Factors such as the rising adoption of VCSELs in proximity sensing and medical applications, increasing use of VCSELs for data communication, growing usage of VCSELs in infrared illumination, and surge in demand for VCSELs with advancements in automotive electronics are driving the growth of the VCSEL market.
According to the new market research report on the “VCSEL Market by Material (GaAs, InP, GaN), Type (Single Mode and Multimode), Application (Data Communication, Sensing, IR Illumination, Pumping, Industrial Heating, and Emerging Applications), End User, and Geography – Global Forecast to 2023″, the VCSEL market is estimated to be worth USD 1.78 billion in 2018 and is projected to reach USD 3.89 billion by 2023, at a CAGR of 16.9% from 2018 to 2023. The market is mainly driven by factors such as the rising adoption of VCSELs in proximity sensing and medical applications, increasing use of VCSELs for data communication, growing usage of VCSELs in infrared illumination, and surge in demand for VCSELs with advancements in automotive electronics.
By material, the VCSEL market is segmented into gallium arsenide (GaAs), gallium nitride (GaN), indium phosphide (InP), and others (gallium indium nitrogen arsenide (GaInNAs), indium gallium arsenide (InGaAs), indium aluminum gallium arsenide (InAlGaAs), and aluminum gallium arsenide (AlGaAs)). The market for InP is expected to grow at the highest CAGR during the forecast period. VCSELs operating in 1,300–1,550nm wavelength range are rapidly evolving and are mostly InP-based. The high growth of this material can be attributed to its high wavelength compatibility and use in high-speed communication applications.
Browse 68 market data Tables and 35 Figures spread through 137 Pages and in-depth TOC on “VCSEL Market – Global Forecast to 2023”
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By type, the VCSEL market is segmented into single mode and multimode. The market for single-mode VCSELs is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the ability of single-mode VCSELs to provide solutions to many sensing applications, especially in the consumer electronics industry. Multimode VCSEL is expected to hold a larger share of the market during the forecast period.
By application, the VCSEL market is segmented into data communication, sensing, IR illumination, pumping, industrial heating, and emerging applications. The market for emerging applications is expected to grow at the highest CAGR during the forecast period. VCSELs are being widely used in emerging applications such as LiDAR, night vision, atomic clock, GPS, magnetometer, and display. Presently, this market is in the nascent stage, but it is expected to witness high growth in the coming years owing to the use of VCSELs for high-quality vision and obstacle detection, among others. The market for sensing is expected to grow at the second-highest CAGR during the forecast period.
By end user, the VCSEL market is segmented into data center, consumer electronics, automotive, industrial, healthcare, and military. The market for consumer electronics is expected to grow at the highest CAGR, followed by automotive, during the forecast period. With the increasing implementation of VCSELs for advanced features such as laser autofocus and proximity sensors in smartphones, the consumer electronics segment has created a huge shift in the overall VCSEL market.
By region, the VCSEL market is classified into the Americas, Europe, APAC, and RoW. The market in APAC is likely to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising number of data centers and increasing demand for consumer electronic devices and premium automobiles. APAC countries such as China, India, Singapore, and Indonesia are emerging as hubs for data centers owing to advancements in basic telecom infrastructure and encouragement from respective governments.
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