The North America laser diode market reached a value of US$ 1.51 Billion in 2018. A laser diode is a semiconductor device, which exhibits similar properties to that of a light-emitting diode (LED). It emits coherent light in the infrared (IR) or visible spectrum when current passes through it. The light is generated by utilizing a p-n junction with the ‘Light Amplification by Stimulated Emission of Radiation’, or ‘LASER’ procedure. A laser diode light consists of a single frequency, which makes it possible to focus this light to a very small point by using a lens system. This does not result in any chromatic aberration as all the energy from the light source is concentrated to a minute spot. Laser diodes or semiconductor lasers are more efficient, which makes them an ideal solution for numerous devices, such as barcode readers, autonomous vehicles, laser printers, fiber optic communications and security systems.
The North America laser diode market is currently being driven by several factors. A surge in R&D activities, particularly in the military and defense industries, has propelled the demand for laser diode in the region. Apart from this, increasing application of semiconductor laser diodes in the healthcare sector is one of the major market drivers. Laser diode is widely used in cosmetic procedures, body contouring, hair removal, LASIK surgery, OCT, skin resurfacing, tattoo removal, wrinkle reduction, pigmentation reduction, etc. Moreover, the increasing demand for laser diodes in the electronics, automotive and aerospace industries has also induced the market growth. Furthermore, the presence of telecom laser firms, which employ laser diode as a major component, has also spurred the demand. Several benefits, such as compact size, high electrical efficiency, low maintenance, and short wavelength of laser diode, have also induced its demand in the material processing industry. Looking forward, IMARC Group expects the market to reach a value of US$ 2.23 Billion by 2024, registering a CAGR of 6.7% during 2019-2024.
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