The global laser diode market is projected to grow from USD 5.9 billion in 2022, to USD 10.9 billion in 2027, at a CAGR of 13.1% between 2022 and 2027. The factors driving the growth of the laser diode market include growing application areas of laser diodes in various industries, expanding fiber laser market, and surge in demand for high-power laser diodes for industrial applications.
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The laser diode market was dominated by the infrared wavelength market during forecasted period. Near infrared laser diodes are usually used for long-distance time-of-flight or phase-shift range-finding systems. Near IR laser diodes are based on substrate materials such as gallium arsenide and gallium aluminum arsenide, and their wavelengths range from 705 nm to 1,300 nm. Infrared diodes are widely deployed in various applications such as industrial, telecommunication, and medical. The growing demands for these applications are driving the near-infrared laser diode market.
The gallium arsenide (GaAs) segment is projected to account for the largest market share in 2021. Most of the laser diodes used in different applications are manufactured using GaAs material. Data center and consumer electronics industry are the two major application areas of GaAs-based laser diodes. The high adoption of GaAs-based laser diodes in the production of smartphones and consumer devices is the primary growth driver in the market.
Distributed feedback laser diode is expected to hold the largest share in the laser diode market during forecast period. This laser diode is used as the optical signal for high-capacity long-distance optical communication, as well as a wide range of applications such as fiber sensing, 3D sensing, gas sensing, and disease diagnosis such as respiratory and vascular monitoring. Additionally, distributed feedback laser diodes are suitable for various applications such as communication, consumer electronics, industrial, and so on.
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Asia Pacific is expected to dominate the laser diode market owing to the rapid growth in communication and industrial applications in the region. The emerging economies in the Asia Pacific region are witnessing a steady rate of growth in their manufacturing sector, which is, in turn, expected to increase the demand for laser diodes in this region. Another major reason behind the growth of the laser diode market in APAC is the growth of the electronic and automotive sector in China, Japan, and South Korea. The laser diode market is also growing in South East Asian markets such as Singapore, Indonesia, Malaysia, Thailand, and Vietnam among others.