VCSEL Market Worth $5.76 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., May 5, 2022 /PRNewswire/ -- According to a new market research report titled, "VCSEL Market by Type (Multi-mode, Single-mode), Material (Gallium Arsenide, Gallium Nitride, Indium Phosphide, Other Materials), Application (Sensing, Data Communication, Industrial Heating, Lidar), and End User- Global Forecasts to 2029", the global Vertical-cavity Surface-emitting Lasers (VCSEL) market is expected to grow at a CAGR of 26.5% from 2022–2029 to reach $5.76 billion by 2029.

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Vertical-cavity surface-emitting lasers (VCSEL) are surface-emitting semiconductor light sources. They emit laser beams in a direction perpendicular to their top surface. VCSEL enable high-speed data transmission over short-distance links, interconnects, and local area networks. Array-based VCSEL provide more inherent reliability to products than EELs. VCSEL are light sources suitable for transmitting RF and microwave signals over radio-over-fiber (ROF) networks. They are used for antenna remoting in cellular systems for mobile communication.

Increasing use of VCSEL in 3D sensing applications and VCSEL arrays by data centers are the major factors driving the growth of the VCSEL market.

Impact of COVID-19 on the VCSEL Market

The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, severely affecting numerous industries, including manufacturing. There have been significant impacts on technology supply chains globally. The crisis has led to declining industrial activities leading to a slowdown in the production of key semiconductor components. Furthermore, since China is a major semiconductor hub, disruptions in the country severely impacted companies in the electronics value chain.

The consumer electronics industry witnessed a huge decline in 2020. Manufacturers slowed down production due to reduced demand and disrupted supply chains. The beginning of 2020 witnessed the closure of manufacturing facilities in China due to quarantine mandates, which caused a ripple effect on the global economy. Many industries with high trade exposure to China, such as semiconductors, consumer electronics, and automotive component production, were impacted severely.

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Increasing Utilization of VCSEL in 3D Sensing Applications to Support Market Growth

There have been significant technological advancements in consumer electronics devices—one of the notable ones being the integration of 3D sensing capabilities in smartphones, smart wearables, and tablets. 3D sensing technology is mainly used for sensing depth and augmenting camera capabilities such as facial recognition, gesture recognition, iris scanning, and object recognition. The technology is widely used in the automotive, consumer electronics, security & surveillance, and media & entertainment sectors. The need to improve the user identification capabilities of smartphones through 3D sensing technology has boosted the demand for VCSEL. VCSEL manufacturers are also expanding their production capabilities to meet the growing demand from various industries. Nowadays, 3D sensing technology is increasingly integrated with Augmented Reality (AR) and Virtual Reality (VR) for smart glasses, drones, and other applications. It can enable recording large volumes of three-dimensional data, including depth data, facial details, and expressions.

In February 2021, II–VI Incorporated announced the launch of its double-junction VCSEL arrays, the first of its multi-junction VCSEL array platforms for next-generation world-facing 3D sensing applications. The VCSEL arrays are based on double junction technology, which doubles the power output per VCSEL emitter and improves the power conversion efficiency to 56%, compared to 46% in the existing single-junction technology.

To provide efficient analysis, Meticulous Research® has segmented this market based on type (multi-mode VCSEL, and single-mode VCSEL), material (Gallium Arsenide (GaAs), Gallium Nitride (GaN), Indium Phosphide (InP), and other materials), application (sensing {3D sensing, gas sensing, and optical mice}, data communication, industrial heating, laser printing, LiDAR, pulse oximetry, and other applications), end user (consumer electronics, IT & telecom, industrial equipment manufacturing, aerospace & defense, healthcare, and automotive), and geography.

Based on type, the VCSEL market is segmented into multi-mode VCSEL and single-mode VCSEL. The multi-mode VCSEL segment is expected to account for the larger share of the VCSEL market in 2022. The large share of the multi-mode segment is attributed to the multi-mode VCSEL' compact sizes, high performance, and reliability, and their growing adoption across various industries. Multi-mode VCSEL are used for 3D sensing, optical communication, and consumer electronics applications due to their low costs. Their compact sizes make them perfectly suited for integrated sensors, further boosting the global demand. However, the single-mode VCSEL segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to the increasing usage of mobile apps and the ability to save power, extend battery life, and improve user experience.

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Based on material, the VCSEL market is segmented into Gallium Arsenide (GaAs), Gallium Nitride (GaN), Indium Phosphide (InP), and other materials. The Gallium Arsenide (GaAs) segment is expected to account for the largest share of the VCSEL market in 2022. The large market share of this segment is attributed to the Gallium Arsenide-based VCSEL' capacity for high definition and high speed in multimedia applications and the rising demand for GaAs-based VCSEL in the consumer electronics industry. GaAs-based VCSEL are used in various applications, such as high-speed data transmission, high-resolution printing, and solid-state & fiber laser pumping. The low divergence angles of the output beam in GaAs-based VCSEL have accelerated the demand for GaAs-based VCSEL among various industries. GaAs-based VCSEL have low manufacturing costs and high longevity and hence are being increasingly preferred by various industries.

Based on application, the VCSEL market is segmented into sensing, data communication, industrial heating, laser printing, LiDAR, pulse oximetry, and other applications. The sensing segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing demand for object detection and face recognition in multimedia apps and advancements in logistics, home & building automation, and Industry 4.0 technologies.

Based on the end user, the VCSEL market is segmented into consumer electronics, IT & telecom, industrial equipment manufacturing, aerospace & defense, healthcare, and automotive. The consumer electronics segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing integration of VCSEL with advanced features into laser autofocus & proximity sensors in consumer electronics devices. VCSEL have replaced infrared LEDs and EELs due to their small light divergence angles, high photoelectric conversion efficiency, and high-speed data transmission.

Based on geography, the Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The high market growth rate of this region is attributed to the largest consumer electronics market and automobile market, the proliferation of data centers, and high industrial growth. China, Japan, South Korea, Taiwan, Malaysia, and Vietnam are some of the key electronics markets globally, holding most production investments. Smartphones being the major application area for VCSEL, the market in Asia-Pacific is bound to grow exponentially over the forecast period.

Some of the key players operating in the VCSEL market are Lumentum Holdings Inc. (U.S.), II-VI Incorporated (U.S.), ams AG , Broadcom Inc. (U.S.), TRUMPF GmbH + Co. KG , Santec Corporation , IQE plc (U.K.), VERTILAS GmbH , Vertilite Co., Ltd , Teledyne FLIR LLC (U.S.), Thorlabs, Inc. (U.S.), Leonardo S.p.A. , TT Electronics plc (U.K.), Photonwares Co. (U.S.), and Inneos LLC (U.S.).

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Scope of the Report

VCSEL Market, by Type

  • Multi-mode VCSEL
  • Single-mode VCSEL

VCSEL Market, by Material

  • Gallium Arsenide
  • Gallium Nitride
  • Indium Phosphide
  • Other Materials

VCSEL Market, by Application

  • Sensing
    • 3D Sensing
    • Gas Sensing
    • Optical Mice
  • Data Communication
  • Industrial Heating
  • Laser Printing
  • LIDAR
  • Pulse Oximetry
  • Other Applications

VCSEL Market, by End User

  • Consumer Electronics
  • IT & Telecom
  • Industrial Equipment Manufacturing
  • Aerospace & Defense
  • Healthcare
  • Automotive

VCSEL Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Rest of Asia-Pacific
  • Middle East & Africa
  • Latin America

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