The global semiconductor lasers market size was USD 7.58 Billion in 2020 and is expected to register a CAGR of 6.7% over the forecast period, reports Emergen Research. Small size, light weight, and high energy efficiency are key factors driving demand for semiconductor lasers and boosting market revenue growth.
Drivers: Cooling techniques
Passive cooling generation feature of semiconductor lasers enables cooling atoms down by causing them to lose some of their kinetic energy. This capacity to control atomic motion in turn helps researchers to study behavior of atoms more effectively and accurately. In addition, cost effectiveness, less complexities, and adjustability are other factors are driving revenue growth of the global semiconductor lasers market.
Restraints: Low power production
Low power production is a key factor restraining demand for semiconductor lasers in many devices. Low power production draws higher internal current and therefore, generates excessive heat, and this results in shorter equipment lifecycle. In addition, heavy housing is required due to low power and high heat generation and need for this to be absorbed. Furthermore, larger load requirements and less reliability are factors associated with low power production, which in turn is negatively impacting adoption and restraining growth of the semiconductor lasers market.
Growth Projections
The global semiconductor lasers market size is expected to reach USD 12.74 Billion in 2028 and register a revenue CAGR of 6.7% over the forecast period. Rising adoption of semiconductor lasers in 3D sensing technology is a key factor driving global semiconductor lasers market revenue growth.
COVID-19 Direct Impact
The pandemic has moderately affected the global semiconductor lasers market. Global lockdown imposition led to shut down of manufacturing facilities, and this resulted in supply chain disruption. In addition, decline in industrial activities has hampered material processing markets, and demand for semiconductor lasers decreased in parallel. In order to avoid spread of COVID-19, some organizations opted to allow employees to work-from-home. Large number of office employees transformed into work-at-home employees. Internet and voice communication service providers upgraded their networks to cater to rising demand for faster connectivity and bandwidth and more updated wireless networks.
Current Trends and Innovations
Ongoing research and development of more efficient semiconductor lasers and diode lasers has been resulting in emergence of more possibilities and potential for application in more areas and devices and equipment. Edge-Emitting Lasers (EELs) and Vertical-Cavity Surface-Emitting Lasers (VCSELs) are the main semiconductor laser technologies being deployed for 3D sensing. Advancements of HPLD technology are resulting in rising challenges regarding packaging affecting output power, brightness, spectrum, and others, and resolving these challenges is an ongoing trend. More sophisticated packaging approaches have already been developed with the objective to improve thermal management for different designs, including single emitters, bars, and stacks.
