According to the latest report by IMARC Group, titled "Laser Diode Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global laser diode market reached a value of US$ 10.4 Billion in 2022. A laser diode is a device that generates coherent radiation of high intensity in the visible spectrum when a current passes through it. The radiation consists of a single frequency that allows the device to focus on a little point using a simple lens system. In comparison to conventional lasers, laser diodes are compact, light-weighted, and have low power requirements. They are gaining traction globally as they are highly efficient and suitable for portable electronic devices. Laser diodes also find extensive applications in laser printers, optical fibre systems, communications, compact disc (CD) players, intrusion detection systems, remote-control devices, and industrial processing machinery.
Global Laser Diode Market Trends:
The global market is majorly driven by the increasing demand for high-power laser diodes for industrial applications. In line with this, the expanding fibre laser market and rising application areas of laser diodes in various industries are positively influencing the market. Furthermore, the market is expected to grow significantly due to its favorable properties, such as high monochromaticity, coherence, and directionality, when compared to ordinary light sources. Moreover, the widespread usage of a laser diode in autonomous vehicles for LIDAR and radar systems is catalyzing the market. Besides this, heavy investments in developing autonomous vehicles and continuous technological innovations in the automotive industry is propelling the market. Additionally, multiple manufacturers are strongly focusing on developing high-power laser diodes that are suitable for aerospace and defense applications. This is anticipated to create numerous growth opportunities in the global market. On account of the aforementioned factors, the market is projected to reach a value of US$ 20.6 Billion by 2028, exhibiting a CAGR of 12.6% during 2023-2028.
- On the basis of the product type, the market has been segmented into injection laser diode (ILD) and optically pumped semiconductor laser (OPSL). At present, injection laser diode represents the most popular product type, exhibiting a clear dominance in the market.
- Based on the application, the market has been classified into optical storage and communication, industrial applications, medical applications, military and defence applications, instrumentation and sensor applications, and others. Among these, industrial applications account for the majority of the total market share.
- On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. Currently, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Coherent, IPG Photonics, OSRAM Licht AG, TRUMPF GmbH + Co. KG, and Jenoptik AG.
|Base Year of the Analysis
||Product Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Coherent, IPG Photonics, OSRAM Licht AG, TRUMPF GmbH + Co. KG and Jenoptik AG
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