Present Potential Growth Opportunities for Laser Diode Market
Rising demand for laser diodes in the manufacturing of autonomous vehicles for radar, and LiDAR systems is a crucial factor driving the growth of the market. LiDAR systems, in absence of humans or drivers, maintain regular checks of the surrounding environment to manoeuvre and guide the autonomous vehicle to reach the destination. Since the recent past, autonomous vehicles include a combination of cameras, LiDAR, and radar that helps in creation of a 3D picture mapping the surroundings. Laser pulses from the LiDAR systems are used to find obstacles as they collide and return to the sensor, thus giving a detailed measurement of the distance and develop a 360-degree map accordingly. This system includes a laser source along with photo detector, data processing electronics, and a motion control device. That said, the use of a laser diode in such systems has been increasing owing to its efficiency and cost effectiveness. This factor coupled with rise in the demand for self-driving or autonomous vehicles is expected to provide ample opportunities for the growth of the laser diode market.
Aerospace and Defence Sector’s Inclination Towards Use of Laser Products to Uplift the Laser Diode Market
Laser diodes have been used in the aerospace and defence sector as pump sources particularly for solid state systems. On the back of growing technological advancements, manufactures can offer high power laser diode products that can be used across different applications in the aerospace industry. Their functional benefits such as superior brightness, enhanced power level owing to compact structure, advanced quantum intermixing abilities, modular design, and high reliability have fuelled their use in applications such as target selection, range finding, and illumination. In this backdrop, growing use of laser diode products in the aerospace sector is expected to bolster growth of the market from a global perspective.
Demand for Minimally Invasive Cosmetic Procedures to Pave the Potential Pathway of Growth for Laser Diode Market
Since past few decades, laser diodes have proliferated in the healthcare industry. Their efficiency in assisting physicians with better precision thus preventing unnecessary damage to adjoining areas has fuelled their use in this field. Their advantages such as low ownership costs, wide output power and wavelength options, superior reliability as compared to other types of lasers and compact packaging have triggered their use in the dermatology domain. Laser diode is a widely used for removal of hair, skin tightening to remove wrinkles and fat reduction. In addition, growing demand for minimal or non-invasive cosmetic procedures has fuelled the adoption of laser diodes in these applications. For instance, according to ASPS (American Society of Plastic Surgeons), minimally invasive cosmetic procedures have risen significantly since past few decades. In 2019, approximately 18 million cosmetic surgery procedures took place off which 16.3 million procedures were minimally invasive. As the dermatology space continues to grow, reliable laser diode products would continue to emerge. Growing use across aesthetic and cosmetic applications remains instrumental in driving the growth of the market.
Distributed Feedback Laser Diode Likely to Account for a Major Revenue Share in Laser Diode Market
The demand and use of distributed feedback laser diodes has witnessed an upswing since past several years and is expected to maintain status quo going forward. Growing inclination towards distributed feedback laser diodes can be attributed towards their operational characteristics such as superior modulation capability, their ability to function at high temperatures and simple design. In addition, high efficiency, low threshold current and single wavelength characteristics of distributed feedback laser diodes have fuelled their adoption across several applications. Owing to their high wavelength stability and narrow spectral width, they are used as light source in long haul, undersea and metro applications. That said, distributed feedback counterparts are expected to witness stable growth thus significantly contributing towards value growth of the laser diode market.
Asia Pacific to Represent a Highly Lucrative Laser Diode Market
Demand for laser diodes in developing nations in Asia Pacific region is expected to increase at an unprecedented rate backed by significant growth in the manufacturing of electronic devices. Moreover, increasing adoption of smartphones along with digitisation is expected to fuel use of laser diodes. In addition, rising automotive industry has also contributed towards growth of the Asia Pacific laser diode market. Recent advancements in automobile such as autonomous variants have propelled the use of laser diodes, thus influencing its market in the region. Overall, the market in Asia Pacific is expected to remain optimistic in the forthcoming years and manufacturers can expect huge growth opportunities from the region.
Laser Diode Market: Competitive Scenario
Few of the major players operating in the laser diode market include Thorlabs Inc., Coherent Inc., Power Technology Inc., BluGlass Limited, Trumpf GmbH + Co. KG, Frankfurt Laser Company, Sharp Corporation, Newport Corp, Infineon Technologies AG, Sumitomo Electric Industries Ltd., Kyocera Corp, Rofin-Sinar Technologies Inc., and IPG Photonics Corp.
The Global Laser Diode Market Is Segmented As Below:
By Doping Material
By Property (Wavelength)
By End Use Industry
Key Elements Included In The Study: Global Laser Diode Market
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