Meticulous Research Reveals Why the VCSEL Market Is Expected to Record a CAGR of 21.5% and Reach $3.73 billion by 2027
The VCSEL (vertical-cavity surface-emitting laser) market is growing rapidly due to the adoption of VCSEL for 3D sensing applications and its growing use in data centers. VCSEL is adopted in various applications, such as 3D sensing, advanced driver assistance systems (ADAS), thermal heating and curing, optical encoders, atomic clocks, oxygen sensors, optical touchpads, and laser printing. The technology has been widely integrated into consumer electronics, automotive, healthcare, IT& telecom, manufacturing, and aerospace & defense. In its latest publication on the VCSEL market, Meticulous Research states that the market will record a CAGR of 21.5% from 2020 to 2027 to reach $3.73 billion by 2027. In terms of volume, the VCSEL market is estimated to grow at a CAGR of 31.9% from 2020 to 2027 to reach 3,854.3 million units by 2027 from 556.0 million units in 2020.
The growth of the VCSEL market is mainly attributed to the growing application of VCSEL in 3D sensing technology in mobile devices for biometric solutions, gesture recognition, iris scanning, and facial recognition. Due to the significant demand for VCSEL, market players are also focusing on increasing its production. Moreover, the application of VCSEL in vehicle automation and growing demand in emerging technologies are further creating growth opportunities for players operating in the VCSEL market.
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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
- Aerospace & Defense
- Healthcare
- Automotive
VCSEL Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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To provide efficient analysis, Meticulous Research has segmented this market based on type (multi-mode VCSEL and single-mode VCSEL), material (Gallium Arsenide, Gallium Nitride, Indium Phosphide, 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, aerospace & defense, healthcare, and automotive), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on type, the VCSEL market is segmented into multi-mode and single-mode VCSEL. In 2020, the multi-mode VCSEL segment is expected to command the largest share of the VCSEL market. The single-mode VCSEL segment is expected to record the higher CAGR during the forecast period. The increasing use of mobile applications has accelerated the demand for single-mode VCSELs globally. Single-mode VCSELs are mainly used to save power for longer battery life and improve user experience. They are used in mobile phones, wireless laser mice, and mobile industry applications due to their low power consumption, high power output, and high efficiency.
Based on material, the VCSEL market has been segmented into Gallium Arsenide, Gallium Nitride, Indium Phosphide, and other materials. The Gallium Arsenide segment is projected to register the highest CAGR during the forecast period due to the material’s suitable light sources, direct bandgap, high electron mobility, low noise, and high conversion efficiency. Gallium Arsenide serves various applications, such as high-speed data transmission, high-resolution printing, and pumping of solid-state and fiber lasers. Also, Gallium Arsenide has low manufacturing costs and provides a longer life span to VCSELs, due to which many industries use this material.
Based on application, the VCSEL market has been segmented into sensing, data communication, industrial heating, laser printing, LiDAR, pulse oximetry, and other applications. The sensing segment is further segmented into 3D sensing, gas sensing, and optical mice. The sensing segment is expected to grow at the highest CAGR and account for the largest revenue share during the forecast period due to the wide applications of VCSEL, such as facial and gesture recognition in smartphones and vehicle infotainment systems.
Based on end user, the market has been segmented into consumer electronics, IT & telecom, industrial, aerospace & defense, healthcare, and automotive. The consumer electronics segment is expected to record the highest CAGR and account for the largest revenue share during the forecast period due to the high adoption of VCSEL by several major smartphone players such as Apple, Huawei, Oppo, and Xiaomi, for facial and gesture recognition applications.
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Geographic Review
In 2020, North America is estimated to account for the largest market share, followed by Europe and Asia-Pacific. However, Asia-Pacific is expected to record the highest CAGR during the forecast period. High growth in APAC can be attributed to factors such as the large consumer electronics industry, both in terms of supply and demand, various ongoing autonomous vehicle projects, and the proliferation of data centers across countries such as China, Singapore, India, and many Southeast Asian countries.
Key Players:
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including are Lumentum Operations LLC (U.S.), II-VI Incorporated (U.S.), ams AG (Austria), Broadcom (U.S.), TRUMPF (Germany), Osram Opto Semiconductors GmbH (Germany), IQE PLC (U.K.), VERTILAS GmbH (Germany), Vertilite (China), FLIR Systems, Inc. (U.S.), Thorlabs, Inc. (U.S.), Leonardo S.p.A. (Italy), TT Electronics (U.K.), Photonwares Co. (U.S.), and Inneos LLC (U.S.).
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