ALBANY, New York, November 10, 2016 /PRNewswire/ -- VCSEL stands for vertical cavity surface emitting lasers. There is a current demand for efficient, low-cost, and compact illumination systems, replacing traditional thermal imaging systems. VCSELs are used for infrared illuminations since they offer a host of advantages, including low cost, high reliability, efficiency, narrow emission spectrum, and a low diverging cylindrical beam. Infrared illuminators, in turn, find application in surveillance, imaging, covert operations, and detection in several end-use industries such as the military. This has had a considerable impact on the demand for VCSELs. 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. Download Sample PDF Brochure for Professional & Technical Breakthroughs athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=16394Gallium 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. 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. Browse Regional PR: http://www.europlat.org/vertical-cavity-surface-emitting-laser-market.htmDemand 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.