Laser diodes are semiconductor sources of coherent monochromatic light that utilizes stimulated emission to amplify emitted light waves. Laser diodes have various applications mainly in medical devices, industrial cutting & engraving, and optical storage such as compact discs & digital versatile discs. Growing usage of laser-based medical equipment for applications like laser surgery, diagnostic equipment, therapeutic procedures etc. is providing impetus to the laser diode market.
The global laser diode market is estimated to be valued at US$ 16.79 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from the medical device industry is a major trend fueling growth of the laser diode market. Laser diodes are extensively used in a wide range of medical devices such as surgical lights, dental drills, aesthetics devices, diagnostic systems and therapeutic applications. Growing elderly population, increasing incidence of lifestyle diseases and technological advancements are driving the demand for advanced medical technologies such as laser-based surgical equipment. With rising medical equipment spending and growing preference for non-invasive procedures, the application of laser diodes in healthcare is expected to witness significant growth over the forecast period.
SWOT Analysis
Strength: Laser diodes have precision, accuracy and efficiency in manufacturing processes. They provide non-contact processing that generates less heat.
Weakness: Safety is a concern while using laser technology as direct exposure to laser light can cause damage to eyes and skin. Manufacturing process of laser diodes requires complex technology.
Opportunity: Growing demand from industries such as telecommunication, healthcare and industrial for laser applications offer growth opportunities. Development of fiber laser diodes paves way for new uses.
Threats: Threat from other emerging light sources that can replace laser diodes in future. Fluctuations in prices of raw materials needed for manufacturing impacts the market.
Key Takeaways
The Global Laser Diode Market Size is expected to witness high growth over the forecast period supported by rising demand from industries. The market size is projected to increase from US$ 16.79 Mn in 2023 growing at a CAGR of 4.9% during 2023-2030 forecast period.
Regional analysis reveals that Asia Pacific dominates the laser diode market currently owing to presence of key manufacturing countries including China, Japan and India. Growing electronics and industrial manufacturing in the region boosts the laser diode demand. North America and Europe are other major laser diode markets driven by telecommunications and healthcare sectors.
Key players operating in the laser diode market are Air Liquide, Air Products & Chemicals Inc., Praxair Inc., Linde Plc. These companies have capabilities to supply laser gases in bulk as well as developed customized gas supply solutions to support industrial laser applications. They also provide related services, technologies and expertise.
Key players focus on expanding manufacturing capacities and capabilities through investments. Strategic collaborations with OEMs and technology advancements to develop new products are followed by players to strengthen position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
