The global laser diode market size is expected to grow from USD 5.9 billion in 2022 to USD 10.9 billion by 2027, at a CAGR of 13.1% during the forecasted period. The major drivers for the growth of laser diode market include increasing investments in military & defense leading to high demand for laser technology and expanding fiber laser market.

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The laser diode market dominated by the major Tier I suppliers like II-VI Incorporated (US), Lumentum Holding Inc. (US), ams-OSRAM AG (Austria), ROHM Co., Ltd. (Japan), Ushio, Inc. (US), and Hamamatsu Photonics K.K. (Japan). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Rest of the World.

Gallium nitride (GaN) is expected to be emerged as the fastest growing doping material segment in laser diode market during the forecasted period

The GaN segment is expected to grow at the highest CAGR during forecasted period. The use of GaN-based laser diodes in LiDAR applications is projected to create growth opportunities in the long term for the players operating in the ecosystem. Technological innovation in consumer electronics besides smartphones, such as AR/VR devices, are projected to further increase the demand for GaN-based laser diodes in 3D sensing applications.

VCSEL diode is expected to be emerged as the fastest growing technology segment in laser diode market during the forecasted period

Vertical-cavity surface-emitting laser (VCSEL) diode is a form of surface emitting laser, and it emits the laser radiation in a direction perpendicular to the wafer, delivering a few milliwatts with high beam quality. In this type of a laser diode, the optical cavity is along the axis of the current flow. VCSELs are highly efficient and economical for use in various applications such as data communication and 3D sensing. Increase in application of 3D sensing in smartphones is projected to be the major factor driving the growth of the VCSEL market.

Telecommunication application for laser diode market is the second largest segment during the forecast period

Telecommunication has been one of the driving factors for the emerging laser diode technology. Telecom operations involve installing a new system or collecting existing position information for inventory purposes. Precise network design, including signal strength optimization, demands proper tower placement are some of the applications required wide range of laser diodes. In the coming years, laser diode is expected to gain importance in space applications, especially for transmitting large quantities of data between satellites. With increasing bandwidth requirements and a shift to 100G transceivers, the demand for lasers and laser diodes in optical communication is also growing.

North America is likely to be emerge as the second fastest growing region during forecasted period

Laser diode companies in the North America are competing to improve epitaxial structures to develop and produce new wavelengths and packages and manufacture higher-power laser diodes for an existing wavelength. The decreasing cost of high-power lasers is one of the prime factors that has boosted the demand for laser diodes in the North American market. Additionally, advanced medical facilities in the US employ various medical devices that are manufactured using laser diodes. The usage of laser diodes in surgical operations is increasing steadily. Moreover, the presence of prominent telecommunication, aerospace & defense, and automotive companies, such as AT&T, Verizon Wireless, Boeing, and General Motors, is also expected to boost the growth of the laser diode market in North America.

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II-VI Incorporated (US), IPG Photonics Inc. (US), Jenoptik AG (Germany), Lumentum Holding Inc. (US), MKS Instruments (US), ams-OSRAM AG (Austria), ROHM Co., Ltd. (Japan), Sharp Corp. (Japan), Ushio, Inc. (US), and Hamamatsu Photonics K.K. (Japan) are few major players in the laser diode market.