According to the new market research report on the "VCSEL Market by Material (GaAs, InP, GaN), Type (Single Mode and Multimode), Application (Data Communication, Sensing, IR Illumination, Pumping, Industrial Heating, and Emerging Applications), End User, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be worth USD 1.78 billion in 2018 and is projected to reach USD 3.89 billion by 2023, at a CAGR of 16.9% from 2018 to 2023.
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The market is mainly driven by factors such as the rising adoption of VCSELs in proximity sensing and medical applications, increasing use of VCSELs for data communication, growing usage of VCSELs in infrared illumination, and surge in demand for VCSELs with advancements in automotive electronics.
Single-mode VCSEL market to grow at higher CAGR during forecast period
Multimode VCSELs held a larger share of the market, by type, in 2017. The market for single-mode VCSELs is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to the ability of single-mode VCSELs to provide solutions to many sensing applications, especially in the consumer electronics industry.
Data communication held largest share of VCSEL market in 2017
Data communication accounted for the largest share of the VCSEL market, by application, in 2017. VCSEL-based devices were initially developed for short-range data communication and sensing applications owing to their low manufacturing cost and high reliability. The increasing number of data centers all over the world and the ability of VCSEL technology to communicate well in short data range are the major drivers for the increasing adoption of VCSEL technology in data communication applications.
The Americas accounted for a major share of the overall VCSEL market in 2017. The Americas is the largest market for VCSELs due to the demand for these devices from technology giants such as Facebook (US), Google (US), Apple (US), and Amazon (US). Moreover, the growing emphasis of businesses on the use of cloud infrastructure has contributed to the increasing demand for VCSEL-based optical transceivers in the Americas. The Americas has always been at the forefront in terms of the adoption of new technologies, such as gesture recognition, self-driving cars, and ADAS. This is also expected to drive market growth.
The report profiles the most promising players in the market. The market is highly dynamic because of the presence of a significant number of big and small players operating in it. Key players in the market are Finisar (US), Lumentum (US), Broadcom (US), Philips Photonics (Germany), II-VI (US), IQE (UK), AMS Technologies (Germany), Vixar (US), Santec (Japan), VERTILAS (Germany), Agiltron (US), Alight Technologies (Denmark), Ultra Communications (US), Laser Components (Germany), Litrax Technology (Taiwan), Coherent (US), TT Electronics (UK), Newport (US), NeoPhotonics (US), and Necsel Intellectual Property (PD-LD) (US).
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