Portland, OR -- (SBWire) -- 05/24/2018 --According to a recent report published by Allied Market Research, titled, VCSEL Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 20172023, the global VCSEL market was valued at $1,602 million in 2016, and is projected to reach at $4,749 million by 2023, growing at a CAGR of 15.7% from 2017 to 2023.
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North America dominates this market presently, followed by Europe. In 2016, the U.S. dominated the market in North America; similarly, the rest of Europe excluding UK, Germany, France, Spain, and Italy led the overall market in the European region. China is dominating the market in Asia-Pacific presently.
Surge in demand of VCSEL in data communication is expected to boost the market. Further, rise in usage of VCSELs in infrared illumination owing to technological advancements is also anticipated to fuel the market growth. However, high cost and limitations in data range of VCSELs hinders the market.
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In 2016, the multi-mode VCSEL segment dominates the global VCSEL in type segment, in terms of revenue. However, based on application, data communication leads the global market followed, by infrared illumination in year 2016. However, sensing application is anticipated to depict highest CAGR throughout the forecast period.
Key Findings of the VCSEL Market:
-Multi-mode VCSEL generated the highest revenue of the global VCSEL market, in 2016.
-During the forecast period, sensing application is expected to register a highest CAGR rate.
-Asia-Pacific is anticipated to exhibit a highest CAGR during the forecast period.
-In 2016, the data communication application segment contributed the highest market shares in the VCSEL market.
The key players profiled in the report include Finisar Corporation, Avago Technologies, JDS Uniphase Corporation, Royal Philips Electronics N.V., II-VI Incorporated, IQE PLC, Vertilas GmbH, Princeton Optronics, Vixar Inc., and Ultra Communications Inc.
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