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The global laser diode market reached a value of $7.61 billion in 2018. The market is further projected to reach a value of $11.89 billion by 2024, growing at a CAGR of 7.71% during 2019-2024.
This report provides a deep insight into the global laser diode market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc.
Market Drivers
Over the past few years, the demand for laser diodes in the healthcare sector has witnessed a growth. A laser diode can assist physicians to focus the beam with better precision on targeted areas, preventing any kind of damage to the surrounding area. As a result, the employment of semiconductor laser diodes is continuously expanding in the spine, cardiovascular and cataract surgeries. Besides this, laser diodes also find vast applications in hair removal, body contouring, LASIK surgery, skin resurfacing, tattoo removal, and wrinkle and pigmentation reduction.
In the industrial sector, laser diodes are employed in material processing owing to their advantages like compact size, low maintenance, short wavelength and high-electrical efficiency. Material processing applications involve metal welding, metal hardening, laser brazing, cladding, and cutting of metals. As material processing forms an integral part of the manufacturing process in the automotive, aerospace, heavy engineering and consumer electronics industries, the demand for laser diodes is gaining momentum.
Researchers and developers are continuously introducing innovations in the laser diode industry so as to provide more convenience and higher accuracy at a lower price point. For instance, Coherent, one of the major players in the market, has improved the usage of laser diodes by integrating a water chiller directly into the laser head.
In the automotive industry, laser diodes are now being used in the manufacturing of automotive headlamps as they offer the driver improved visibility, resulting in increased road traffic safety. Apart from this, they also provide the longest range in comparison with any other current headlight technology. In the upcoming years, the sales of laser diodes are expected to rise significantly in this industry on account of mounting demand for luxury vehicles, driven by inflating income levels and improving living standards.
Breakup by Product Type
On the basis of types, the market is bifurcated into injection laser diode (ILD) and optically pumped semiconductor laser (OPSL). Currently, injection laser diode represents the most popular product type, holding the majority of the market share.
Breakup by Application
Based on applications, the global laser diode market is segregated as optical storage and communication, industrial applications, medical applications, military and defense applications, and instrumentation and sensor applications. At present, industrial applications account for the majority of the market share, representing the biggest application area.
Regional Insights
On a geographical front, Asia Pacific enjoys the leading position in the global laser diode market. Constant demand emerging for material processing in automotive, heavy industries and general manufacturing is contributing to the growth of the market in the region. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
Competitive Landscape
The market is fragmented in nature with the presence of numerous small and large manufacturers who compete against one another in terms of prices, quality, and innovation. Some of the leading players operating in the market are:
- Coherent
- IPG Photonics
- OSRAM Licht AG
- TRUMPF GmbH + Co. KG
- Jenoptik AG
