VCSEL Market Worth $5.76 Billion by 2029 — Exclusive Report by Meticulous Research®

Redding,California, March09, 2022(GLOBE NEWSWIRE) -- According to a new market research report titled "VCSEL Marketby Type (Multi-mode, Single-mode), Material (Gallium Arsenide, Gallium Nitride, Indium Phosphide, Other Materials), Application (Sensing, Data Communication, Industrial Heating, Lidar, Other Applications), End User, and Geography — Global Forecasts to 2029", published by Meticulous Research®, the VCSEL market is expected to grow at a CAGR of 26.5% by value to reach $5.76 billion by 2029.

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Vertical-cavity surface-emitting lasers (VCSELs) are surface-emitting semiconductor light sources. They emit laser beams in a direction perpendicular to their top surface. VCSELs enable high-speed data transmission over short-distance links, interconnects, and local area networks. Array-based VCSELs provide more inherent reliability to products than EELs. VCSELs are light sources suitable for transmitting RF and microwave signals over radio-over-fiber (ROF) networks. They are used for antenna remoting in cellular systems for mobile communication.

VCSELs are used in various applications, such as 3D sensing, advanced driver assistance systems (ADAS), thermal heating and curing, optical encoders, atomic clocks, oxygen sensors, optical touchpads, and laser printing. They are widely used in driver monitoring systems by companies in the automotive industry. In recent years, the use of VCSELs in 3D sensing applications increased due to their adoption by various consumer electronics brands. The technology has been widely adopted across several industries, such as consumer electronics, automotive, healthcare, IT & telecom, manufacturing, and aerospace & defense.

Increasing use of VCSELs in 3D sensing applications and VCSEL arrays by data centers are the major factors driving the growth of the VCSELs market.

Impact of COVID-19 on the VCSEL Market

The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, severely affecting numerous industries, including manufacturing. There have been significant impacts on technology supply chains globally. The crisis has led to declining industrial activities leading to a slowdown in the production of key semiconductor components. Furthermore, since China is a major semiconductor hub, disruptions in the country severely impacted companies in the electronics value chain.

The consumer electronics industry witnessed a huge decline in 2020. Manufacturers slowed down production due to reduced demand and disrupted supply chains. The beginning of 2020 witnessed the closure of manufacturing facilities in China due to quarantine mandates, which caused a ripple effect on the global economy. Many industries with high trade exposure to China, such as semiconductors, consumer electronics, and automotive component production, were severely impacted.

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China is one of the largest production centers for consumer electronics, particularly smartphones, and the disruptions in the country severely affected the global smartphones market, leading to increased product delays and disruptions in production. After a decline of 20% in the first two quarters of 2020, quarterly smartphone sales started to recover gradually. However, the sales were lower compared to the same period in 2019, even with vendors introducing multiple 5G smartphones and governments supporting production in some geographies.

VCSEL Market Overview

The VCSEL market is segmented based on type, material, application, end user, and geography. This study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the VCSEL market is segmented into single-mode VCSELs and multi-mode VCSEL. The multi-mode VCSEL segment is expected to account for the larger share of the overall VCSEL market in 2022. The large share of the multi-mode segment is attributed to its compact size, high performance and reliability, and their growing adoption across various industries. Multi-mode VCSELs are used for 3D sensing, optical communication, and consumer electronics applications due to their low costs. Their compact sizes make them perfectly suited for integrated sensors, further boosting the global demand.

Based on material, the VCSELs market is segmented into Gallium Arsenide (GaAs), Gallium Nitride (GaN), Indium Phosphide (InP), and other materials. The Gallium Arsenide (GaAs) segment is expected to account for the largest share of the overall VCSEL market in 2022. The large market share of this segment is primarily attributed to the Gallium Arsenide-based VCSELs’ capacity for high definition and high speed in multimedia applications and the rising demand for GaAs-based VCSELs in the consumer electronics industry. GaAs-based VCSELs are used in various applications, such as high-speed data transmission, high-resolution printing, and solid-state & fiber laser pumping. The low divergence angles of the output beam in GaAs-based VCSELs have accelerated the demand for GaAs-based VCSELs among various industries. GaAs-based VCSELs have low manufacturing costs and high longevity and hence are being increasingly preferred by various industries.

Based on application, the VCSELs market is segmented into sensing, data communication, industrial heating, laser printing, LiDAR, pulse oximetry, and other applications. The sensing segment is expected to account for the largest share of the overall VCSEL market in 2022. The large market share of this segment is attributed to the increasing demand for object detection and face recognition in multimedia apps and advancements in logistics, home & building automation, and Industry 4.0 technologies. The demand for VCSELs from the sensing segment is greater than all other segments. Innovation in logistics, home & building automation, and Industry 4.0 has boosted the demand for VCSEL-based sensors. Applications such as object detection and face recognition are based on Time of Flight (ToF), which has encouraged the adoption of VCSEL technology.

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Based on end user, the VCSEL market is segmented into consumer electronics, IT & telecom, industrial equipment manufacturing, aerospace & defense, healthcare, and automotive. The consumer electronics segment is expected to account for the largest share of the overall VCSEL market in 2022. The large market share of this segment is attributed to the increasing advancements in digital technologies and the growing demand for consumer electronics products worldwide. The increasing integration of VCSELs with advanced features into laser autofocus & proximity sensors in consumer electronics devices has created a huge demand for VCSELs globally. VCSELs enable features such as 3D sensing and face recognition. They are primarily used in visual imaging and 3D sensing consumer electronics devices.

Based on geography, North America is expected to account for the largest share of the global VCSEL market in 2022 by value. The large market share of this region is attributed to the presence of key players in the region, the ever-growing consumer electronics market, and the proliferation of data centers.

The increasing number of investments in data centers in the region also contributes to the growth of the VCSEL market. Also, the presence of major VCSEL manufacturers, such as Broadcom Inc. and Lumentum Holdings Inc., and the growing focus on cloud infrastructure positively impacts the growth of the VCSEL market in North America.

In 2022, Asia-Pacific region is expected to hold the second position in terms of market share in the VCSEL market by value. The large market share of this region is primarily attributed to the largest consumer electronics market and automobile market, the proliferation of data centers, and high industrial growth. China, Japan, South Korea, Taiwan, Malaysia, and Vietnam are some of the key electronics markets globally, holding most production investments. Smartphones being the major application area for VCSELs, the market in Asia-Pacific is bound to grow exponentially over the forecast period.

The global consumer electronics market is transforming, with the production of low-cost goods shifting to Southeast Asia and new electronics hubs in the region, which is expected to create opportunities for VCSEL manufacturers in other Asian countries. Secondly, China is the largest automotive market, both in supply and demand. Furthermore, Singapore and Malaysia are a few countries with growing opportunities for the VCSELs market, with Singapore ranking second globally for autonomous vehicle readiness, after the Netherlands. Also, Asia-Pacific data center providers are among the fastest-growing in the world.

The key players operating in the global VCSEL market are Lumentum Holdings Inc. (U.S.), II-VI Incorporated (U.S.), ams AG (Austria), Broadcom Inc. (U.S.), TRUMPF GmbH + Co. KG (Germany), Santec Corporation (Japan), IQE plc (U.K.), VERTILAS GmbH (Germany), Vertilite Co., Ltd (China), Teledyne FLIR LLC (U.S.), Thorlabs, Inc. (U.S.), Leonardo S.p.A. (Italy), TT Electronics plc (U.K.), Photonwares Co. (U.S.), and Inneos LLC (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/vertical-cavity-surface-emitting-laser-market-5166

Scope of the Report

VCSEL Market, by Type

VCSEL Market, by Material

VCSEL Market, by Application

VCSEL Market, by End User

VCSEL Market, by Geography

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