Laser diodes find widespread applications in manufacturing sector and medical sector. Laser diodes are used in laser welding, cutting and marking in manufacturing units. In medical sector, laser diodes are used in laser surgeries, therapies and diagnostics. The global laser diode market is estimated to be valued at US$ 12 Billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising adoption in manufacturing and healthcare sector. Laser diodes are increasingly being used in various manufacturing applications such as laser cutting, welding and engraving. Precision and accuracy offered by laser diodes make them ideal for various applications in manufacturing sector. In healthcare sector, laser diodes are prominently used in minimally invasive surgeries, photobiomodulation therapies and photodynamic therapies due to their advantages such as precise targeting ability and minimal damage to surrounding tissues. Growing healthcare infrastructure and increasing use of technologically advanced surgical procedures will drive the demand for laser diodes in coming years.
SWOT Analysis
Strength: Laser diodes offer precise and focused beams without diffraction limitations. They are used to perform tasks that would be impossible or impractical with other light sources.
Weakness: High initial investment required for setting up manufacturing facilities to produce laser diodes. Frequent replacement and maintenance is needed to keep laser diodes functioning properly.
Opportunity: Growing application of laser diodes in medical devices, industrial manufacturing machineries, military equipment, and optical storage devices is driving market growth. Developing countries are increasingly adopting laser technology.
Threats: Fluctuating raw material prices may increase overall production cost. Presence of alternative technologies like LEDs can reduce demand for laser diodes.
Key Takeaways
The global laser diode market is expected to witness high growth over the forecast period.
Asia Pacific dominates the market currently due to presence of key manufacturing hubs and rapid industrialization. China, Japan, and India are major laser diode producers in the region.
Europe and North America are other major laser diode markets driven by extensive R&D investments and adoption in healthcare sector. Laser surgery, diagnostic equipment, and therapeutic devices employ laser diodes due to their precision and contactless operation.
Key players operating in the laser diode market are OSRAM Licht AG, IPG Photonics Corp, Sharp Corp, Coherent Inc, Hamamatsu Photonics K.K., ROHM Co Ltd, Panasonic Semiconductor Solutions Co Ltd, and Jenoptik AG. These companies have established distribution and supply chains to cater to growing demand from end-use industries globally. Innovation in wavelengths and reduction of operational costs through economies of scale give competitive edge to leading players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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