Selbyville, Delaware, Feb. 08, 2021 (GLOBE NEWSWIRE) —
According to latest report “VCSEL Market by Type (Single Mode, Multi-Mode), Material Type (Gallium Arsenide, Indium Phosphide, Gallium Nitride), Wavelength (< 850 nm, 850 – 940 nm, 940 – 1,050 nm, > 1,050 nm), Application (Sensing, Data Communication, Industrial Heating & Laser Printing), Industry Verticals (Consumer Electronics, IT & Telecom, Automotive, Industrial, Healthcare, Aerospace & Defense), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of vertical-cavity surface-emitting lasers will cross $5 billion by 2027.
The market growth is credited to technical advancements in VCSEL with the demonstration of a VCSEL array on a single chip with a wide range of wavelengths. These improved features will accelerate VCSEL demand in diagnostic applications from the medical sector such as neurostimulation and Optical Coherence Tomography (OCT). These emerging applications in biomedical use VCSEL to deliver high flexibility, speed, and improved image range, accelerating the market expansion.
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The gallium nitride held a VCSEL market share of 6.5% in 2020. Gallium nitride is gaining considerable attention among VCSEL manufacturers owing to its superior characteristics such as low threshold current, applicable for high-frequency operations, array formation capability, high efficiency, and low manufacturing costs. These features add a potential for GaN-based VCSELs to replace conventional LEDs for optical storage, projectors, laser printer, solid-state lighting, biosensors, and various optical communications. However, gallium nitride is not widely adopted for mass production due to difficulty in controlling the thickness of the nitride semiconductor layer in hybrid reflector devices.
The < 1,050 nm segment accounted for 5.5% of revenue share in 2020 and is projected to witness 11.5% growth rate till 2027 led by its rising adoption in large-capacity data transmission in enterprise networks and data centers. The continual increase in the size of data centers has propelled the demand for more than 500m transmission distance, which is difficult with 850nm VCSEL owing to chromatic dispersion. This will positively influence companies in the market to develop more than 1,050 nm VCSEL to deliver high-speed operation with multi-mode fiber. Adding to this, market players are continuously innovating their VCSEL offerings with high wavelength to cater to the high demand from new industry verticals.
The industrial heating & laser printing segment held 9% of the vertical-cavity surface-emitting lasers market share in 2020 and is anticipated to grow at a CAGR of 20.6% through 2027. VCSEL can be used without additional optics and offers intense & directed infrared radiation, increasing its demand in industrial heating systems. VCSEL also offers high optical efficiency with a low-cost and smaller footprint, growing its demand for high-speed and high-definition printing. Rising digitalization in the industrial sector and the growing trend of personalization with digital image processing will further accelerate the growth opportunities of VCSEL in offset printers. VCSEL delivers vivid images and cleans narrow lines in offset printing, fueling the market value.
The automotive application in the VCSEL market is estimated to attain a CAGR of 15% during 2021 to 2027 impelled by the rising development of in-cabin sensing applications in vehicles to support the growing autonomous technology. Major automotive OEMs are continuously involved in the development of autonomous technology in the coming models to gain a highly competitive edge in the industry. For example, in January 2021, Honda collaborated with Cruise and General Motors to accelerate its autonomous vehicle mobility service in Japan. These strategic initiatives will positively influence companies in the market to innovate products for automotive applications.
The Europe VCSEL market accounted for 18% of revenue share in 2020 and is predicted to expand at a CAGR of more than 19.5% till 2027 on account of rising government initiatives to accelerate the semiconductor industry in the region. The COVID-19 pandemic crisis has severely affected the supply chain and has spurred regional participants to showcase less dependency on Asian countries. This will increase funding activities in the semiconductor industry, boosting growth opportunities for regional VCSEL players.
Some of the key companies operating in the vertical-cavity surface-emitting lasers market are II-VI Incorporated, Lumentum Operations LLC, ams AG, TRUMPF, Broadcom, VERTILAS GmbH, TT Electronics, OSRAM Opto Semiconductors GmbH, and Leonardo Electronics US, Inc. These leaders are focusing on merger and acquisition strategies to accelerate their VCSEL offerings and deliver high competitiveness in the market.
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Some major findings of the vertical-cavity surface-emitting lasers (VCSEL) Market report include:
- The proliferation of data centers across the globe along with the rising trend of social networking is propelling the market growth. VCSEL efficiently handles a high volume of data generation in enterprises and allows high-speed data transmission, accelerating its demand in the coming years.
- Gallium Arsenide (GaAs) will hold a major share in the market owing to its high optical & thermal properties, small divergence angle, and low threshold current. This will increase its demand in a wide range of applications such as atomic clock technology, barcode sensors, POF-based home networking, data communication, and photonic applications.
- The consumer electronics sector is widely adopting VCSEL in smartphones, tablets, and various smart devices to deliver advanced features such as laser autofocus and proximity sensing. The rising adoption of 3D sensing in smartphones will drive the market demand.
- One of the major challenges faced by VCSEL is the limited range of data transmission for applications such as local area network, Ethernet, and optical communication. The transmission of a large amount of data over a larger distance weakens the signal strength of VCSEL, hampering the industry growth.
- Asia Pacific vertical-cavity surface-emitting lasers market is observing the highest growth opportunities due to the presence of major consumer electronics manufacturers in the region including China, India, South Korea, and Japan.
- The COVID-19 pandemic has moderately hindered the market expansion. The rising work from home scenario across the globe has accelerated the telecom infrastructure development and demand for computing devices, adding opportunities for VCSEL manufacturers. However, international trade barriers have disrupted the supply chain, hindering the market value.
Table of Contents (ToC) of the report:
Chapter 3 Vertical-Cavity Surface-Emitting Lasers (VCSEL) Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on VCSEL market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.4 VCSEL fabrication technology
3.5 Comparison of VCSEL, edge emitter, and LED
3.6 Technology & innovation landscape
3.6.1 Evolution of VCSEL
3.6.2 Recent advancements
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls and challenges
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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