This report “Laser Technology Market by Type (Carbon Dioxide Laser, Fiber Laser, and Solid State Laser), Revenue (Laser Revenue and System Revenue), Application (Laser Processing and Optical Communications), End User, Geography – Global Forecast to 2024″, provides insights for the global laser technology market size to grow from USD 12.9 billion in 2018 to reach a value of USD 16.9 billion by the year 2024, with a CAGR rate of 4.6%.
Key factors driving the growth of the laser technology industry include huge demand from the healthcare industry supported by higher performance over the traditional material processing techniques and subsequent shift towards the production for micro and nanodevices.
In the laser technology market, CO2 laser type will have the highest CAGR growth from 2018-2023
In the laser technology industry, the CO2 laser type is expected to grow substantially in the upcoming years. This is due to the factors for its considerable compact size for its sealed laser with a wide range of wavelengths, along with utility in laser cutting, structuring, drilling, perforating, welding, and laser making applications. A CO2 laser offers a continuous wave for laser of high power used in a wide range of applications for industrial, commercial, and military applications.
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Markets for system revenue have the strongest share of the laser technology market. A laser system has the ability to perform wide functions to expand its utility serving several purposes for industrial, commercial, medical, and automotive usage respectively. Several types of laser systems are sold in the market, such as welding & brazing, cutting & scribing, cladding & coating, material removal, annealing, making & engraving, and other multi-functional laser systems.
The end-user category is expected to have the most substantial CAGR for the forecasted period
For the laser technology market, the other end-users category has shown promises to build at the highest CAGR from the year 2018 to 2024, respectively. Verticals for iron & steel, tobacco, retail, wood, Oil & Gas, glass, and plastic end-user will contribute significantly to the growth of the ‘other’ segment of the end-users. While in the retail sectors, Laser Technology is applied for several applications for instance barcode marking, barcode scanning, advertising, as well as security systems. And in the glass sector, laser technology is used to prevent micro-cracks during the production stage and risk of breakage.
Telecommunications end-user verticals have the highest share for this market. This is because of its ability to enable faster and secure data transmission, still consuming low power. Communications based on laser have high data transfer rates, low power consumption and are highly secured too. This laser technology is also used in activities contributions in precise network design, signal strength optimization, and proper tower placements.
Asia Pacific will have the highest CAGR for the duration of 2018 to 2024
The laser technology market in the APAC region will register better growth for the upcoming next few years. With regular demand from various industries such as automotive, semiconductor, and telecommunications will drive the market growth in the Asia Pacific region. It is primarily due to the adoption of laser technology products and solutions in the market when compared to the other regions. With home to a huge population, rising R&D investments, along with growing electronics and manufacturing sectors, will lead to the growth of the market in the APAC region.
Trumpf (Germany), Lumentum (US), Jenoptik (US), Coherent (US), Novanta (US), LaserStar (US), IPG Photonics (US), Jenoptik (US), Lumibird (France), Epilog Laser (US), and MKS Instruments (US) are among the key players in the laser technology market. These organizations are regularly coming up with new products, mergers, and acquisitions to enhance market shares.
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