Meticulous Research® - a leading global market research company, published a 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, Other Applications), End User, and Geography — Global Forecasts to 2029".
The VCSEL market is expected to grow at a CAGR of 26.5% by value from 2022 to reach $5.76 billion by 2029. The increasing utilization of VCSELs in 3D sensing applications; and the rising adoption of VCSEL arrays among data centers are some of the key factors driving the growth of the VCSELs market.
The market is segmented based on type, material, application, end user, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the VCSELs market is segmented into single-mode VCSELs and multi-mode VCSELs. The multi-mode VCSELs segment is expected to account for the larger share of the VCSELs market in 2022. VCSELs provide higher power saving capacity, extended battery life, and a better user experience. These factors and the increasing use of mobile apps are attributed to this segment's growth.
However, the single-mode VCSELs segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the increasing usage of mobile apps, power-saving capacity, extended battery life, and improved user experience.
Based on material, the VCSELs 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 and grow at the highest CAGR during the forecast period. The large market share and high market growth of this segment are attributed to the Gallium Arsenide-based VCSELs’ capacity to provide high definition and high speed to multimedia applications and the rising demand for GaAs-based VCSELs in the consumer electronics industry.
Based on application, the VCSELs market is segmented into sensing, data communication, industrial heating, laser printing, LiDAR, pulse oximetry, and other applications. The sensing segment is expected to account for the largest share and is expected to grow at the highest CAGR during the forecast period. The large market share and high market growth of this segment is attributed to the increasing demand for object detection and face recognition and advancements in logistics, home & building automation, and Industry 4.0 technologies.
Based on end user, the VCSELs market is segmented into consumer electronics, IT & telecom, industrial equipment manufacturing, aerospace & defense, healthcare, and automotive. The consumer electronics segment is expected to account for the largest share and is expected to grow at the highest CAGR during the forecast period. The large market share of this segment is attributed to the increasing advancements in digital technologies and the growing demand for consumer electronics products worldwide.
Based on geography, in 2022, North America is expected to account for the largest share of the VCSELs market by value. The large market share is attributed to the proliferation of data centers and big consumer electronics players, such as Apple Inc., which utilizes VCSELs for 3D sensing applications. Apple is the leading smartphone provider in North America, with more than 40% market share. The increasing number of investments in data centers in the region also contributes to the growth of the VCSELs market. Also, the presence of major VCSELs manufacturers, such as Broadcom Inc. and Lumentum Holdings Inc., positively impacts the growth of the VCSELs market in North America. Furthermore, the growing focus on cloud infrastructure is another factor driving the demand for VCSELs-based optical transceivers in North America.
The key players operating in the VCSELs market are Lumentum Holdings Inc. (U.S.), II-VI Incorporated (U.S.), ams AG (Austria), Broadcom Inc. (U.S.), TRUMPF GmbH + Co. KG (Germany), Santec Corporation (Japan), IQE plc (U.K.), VERTILAS GmbH (Germany), Vertilite Co., Ltd (China), Teledyne FLIR LLC (U.S.), Thorlabs, Inc. (U.S.), Leonardo S.p.A. (Italy), TT Electronics plc (U.K.), Photonwares Co. (U.S.), and Inneos LLC (U.S.).
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