The global semiconductor laser market size is expected to reach USD 9.52 billion by 2024, according to a new report by Grand View Research, Inc. The surging acceptance of fiber optic lasers in the communication and connectivity verticals and the growing preference for semiconductor lasers over other light sources are expected to boost the market growth.
The increasing deployment of semiconductor laser diodes in various application verticals has further bolstered the industry growth. The growing usage of 3D printing in the healthcare and architectural platforms are expected to increase the demand for semiconductor lasers.
The semiconductor lasers can be categorized on the basis of laser types into fiber optic lasers, vertical cavity surface emitting lasers, compact disc lasers, high power diode lasers, red lasers, violet lasers, green lasers, and blue lasers. The fiber optic laser segment is expected to grow at a remarkable pace owing to the enhanced usage in the communication and photonics segments.
The recent administrative regulations pertaining to 3D printing in the healthcare vertical in countries such as the U.S. are further expected to throttle the industry growth. These regulations restrict the regulated usage of 3D printing into prosthetic organs’ fabrication and other life science-based solicitations.
However, the shortcomings of the functional and efficient usage associated with the semiconductor lasers are expected to pose challenges for the industry. The recent fiber optic high-speed connectivity across the telecom industries, along with the semiconductor laser usage in flat panel displays, is expected to impel the global semiconductor laser market growth.
Further key findings from the report suggest:
- The growth of the semiconductor laser market can be accredited to the inclination toward semiconductor lasers over other light sources and the growing response to the semiconductor laser applications.
- 3D printing has marked the emergence of technical advancements in the healthcare and architecture era by authorizing enhanced 3D prototyping in the maritime and architectural segments along with the manufacture of prosthetic organs and several other biosciences applications.
- High power diode lasers and fiber optic lasers are the two major categories of semiconductor lasers that govern the semiconductor laser diode market from an economic aspect. These lasers currently acquire a major market share, which is anticipated to retain over the forecast period. Flat panel displays, connectivity, communication, and photonics applications are anticipated to be developed as the key application segments for the fiber optic semiconductor lasers.
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- North America and Europe are projected to lose a portion of the semiconductor laser market to the Asia Pacific region. This region is expected to witness a growing demand for the semiconductor laser diodes’ solicitations and the associated laser-based technologies, owing to the manufacturing and high industrialization activities in these regions.
- The key industry participants include Trumpf GmbH + Co. KG, Coherent Inc., Newport Corporation, Sharp Corporation, IPG Photonics Corporation, Axcel Photonics Inc., ASML Holding NV, Rofin-Sinar Technologies Inc., and Sumitomo Electric Industries, Ltd.
- The semiconductor laser industry has witnessed the escalating M&A activities amongst the laser diode manufacturers with an aim to enrich the product portfolio with proficient and high-power lasers at cost-effective rates.