Albany, NY -- (SBWire) -- 10/13/2017 --The global market for vertical cavity surface emitting laser (VCSELs) is presently fragmented, with Finisar Corp. (U.S.), Broadcom Ltd (Singapore), Lumentum Holdings, Inc., Sumitomo Electric Industries Ltd. (Japan), and II-VI Laser Enterprise GmbH (Switzerland) accounting for under 47.0% in 2015. Transparency Market Research notes that the dynamics of the market have changed over the years owing to a rise in mergers and acquisitions within the industry.

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Apart from this, players have also resorted to product innovation and investment in technological advancements as key growth strategies. "Product innovation is important to sustain in a highly competitive environment and companies have been involved in strong R&D work so as to gain a larger share in the VCSELs market," the author of the report states. For instance, Finisar Corporation has, from time to time, introduced new products in the VCSELs market in order to retain its dominance. In 2016, the company introduced the 64 Gbaud High Bandwidth Integrated Coherent Receiver.

The global market for VCSELs was valued at US$775.2 mn in 2015 and is expected to reach US$4,728.8 mn by 2024, growing at an impressive CAGR of 22.3% during the forecast period.

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Gallium Arsenide Most Widely Used Raw Material

On the basis of raw material, the global VCSEL market is led by gallium arsenide, which accounted for a massive 77.02% share in 2015. This can be attributed to the growing usage of microwave frequency ICs, laser diodes, monolithic microwave ICs, infrared LEDs, solar cells, and optical windows in various industries. The segment is anticipated to register an astounding CAGR of 41.1% during the forecast period.

By application, optical fiber data transmission dominated the overall VCSELs market, followed by laser printers and computer mice. Chip sale atomic clocks and absorption spectroscopy, on the other hand, will register strong growth through 2024.

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From a geographical standpoint, Europe accounted for the leading share in the VCSELs market, with a share of just under 30.0% in 2015. Asia Pacific will report an impressive CAGR of 23.1% from 2016 to 2024.

Demand for Gallium Arsenide (GaAs) Rises in Low-power Applications

"The growing usage of VCSELs in several high-volume applications, such as gesture recognition, data communications, and illumination in infrared (IR) cameras, has emerged as the leading factor driving the global VCSELs market," the lead analyst states. Companies have been using vertical cavity surface emitting lasers in gesture recognition technology for gaming as well as navigation applications. In IR cameras, VCSELs enable safety, night vision, and security. In the field of data communications, VCSELs offer a host of advantages, including low-energy optical storage, fast switching in servers, and high capacity data centers.

With VCSELs rapidly replacing edge-emitting LEDs in low-power applications, the demand for gallium arsenide (GaAs) has surged significantly, especially in atomic clock technology, datacomm, barcode sensors, and POF-based home networking. This will, in turn, propel the overall VCSELs market.

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On the flip side, although long-wavelength InP-based VCSELs show a lot of promise, the lasers are at the early stages of commercialization and can prove to be a challenge as far as design, cost, and manufacturing is concerned.