Laser technology has emerged as a booming technology, owing to it extensive use in defense & security, industrial, and medical sectors. One of the major applications of laser is optical communication since it ensures better quality, accurate results, and is reliable as compared to conventional methods. Thanks to the advancements in technology, innovative and upcoming applications, and declining costs of manufacturing, the global market for laser technology is expected to see a bright future over the coming years.
Driving & Restraining Factors
The growth of the global market for laser technology can be primarily attributed to the following factors:
- Increasing adoption of laser technology among manufacturers and industrialists
- Rising demand from various industrial sectors
- Benefits of laser technology in biology, scientific research, and medical segments
- Industrial shift towards nano and micro technologies
Apart from these, the many advantages of laser technology are likely to increase its application in a number of end-user verticals over the forecast period. Moreover, growing demand for wireless laser connections and evolving laser technology in the field of optical communication are expected to create ample growth opportunities for this market. However, the growth of this market may be hampered by the lack of cost-effective measures for suppliers. Moreover, meeting the demand for high-specification requirements and concerns regarding environment over the use of rare Earth elements stand as key challenges faced by the players involved in this market.
Market Trends
The value of the worldwide laser technology market which was valued at USD 10.09 Billion in 2015 is expected to reach USD 14.67 Billion by 2022, growing at a CAGR of 5.33% during the forecast period. Among regions, Asia-Pacific is estimated to hold the largest market share while growing at the highest CAGR over the projected period. This growth can be attributed to the rapid modernization and rising adoption of this technology in this region, especially in China and Japan.
Based on laser type, the solid laser type is expected to lead the market with highest share, mainly due to the increasing use of solid lasers in fiber lasers and semiconductor lasers. Whereas based on verticals, medical segment is likely to witness the highest growth between 2016 and 2022, owing to the increasing adoption of this technology for various treatments involving laser.
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Research Scope
The forecasts and analysis for the global market for laser technology has been done by splitting it into the following categories and sub-categories:
- Laser Type: Solid Lasers, Liquid Lasers, Gas Lasers
- Application: Optical Communication, Laser Processing, Other Laser Applications
- Vertical: Aerospace and Defense, Commercial, Automotive, Medical, Semiconductor & Electronics, Telecommunication, Research, Others
- Region: North America, Europe, Asia-Pacific, RoW
Coherent, Inc. (U.S.), Trumpf Group (Germany), IPG Photonics Corp. (U.S.), ROFIN-SINAR Technologies, Inc. (U.S.), Newport Corp. (U.S.), Jenoptik AG (Germany), Lumentum Holdings, Inc. (U.S.), GSI Group, Inc. (U.S.), Hans Laser Technology Industry Group Co., Ltd. (China), and Epilog Laser (U.S.) among others are the leading players involved in the global market for laser technology.
