The global laser diode market, valued at approximately US$9 billion in 2021, is poised for a promising future in the coming years, driven by the rapid expansion of autonomous vehicle technology. Several key factors are contributing to the growth and vitality of this market.
Rising Use in Autonomous Vehicles to Present Potential Growth Opportunities for Laser Diode Market
The increasing demand for laser diodes in the manufacturing of autonomous vehicles, particularly for radar and LiDAR systems, is a pivotal factor fueling market growth. LiDAR systems, a critical component of autonomous vehicles, play a key role in assessing the surrounding environment to navigate and guide these vehicles safely to their destinations. Laser pulses from LiDAR systems are employed to detect obstacles, measure distances, and create a comprehensive 360-degree map. The efficiency and cost-effectiveness of laser diodes have led to their growing use in these systems. As the demand for self-driving vehicles continues to rise, the laser diode market is expected to thrive.
Aerospace and Defence Sector’s Inclination Towards Use of Laser Products to Uplift the Laser Diode Market
Laser diodes have found applications in the aerospace and defense sector as pump sources, particularly for solid-state systems. Technological advancements have enabled manufacturers to develop high-power laser diode products suitable for various aerospace applications. These laser diodes offer superior brightness, compact structures, advanced quantum intermixing abilities, modular designs, and high reliability. They are utilized for target selection, range finding, and illumination, further bolstering market growth in the aerospace sector.
Demand for Minimally Invasive Cosmetic Procedures to Pave the Potential Pathway of Growth for Laser Diode Market
The healthcare industry has witnessed a significant proliferation of laser diodes over the past few decades. Their precision and ability to minimize damage to surrounding tissues make them invaluable tools for physicians. Laser diodes are widely used in dermatology for procedures such as hair removal, skin tightening, wrinkle removal, and fat reduction. The rising demand for minimal or non-invasive cosmetic procedures has further driven the adoption of laser diodes in these applications. The dermatology sector continues to expand, creating a steady demand for reliable laser diode products.
Distributed Feedback Laser Diode Likely to Account for a Major Revenue Share in Laser Diode Market
Distributed feedback laser diodes have gained popularity in recent years due to their superior modulation capability, high-temperature tolerance, and simple design. Their high efficiency, low threshold current, and single-wavelength characteristics make them ideal for various applications. These laser diodes are commonly used as light sources in long-haul, undersea, and metro applications, contributing significantly to the overall value growth of the laser diode market.
Asia Pacific to Represent a Highly Lucrative Laser Diode Market
The Asia Pacific region is expected to witness unprecedented growth in the demand for laser diodes, driven by the rapid manufacturing of electronic devices and the increasing adoption of smartphones and digitization. The booming automotive industry, particularly the development of autonomous vehicles, has also fueled the use of laser diodes in the region. Manufacturers can anticipate substantial growth opportunities in the Asia Pacific market.
Laser Diode Market: Competitive Scenario
Key players 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 poised for robust growth in the coming years, driven by its increasing use in autonomous vehicles, aerospace and defense applications, healthcare, and the Asia Pacific regions expanding electronic and automotive industries.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/laser-diode-market
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COMTEX_442320057/2840/2023-10-23T08:21:17