The VCSEL market size is estimated to grow from USD 1.8 billion in 2018 to USD 3.9 billion by 2023, at a CAGR of 16.9%. The growth of the VCSEL market is driven by factors such as rising adoption in proximity sensing and medical applications, increasing use of VCSEL for data communication, growing usage of VCSELs in infrared illumination, and surge in demand for VCSELs with advancements in automotive electronics. Technological advancements in consumer electronics sector and evolution of laser-based hard disc drive technology are few major factors that are expected to provide growth opportunities to players in the vertical cavity surface emitting laser (VCSEL) market.
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“Multimode to hold larger share of vertical cavity surface emitting laser (VCSEL) market during forecast period”
The overall VCSEL market, by type, is expected to hold the larger market share for multimode during the forecast period. One of the major reasons for the larger share of multimode VCSELs is their high-speed data transfer capabilities. The manufacturing and packaging cost of multimode VCSELs is lower than that of EELs, Fabry–Pérot (FP) lasers, DFB lasers, and distributed Bragg reflector (DBR) lasers. These lasers have complex layer structures and frequently need an enclosed package to achieve higher emission power and steady operations.
“Rising adoption in proximity sensing and medical applications to drive growth of vertical cavity surface emitting laser (VCSEL) market”
The introduction of new features, such as a variety of package form factors, a wider range of wavelength availability, and the demonstration of arrays of VCSELs on a single chip, in VCSELs has created an important impact on medical diagnostic applications. Some VCSEL-based applications in the healthcare sector are neurostimulation and optical coherence tomography (OCT). Neurostimulator is a small device that carries electrical signals near the spine of a human body with distinct medical wires (leads). Generally, a wavelength of 1,850nm is required in neurostimulation as it can stimulate the nerves. The ability of VCSELs to offer required wavelength, as well as their small size, makes them suitable for neurostimulation application.
New applications are emerging in biomedicine and are using VCSELs that offer high speed, flexibility, and extended imaging range. VCSELs provide a precise measurement of rapid blood flow in the optical nerve head, which helps detect diseases related to eyes at an early stage. Earlier, due to the range limitations, in OCT, different instruments were used for the measurement of eye length and the imaging of anterior eye and retina. However, the long-range OCT imaging capability of VCSELs helps carry out the functions of measurement and imaging simultaneously in a single OCT. The cost, space, and time of patients are saved due to this combined 3-in-1 ophthalmic instrument. Owing to these advantages, equipment manufacturers have started using VCSELs over other lasers for medical applications.
"Consumer electronics end user to grow at the highest rate during the forecast period”
The VCSEL market for consumer electronics is expected to grow at the highest CAGR during the forecast period. With the increasing implementation of VCSELs for advanced features such as laser autofocus and proximity sensors in smartphones, the consumer electronics segment has created a huge shift in the overall VCSEL market. Also, other applications such as video signal to display, video signal from one or more cameras, low-noise microphone, and gesture recognition are expected to create huge demand for VCSELs in consumer electronics.
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