Forward-looking | The Global Laser Diode Market will Reach $12 Billion by 2023
Laser diodes, also known as diode lasers, are semiconductor devices that generate coherent radiation in the visible or infrared (IR) spectrum when current passes through them, and can also be referred to as semiconductor lasers.Their small size, light weight, and low power consumption make them highly efficient, making them ideal for portable electronics. Laser diodes are used in devices such as compact disk (CD) players, fiber optic systems, remote control devices, laser printers, and intrusion detection systems. These devices are widely used in communications and optical storage, image recording, instrumentation and sensors, entertainment and agriculture, etc. industry.
According to a report released by the market research company Research and Markets, the value of the global laser diode market in 2017 reached US$7 billion. The analysis of the global laser diode market shows that the increase in demand for green lasers will be one of the major factors in the growth of this market. Green lasers are widely used in biotechnology, spectroscopy, medical laser applications and other fields. As military and defense spending increases, the demand for green lasers may increase in the future as it can be used for rescue operations. These advantages will increase the demand for laser diodes during the forecast period, which will in turn promote the growth of the laser diode market.
In addition, the development of remote sensing technology will be one of the latest trends in boosting the growth of the laser diode market in the next few years. Based on its advantages, remote sensing technology has played an important role in military, aerospace, medical and forestry applications. This will promote the application of laser diodes (such as external cavity laser diodes) in remote sensing because they can work as a medium and can detect any wavelength range within the spectrum, thereby improving remote sensing efficiency.
At the same time, the wide application of laser diodes in different fields is further promoting the growth of the market. The light emitted by the laser diodes can be adjusted as needed because they have a wide range of wavelengths. Therefore, laser diode technology has been used to meet various needs in the healthcare field, such as excimer laser surgery, hair and tattoo removal, body sculpting, wrinkle removal, and skin resurfacing. In addition, they also have many applications in the industrial field, including welding, brazing, cladding, micro-machining and surface hardening. Laser diodes can also be used in headlights for luxury vehicles, which provide longer light coverage than LED headlamps. It is expected that the automotive industry's demand for these headlamps will continue to boost the consumption level of laser diodes. According to the Research and Markets report, by 2023, the value of the global laser diode market is expected to reach US$12 billion, and the compound annual growth rate (CAGR) of 2018-2023 is 10%.
The report subdivides the global laser diode market by product type. Injection laser diode (ILD) is the most popular type, followed by optically pumped semiconductor laser (OPSL). At the same time, the market has also analyzed laser diodes based on applications such as optical storage and communications, industrial, medical, military and defense, instrumentation and sensors. Among them, optical storage and communication occupy the largest application share. From a regional perspective, the Asia Pacific region is one of the major markets for laser diodes. Other major regions include Europe, North America, Latin America and the Middle East.