Global Laser Diode Market Expected to Reach a value of US$ 12 Billion by 2023

The global laser diode market has experienced a healthy growth over the past several years. This can be accredited to the applications of laser diodes in diverse sectors, including healthcare, industrial, automotive, etc.

The latest report by IMARC Group, titled “Laser Diode Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global laser diode market reached a value of US$ 7 Billion in 2017. Laser diode, also known as LD, is a semi-conductor device similar to a light-emitting diode, wherein a laser beam is created at the diode's junction. It produces coherent radiation in the visible or infrared (IR) spectrum when electric current passes through them. Low power requirements, and small size and weight make laser diodes highly efficient in nature and suitable for portable electronic equipment. Laser diode finds applications in diverse industries such as communication and optical storage, image recording, instrumentation and sensor, entertainment and agriculture; and in devices such as compact disc (CD) players, optical fibre systems, remote-control devices, laser printers and intrusion detection systems.

The global laser diode market is driven by the varied applications of laser diodes across multiple sectors. They are used in a variety of procedures in the health sector, such as LASIK surgery, hair and tattoo removal, body contouring, reducing wrinkles and skin resurfacing. The growing trend and acceptance of these medical procedures has stimulated the demand for laser diodes. Additionally, the market is also flourishing on account of the demand for laser diodes by the automotive sector. Laser diodes are used in combination with LED lights as headlamps of luxury cars, since they have a longer range as compared to the other headlamp technologies. Rapid industrialization has also provided a thrust to the market as laser diodes are used in industrial applications such as welding, soldering, cladding, micromachining and surface hardening. Owing to the abovementioned factors, the market is expected to reach a value of US$ 12 Billion by 2023, exhibiting a CAGR of 9.4% during 2018-2023.

Based on the applications, the market is categorized into optical storage and communication, industrial applications, medical applications, military and defence applications, instrumentation and sensor applications, and others. Among these, optical storage and communication is the largest segment, accounting for the majority of the global share.

Region-wise, Asia-Pacific represents the leading market. Other major regions include Europe, North America, Latin America, and Middle East and Africa.

On evaluating the competitive landscape, it is found that some of the key players operating in the market include Coherent, IPG Photonics, OSRAM Licht AG, TRUMPf GmbH + Co. KG, and Jenoptik AG.

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