Since green wavelength is perceived as the brightest by the human eye and direct green lasers have a high operating temperature of 80 degree Celsius, green laser diodes have found a wide range of applications in various industries including telecommunication, consumer electronics, medical, industrial, defense and automotive. The implementation of green laser diodes in the 3D sensing technology employed in autonomous vehicles is stated as the application segment having the potential to disrupt the entire market.
As per a business intelligence report by IndustryARC, the global green laser diode market size is poised to reach $251.1 million by 2023. As quoted by the analyst, “Heads-Up Display (HUD), Head-Mounted Display (HMD), pico-projectors, and smartphones are rampantly adopting green laser diodes due to the competency of green laser diodes at providing an extensive range of highly saturated colors and focus-free operation.” The green laser diode market is projected to grow at a CAGR of 19.2% during the forecast period 2018–2023. This report covers Green Diode Laser Market Size by End-user and applications, Green Diode Laser Market share by top 5 companies and also the market share by start-ups during the forecast period. Advantageous properties such as compact size, light weight, minimal power requirements, low maintenance cost, and higher electrical efficiency are further adding impulse to the market growth.
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Green Laser Diode Market – Leading Segments:
After a critical analysis of the revenue generated by each green laser diode application segment, consumer electronics is stated to be the most profitable division with an estimated revenue of $97.52 million by 2023. It is also to be noted that the medical sector is estimated to be the fastest growing application segment, with a CAGR of 23.6% through 2025. Smartphones, a prime employer of green laser diodes in the consumer electronics segment is estimated to witness 700 new users by 2025 with 50% of the new subscribers hailing from the APAC, as per the GSMA (Global System for Mobile Communication).
Similarly, after an acute analysis of the various regional markets, North America is stated to be leading market with an estimated revenue of $88.41m by 2023 progressing with a CAGR of 19.8% during the forecast period. North America is followed by APAC, which is growing with a CAGR of 21.9%, incredibly higher than the global green laser diode market growth rate. The sheer affluence of North America is attributable to its technologically upgraded and compatible healthcare infrastructure for laser diodes applications and the blooming consumer electronics and telecommunication sectors with a rampant application of optics.
Green Laser Diode Market – Growth Drivers and Trends:
• Minimal Invasive Surgical Tool-
The trend of minimal invasive surgery has augmented the necessity for the technology to alter the face of traditional surgery. This a major growth driver as the use of green laser diodes in endoscopic medicine and surgery is composed to observe promising development. The healthcare equipment market composed of devices for optical purposes also employs this novel technology.
• Evolution of Displays Expanding the Market-
Evolution of displays from LED to high brightness LEDs is creating additional avenues for green laser diodes application, positively influencing the market size. Light-emitting diodes (LED) and laser diodes are closely associated with optoelectronic sources, providing the light for displays. The opportunity for growth in the LED displays market is quite evident given that the LED displays, lighting and fixtures market was already valued to be $70 billion to $75 billion in 2018.
• Smartphone-based diagnostic Tests with Smartphones-
Researchers at the University of Illinois at Urbana-Champaign in the U.S. have developed a portable analyzer that connects to a smartphone and examines an individual’s blood, urine or saliva samples. Specifically, the analyzer lightens the samples with the phone’s internal white LED flash or with an inexpensive external green laser diode. Considering the penetration of smartphones globally and the economic cost price of an external green laser diode, this amalgamation is a potential major trend that will disrupt the market.
• Burgeoning Submarines Fleet-
Economic interest and disinterests among nations involved in trade wars and cold wars is a novel growth driver for the UUVs (Unmanned Underwater Vehicles) market, which is a prominent employer of green laser diodes from the ‘defense’ application segment. For instance, the U.S. in a state of the trade war with China has offered Taiwan, which broke away in 1949 as part of the Chinese mainland, has transferred technology that will allow Taiwan to produce its own underwater vehicles such as diesel-electric submarines. Similarly, the global economies, to safeguard their coastal borders and for uninterrupted flow of trade and shipments, are strengthening their naval fleet with underwater vehicles.
Green Laser Diode Market – Competitive Landscape:
Some of the key players operating in the market are Coherent Inc., Sharp Corporation, Quarton Inc., Egismos Technology Corpoartion, Nichia Corporation, and Thorlabs Inc.
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A. Diode Laser Market
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