Rise in Electronics Industry Drives Laser Diode Market Growth
According to our latest study on “Laser Diode Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Doping Material, Wavelength, and Application,” the laser diode market size was valued at US$ 8.03 billion in 2022 and is expected to reach US$ 22.25 billion by 2030. The laser diode market is estimated to record a CAGR of 13.8% from 2022 to 2030.
A laser diode is a semiconductor that plays a vital role in electronic devices where producing coherent light is essential. Thus, the rise in demand for laser diodes is directly associated with the growth of the electronic industry. The consumer electronic industry’s growth is attributed to the growing urbanization and rising disposable income. The growth in people's disposable income will contribute to the strong purchasing power of consumer electronics such as television sets and microwaves. According to the US Bureau of Economic Analysis March 2023, disposable personal income (DPI) in the US grew by 0.5% in February 2023 compared to January 2023.
Laser Diode Market – by Region, 2022 and 2030
Laser Diode Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Doping Material (AlGaInP, GaAlAs, GaN, InGaN, and Others), Wavelength (Infrared Laser Diode, Red Laser Diode, Blue Laser Diode, Blue-Violet Laser Diode, and Others), and Application (Telecommunication, Consumer Electronics, Healthcare and Life Sciences, Automotive, Military and Defense, and Others)
Laser Diode Market Share Report, Size, Trends & Forecast 2030
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Source: The Insight Partners Analysis
Moreover, the rise of government initiatives to boost domestic production output plays a crucial role in boosting the electronic industry. According to the Ministry of Electronics & IT, as of estimates calculated in March 2023, Indian electronics manufacturing is expected to reach US$ 300 billion by 2025–2026. To boost the country's electronic industry, the government's strategic steps and initiative broadens the electronic industry. Under the National Policy on Electronics 2019 (NPE 2019), special schemes have been introduced for large-scale electronics manufacturing. The “Production Linked Incentive Scheme (PLI) for Large-scale Electronics Manufacturing,” introduced in April 2020, provides a 4–6% incentive to eligible electronic manufacturing companies over their incremental sales year-on-year. In addition, the “Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme,” announced in April 2020, provides financial assistance and support for the infrastructure with all the basic facilities and amenities. Such initiatives by the government attract global electronic manufacturers to establish units in the country, which contributes to the expansion of the electronic industry. Thus, all the above factors contribute to the rise in the electronic industry, which fuels the laser diode market.
The laser diode market is segmented on the basis of doping material, wavelength, application, and geography. Based on doping material, the laser diode market is segmented into AlGaInP, GaN, GaAlAs, InGaN, and others. Based on wavelength, the laser diode market is segmented into blue laser diode, blue-violet laser diode, infrared laser diode, red laser diode, and others. By application, the laser diode market is segmented into automotive, consumer electronics, healthcare, military & defense, and others. Based on geography, the laser diode market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Coherent Corp; IPG Photonics Corporation; Nuvoton Technology Corporation; Sharp Corp; Sheaumann Laser, Inc.; Sumitomo Electric Industries Ltd; TRUMPF SE + Co KG; Jenoptik AG; Mitsubishi Electric Corp; and ams-OSRAM AG are among the key players operating in the laser diode market.
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