Laser Technology Market:
Growth opportunities in the laser technology market look promising over the next six years. This is mainly due to the surging demand for laser technology in the healthcare sector, increased use in the defense sector, and the use of technology for optical communications. Increasing demand of laser technology for material processing and the expanding production of micro and Nano devices is further augmented to strengthen the market.
Laser Technology Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The significant factors promoting the growth of laser technology include the increasing use of laser technology for optical communications because of the high-speed transfer of data in analog and digital optic networks. The progressive demand for laser technology for material processing and the expanded production of micro and Nano devices further aids the growth of laser technology market size.
Laser Technology is extensively used across several sectors, including healthcare and defense. The growing demand for laser technology in the healthcare sector to achieve accuracy and exactness in surgical procedures and its surging use in ophthalmology, cosmetic surgery, dentistry, urology, and dermatology is a key factor to boost the medical laser technology market growth. The increasing use of laser technology in defence and security sector for research and development of plasma and laser-based weapon systems will contribute to uplift the global laser technology market.
The prime factors that are expected to hinder the growth of the market over the forecast period includes higher power consumption, high deployment cost, and radioactive pollution, and the lack of personnel.
Revenue Type Drivers
On the basis of revenue, the market is segmented into system and laser revenue. System revenue segment is anticipated to lead the market during the forecast period because of wide utilization of laser systems over different verticals such as industrial, defence, commercial, automotive, and healthcare. Moreover, rising revenue generation from the sales of several types of laser systems for wide range of application including cutting & scribing, welding & brazing, cladding & coating, annealing, drilling, and material removal is further expected to augment the market growth over the forecast period.
Regional Drivers
Based on the region, Asia-Pacific region is expected to dominate the laser technology market over the forecast period. This is mainly due to the developing economies, including India, China, Japan, and South Korea, coupled with the growing number of industries such as telecommunication, electronics, automotive, and manufacturing, among other industries. Also, North America is projected to experience a faster CAGR in the laser technology market owing to the strengthening government investment in the aerospace defense, and healthcare sector in the region. Rapid economic development and the growing demand of consumer electronics and lightweight vehicles is further promoting market growth in the region.
Laser Technology Market’s leading Manufacturers:
- Epilog Laser
- Lumentum Operations LLC
- IPG Photonics Corporation
- Novanta Inc.
- Han’s Laser Technology Industry Group Co.
- Jenoptik Group
- TRUMPF Group
- Laser Star Technologies Corporation
- IPG Photonics Corporation
- Coherentm Inc.
Laser Technology Market Segmentation:
Segmentation by Type:
- Solid Laser
- Liquid Laser
- Gas Laser
- Others
Segmentation by Revenue:
- System Revenue
- Laser Revenue
Segmentation by Application:
- Laser Processing
- Macroprocessing
- Cutting
- Drilling
- Welding
- Marking and Engraving
- Microprocessing
- Advance Processing
- Optical Communications
- Others
Segmentation by End-Use:
- Telecommunication
- Industrial
- Semiconductor & Electronics
- Commercial
- Aerospace & Defence
- Automotive
- Medical
- Research
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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