Laser Technology Market worth 14.67 Billion USD by 2022
According to the new market research report “Laser Technology Market by Type (Solid, Liquid, Gas), Application (Optical Communication, Laser Processing), and Vertical and Geography – Analysis & Forecast to 2022“, published by MarketsandMarkets, the laser technology market is expected to reach USD 14.67 Billion by 2022, at a CAGR of 5.33% between 2016 and 2022. The ability of this technology to offer significantly high precision, flexibility, and productivity in the material processing application than other traditional approaches is leading to growing preference for laser technology-based material processing. This is one of the major drivers for the laser technology market. Moreover, the widening scope of laser technology in various verticals including medical, aerospace & defense, research, semiconductor & electronics, and telecommunications among others is further driving the growth of the above said market.
Browse 70 market data Tables and 66 Figures spread through 161 Pages and in-depth TOC on “Laser Technology Market”.
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Solid laser type to lead the laser technology market
The solid lasers market is expected to lead the above said market during the forecast period. The increasing use of solid lasers especially in fiber lasers and semiconductor lasers is accelerating the growth of this market.
Medical vertical expected to witness the highest growth rate during the forecast period
The medical vertical is expected to play a key role in the laser technology market and grow at the highest rate during the forecast period. This growth is a result of the increasing adoption of lasers for laser vision correction, confocal microscopy, optogenetics, enhanced MRI, and dermatological treatment among many others. This technology is also widely being used in the manufacturing of medical tools and systems as it helps in meeting high-quality requirements and offers clean surfaces which are free from any material residue.
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APAC expected to hold the largest share of the laser technology market and witness the highest growth rate during the forecast period
The APAC region is expected to hold the largest share of the global laser technology market during the forecast period. Rapid modernization in this region has accelerated the growth, especially of semiconductor & electronics vertical which has ultimately led to the growth of the laser technology market in this region.
The major players in this market include 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.
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This research report categorizes the global laser technology market on the basis of laser type, application, vertical, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the laser technology market. The Porter’s Five Forces analysis has been included in the report with a description of each of the force and its respective impact on the laser technology market.
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