Meticulous Research® - a leading global market research company, published a research report titled “Laser Technology Market by Type (Solid-State, Liquid, Gas), Application (Laser Processing, Optical Communication), and End User (Telecommunications, Industrial, Semiconductor & Electronics, Automotive, Healthcare) - Global Forecast to 2028”.
The laser technology market is expected to grow at a CAGR of 11.4% from 2021 to reach $30.3 billion by 2028. The growing adoption of laser technology in the electronics sector, rising laser applications in healthcare, shift towards nano and micro devices, and increasing preference for laser-based material processing over traditional processing are some of the major factors driving the growth of the laser technology market. Moreover, the growing demand for laser technology in robotics and increasing use of lasers for optical communication provides significant opportunities. However, high initial cost obstructs the growth of this market to a certain extent. Also, technical complexity in high-power lasers is a major challenge for the growth of the laser technology market.
The laser technology market is growing rapidly due to several strategic developments adopted by industry leaders to develop their product portfolio. For instance, in April 2020, Coherent, Inc. launched HighLight DL HPSi, a multi-kilowatt industrial diode laser. It is suitable for systems integrators and end-users performing materials processing, such as metal cladding, heat treating, brazing, and welding.
The laser technology market is segmented on the basis of type, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the laser technology market is segmented into solid-state, liquid, gas, and semiconductor lasers. The solid-state lasers segment is estimated to account for the largest share of the laser technology market in 2021. This growth is attributed to the rising number of surgeries, growing use of solid-state lasers for micromaterial processing, and increasing utilization of YAG lasers for high-power applications. However, the semiconductor lasers segment is expected to grow at a significant CAGR during the forecast period. This is due to the rising demand for laser diodes, such as VCSELs in smartphones for sensing applications.
Based on application, the laser technology market is segmented into laser processing, optical communications, and other applications. In 2021, the laser processing segment is estimated to account for the largest share of the laser technology market. The large share of this segment is mainly attributed to the advantages of laser processing over conventional material processing technologies, rising number of laser medical surgeries, and the growing need for high-precision, flexibility, and quality during material processing. However, the optical communication segment is expected to grow at a significant CAGR during the forecast period.
Based on end user, the laser technology market is segmented into telecommunications, industrial, semiconductor & electronics, commercial, aerospace & defense, automotive, healthcare, and other end users. The healthcare segment is projected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly attributed to the growing adoption of lasers for advanced medical treatments such as cosmetics, diagnostics, and therapeutic. Apart from aesthetic treatments, medical lasers have proven to be efficient in treating cutaneous malignancies and primary skin diseases. The rising number of cost-effective laser treatments is also contributing to the growth of the market. However, the industrial segment is estimated to account for the largest share of the laser technology market in 2021.
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Geographically, the Asia-Pacific laser technology market is estimated to account for the largest share in 2021. The rapid growth of this market is mainly attributed to the increasing manufacturing activities in countries such as China, Japan, South Korea, and India, the presence of the largest consumer electronics market and largest automobile market in China, proliferation of data centers, and huge demand for fiber lasers.
The key players operating in the laser technology market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), TRUMPF GmbH + Co. KG (Germany), Lumentum Holdings Inc. (U.S.), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France), LaserStar Technologies Corporation (U.S.), Epilog Laser (U.S.), Han's Laser Technology Industry Group Co., Ltd. (China), MKS Instruments, Inc. (U.S.), Gravotech Marking (France), Corning Incorporated (U.S.), Eurolaser GmbH (Germany), and BYSTRONIC Laser AG (Switzerland).
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