VCSEL Market Growth, Analysis, Latest Trends and Forecast till 2028

The VCSEL market is estimated to grow from USD 1.6 billion in 2023 to USD 2.9 billion by 2028; it is projected to grow at a CAGR of 13.6% from 2023 to 2028. The high adoption of VCSELs by wafer manufacturers, integrators, and testing and inspection companies, use of VCSELs in LiDAR systems of autonomous vehicles, and technological advancements, and increasing interest of OEMs to adopt VCSELs in consumer devices are the key factors that are likely to create growth opportunities for the market players during the forecast period.

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Multimode VCSELs are expected to hold the largest share of VCSEL market during the forecast period. The 3D sensing module and multimode VCSELs witnessed increased production and becoming more prevalent in the market after the launch of Apple iPhone X. The VCSEL technology are also increasingly used for high-power 3D ToF sensing, industrial, illumination, and LiDAR among other applications. The integration of 3D sensing by smartphone manufacturers globally and the upcoming applications of VCSELs in automotive industry are the major growth factors of multimode VCSEL market.

The gallium arsenide (GaAs) segment is projected to account for the largest market share of VCSEL market during forecasted period. The primary growth of this segment is due to surge in developments of GaAs-based VCSELs in forsmartphones and consumer devices. Moreover, growing adoption of GaAs-based VCSELs in LiDAR applications is projected to create lucrative growth opportunities in the long term for the manufacturers operating in the ecosystem. Technological innovations and developments in augmented reality and virtual reality (AR/VR) devices and 3D printing are projected to further increase the demand for GaAs-based VCSELs.

The VCSEL market was dominated by the near infrared wavelength market during forecasted period. Near infrared are usually used for long-distance time-of-flight or phase-shift range-finding systems. VCSELs in the NIR wavelength have a wavelength of 850nm and are majorly used in smartphones for 3D sensing applications, such as face and gesture recognition. In addition, VCSELs in NIR wavelength are being utilized in the automotive industry for advanced driver assistance systems (ADAS) and LiDAR in autonomous vehicles.

Sensing is the leading application segment of the VCSEL market during forecasted period. The adoption of sensing components by other smartphone manufacturers has increased the market demand for this application. Other smartphone manufacturers, such as Xiaomi (China), Oppo (China), and Vivo (China), have already adopted 3D sensing modules in their smartphones. For instance, Xiaomi Mi 8 Explore Edition supports facial recognition technology. Many smartphone manufacturers are inserting up to three VCSEL modules in smartphones, further increasing the market penetration of VCSELs for sensing applications. The increase in the interest of various other OEMs in consumer electronics is projected to drive the growth of the market for VCSEL sensing applications.

The consumer electronics segment is expected to hold the largest market share of VCSEL market throughout the forecast period. Many smartphone manufacturing companies have implemented 3D sensing technology in their smartphones, and there is high demand of smartphone featured with VCSEL technology in developing countries. This would increase the demand of VCSEL in consumer electronics industry.

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Asia Pacific is expected to dominate the VCSEL market by 2028, owing to the rapid growth in consumer electronics and industrial applications in the region. The emerging economies in the Asia Pacific region are witnessing a steady rate of growth in their smartphone manufacturing sector, which is, in turn, expected to increase the demand for VCSEL in this region. Another major reason behind the growth of the VCSEL market in Asia Pacific is the growth of the consumer electronic and automotive sector in China, Japan, India, and South Korea. The VCSEL market is also growing in South East Asian markets such as Singapore, Indonesia, Malaysia, Thailand, and Vietnam among others.

News also Covered: https://finance.yahoo.com/news/vcsel-market-worth-2-9-140000856.html

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This release was published on openPR.