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Visible And UV Laser Diode Market Report 2024 - Visible And UV Laser Diode Market Innovations, Size And Trends
Visible And UV Laser Diode Market
According to The Business Research Company's, The visible and uv laser diode market size has grown strongly in recent years. It will grow from $3.32 billion in 2023 to $3.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to rise in demand for consumer electronics, advancements in medical devices, expanding applications in material processing, growth in industrial and manufacturing sectors, growth in automotive lidar applications.
The visible and uv laser diode market size is expected to see strong growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increased adoption in communication networks, growing demand for high-precision sensing, advancements in military and defense applications, increasing role in environmental sensing, global events and security concerns.. Major trends in the forecast period include advancements in laser display technologies, rise in lidar applications, 3d sensing technology, technological miniaturization, strategic partnerships and collaborations, advancements in healthcare technologies.
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Market Drivers and Trends:
The rising adoption across the automotive sector is driving the demand for the visible and UV laser diode market. The automotive sector refers to the sector that encompasses businesses involved in the creation, distribution, sale, and upkeep of automobiles. Visible and UV laser diodes are used for distance measurement in automotive driver assistance systems. For instance, in September 2022, according to the European Automobile Manufacturers' Association (ACEA), a Belgium-based lobbying and standards group of the automobile industry, the European Union's new passenger car registrations rose by 9.6% from September 2021. Therefore, the rising adoption across the automotive sector is driving the growth of the visible and UV laser diode market.
Product innovation is a key trend in the visible and UV laser diode market. Major companies operating in the visible and UV laser diode market are developing innovative products by improving the laser design using multi-quantum wells of electro-absorption modulators for high-speed operations and lowering the inductance of the wires by joining small wires for high bandwidth. For instance, in September 2022, ProPhotonix, a US-based company engaged in manufacturing light laser modules, launched UV Industrial Laser Modules at 375nm based on laser diode technology. The robust and dependable high-performance UV Industrial Lasers have unique power outputs of up to 30mW and provide outstanding bore-sighting (0.25° off-axis) with only a 19mm diameter.
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Major Key Players of the Market:
OSRAM International GmbH; OSI Laser Diode Inc.; TRUMPF GmbH; Nichia Corporation; MKS Instruments; Thorlabs Inc.; Ushio Inc.; ASML Holding NV; Coherent Inc.; IPG Photonics Corporation; Nuvoton Technology Corporation; Jenoptik AG; BluGlass Limited; RPMC Lasers Inc.; TOPTICA eagleyard GmbH; AMS Technologies AG; Apollo Instruments Inc.; B&W Tek Inc.; Crystal IS Inc.; DILAS Diode Laser Inc.; Edmund Optics Inc.; Frankfurt Laser Company; Hamamatsu Photonics K; Holo/Or Ltd; Infineon Technologies AG; Viavi Solutions Inc.; Kigre Inc.; Kyocera Corporation; Laser Components GmbH
Visible And UV Laser Diode Market 2024 Key Insights:
• The visible and uv laser diode market will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Visible And Uv Laser Diodes In The Fast Lane Of Automotive Advancements
• Advancements In Visible And Uv Laser Diode Design Transforming The Market
• North America was the largest region in the visible and UV laser diode market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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