The report “VCSEL Market by Type (Single-mode and Multimode), Material (GaAs, InP, GaN), Wavelength, Application (Sensing, Data Communication, Industrial Heating & Printing, Emerging), Data Rate, Industry and Region – Global Forecast to 2028“The global VCSEL market size is expected to grow from USD 1.6 billion in 2023 to USD 2.9 billion by 2028, at a CAGR of 13.1% during the forecasted period. The major drivers for this market include increase in applications of VCSELs in data communication and the growing adoption of 3D sensing applications in smartphones.
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The VCSEL market dominated by the major Tier I suppliers like Lumentum (US), Coherent Corporation (US), ams-OSRAM (Austria), TRUMPF (Germany), Broadcom (US), Leonardo Electronics (US), MKS Instruments (US), Santec (Japan), VERTILAS (Germany), Vertilite (China), Alight Technologies (Denmark), Inneos (US), IQE (UK), Thorlabs (UK), TT Electronics (UK), Ushio America (US), WIN Semiconductors (Taiwan), and Frankfurt Laser Company (Germany). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Rest of the World.
Near Infrared wavelength of VCSEL is expected to be emerged as the fastest growing segment during the forecasted period
The majority of VCSELs in the NIR band are made of GaAs material. Major applications of VCSELs in the NIR range are data communication, industrial heating, biomedical, LiDAR, security, and 3D sensing (proximity/depth sensing) in consumer devices for facial & gesture recognition. With the increase in adoption of 3D sensing, time-of-flight, and gesture recognition in new smartphones, the demand for VCSELs operating in NIR is projected to rise significantly in the coming years. Key companies offering VCSELs in the NIR band are Lumentum (US), Broadcom (US), Coherent Corp. (US), and TRUMPF (Germany).
Sensing application is expected to be emerged as the second fastest growing segment in VCSEL market during the forecasted period
VCSELs possess the following characteristics such as high coherence, reliability, flexibility, low-cost packaging options, low power consumption, and long sensing range. This has led to the deployment of VCSELs in 3D imaging and 3D sensing applications in the last five years, and the integration of sensing applications is likely to increase in the coming years, particularly in gaming consoles and consumer electronics.
Military segment is the second fastest segment for VCSEL market during the forecast period
VCSEL technology is still evolving; hence, it is creating several opportunities in the market. VCSELs are greatly used in the military sector due to their low power consumption and narrow and temperature-stable spectrum for atomic clocks, tactical surveillance, and magnetometer applications. In addition, VCSELs are used for LiDAR applications, as they provide high speed for improved resolution in 3D. VCSEL devices can be used for short-range distances in surveillance and obstacle detection as well.
Asia Pacific is likely to be emerge as the fastest growing region during forecasted period
Significant investments in new vehicle technologies, including electric vehicles, LiDAR, and autonomous vehicles, are expected to create a demand for VCSELs. Countries in APAC such as China and South Korea have led to the adoption of 5G communication technology, which would further provide opportunities for the penetration of VCSELs in data communication. Hence, for consumer electronics, the market in APAC is projected to continue to grow as markets in North America and Europe continue to stagnate over time.
The VCSEL market is dominated by the players such as Lumentum (US), Coherent Corporation (US), ams-OSRAM (Austria), TRUMPF (Germany), Broadcom (US), Leonardo Electronics (US), MKS Instruments (US), Santec (Japan), VERTILAS (Germany), Vertilite (China), Alight Technologies (Denmark), Inneos (US), IQE (UK), Thorlabs (UK), TT Electronics (UK), Ushio America (US), WIN Semiconductors (Taiwan), and Frankfurt Laser Company (Germany) among others.
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