September 26, 2022 09:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
TOKYO, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The Global Laser Technology Market Size accounted for USD 11,579 Million in 2021 and is estimated to achieve a market size of USD 24,171 Million by 2030 growing at a CAGR of 8.7% from 2022 to 2030.
Laser Technology Market Report Key Highlights
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In the automotive industry, laser technologies are generally used to cut airbag textiles and composite materials. The increased use of laser processing in metal processing applications such as welding, engraving, cutting, and others accelerates the advancement of laser technology. The growing acceptance of laser technology in the semiconductor industry, the increasing applications of lasers in the healthcare sector, the move toward nano as well as micro devices, and the growing demand for laser-based processing of materials are all factors driving the expansion of this market. The expanding need for laser technology in robotics, as well as the growing use of lasers for optical fiber communication, will present substantial growth prospects for market players in the future years.
Moreover, the emergence in the occurrences of medical procedures is a critical factor accelerating market growth, as is the upsurge in the explosive growth and improvements in the various end-user vertical markets, and an increase in research and development activities, which are some of the major variables driving the market. Furthermore, a rise in demand from emerging nations will generate new possibilities for the laser technology market trend during the projection period.
Global Laser Technology Market Dynamics
Rising Adoption Of Laser Technology In Medical Industry Foster The Growth Of Global Market
Laser applications in the biomedical field have advanced dramatically in recent years. A healthcare laser is a non-invasive source of light used to treat tissues and promote rapid healing without coloration or scarring. These have numerous uses in urology, ophthalmology, dermatology, and dentistry. The increasing need for medical lasers for the treatment of a diverse range of ailments, as well as the increasing demands for non-invasive therapies, is one of the primary drivers driving the laser technology market growth.
Aside from that, laser technology has gained significant adoption due to its multitasking capabilities in a range of industry verticals. However, establishing its design and infrastructure will necessitate a considerable upfront investment and capital from venture capitalists. The operating and setup process is far more complicated, expensive, and time-consuming, stifling global expansion in the laser technology market share. Although sophisticated systems are beneficial in the long run, the implementation costs are ridiculously expensive, especially for SMEs, hindering the worldwide markets growth.
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The global laser technology market has been segmented by Acumen Research and Consulting based on laser type, product, application, and end-user industry. By laser type, the segment is separated into solid, liquid, gas, and others. During the projected period, the solid-state laser is expected to have the biggest market share.
By product, the market is divided into system, and laser. Furthermore, system revenue is predicted to account for the greatest market share of the worldwide laser technology industry in terms of revenue. In terms of application, the market is further categorized into optical communication, laser processing, and others. The optical communication application is predicted to have the largest market share in the next years. Moreover, the market is segmented into telecommunications, commercial, semiconductor & electronics, industrial, and others, according to end-user industry. According to the laser technology market forecast, the telecommunications segment is expected to hold significant market shares in the coming years.
Global Laser Technology Market Regional Outlook
The global laser technology market is divided into five geographic regions: North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. According to the laser technology industry analysis, North America is predicted to have the greatest market share for laser technology. The primary drivers influencing the expansion of the laser technology market are an increase in healthcare spending and infrastructure, an increase in cosmetic procedures, and an increase in the use of new technologies. Aside from that, the existence of major players in the global industry with new product lines promotes the laser technology market globally.
On the other hand, Asia-Pacific is expected to lead the laser technology market in the next years, with a large CAGR. Increasing R&D spending and noteworthy advances in the semiconductors and industrial sectors are expected to fuel the market growth. Furthermore, the spike in demand for low-cost, fast-processing laser machining operations from the electronics, industrial, telecommunications, and automotive verticals drives the regional market forward.
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Some of the prominent laser technology market companies are Coherent, Inc., TRUMPF, Lumentum Operations LLC, Novanta, LaserStar Technologies Corporation, IPG Photonics Corporation, Jenoptik, LUMIBIRD, and Epilog Laser.
Some of the key strategies regarding the laser technology market include:
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