Global Laser Technology Market Growth and Demand Forecast to 2024 | Top Key Players-Coherent Inc., TRUMPF, IPG Photonics, COHERENT-ROFIN, Newport Corporation, JENOPTIK, Lumentum, GSI Group, Inc., The GSI Group Africa, Epilog, Han's Laser Technology Indust

The global light amplification by simulated emission of radiation (Laser) technology market is expected to experience considerable growth during the forecast period due to its increasing demand from various sectors. The factors such as advancements in technology, government regulations pertaining the application of laser in engraving, increasing demand for laser technology in medical, oil & gas and industrial applications, and growth of emerging economies are expected to boost the market growth during the forecast period.
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Nowadays, lasers are becoming increasingly important in our high-tech environment. They have become robust, compact and versatile with technological developments. Laser technology can be termed as the study of lasers and their uses. Laser has turned into one of the most important tool for researchers within physics, chemistry, biology and medicine throughout the world. Lasers are source of light with unique properties which makes their applications area wide.

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Laser technology is extensively used in defense and security fields. This technology allows research into the laser based weapon systems used by a number of defensive structures and ships. This technology is also a necessity for expansion of energy into ion and plasma based weapon systems.

The growing focus of manufacturers and industrialists on implementing laser technology in the manufacturing processes, application of laser in optical communication, and industrial shift toward nano and micro technologies are the major driving factors for this market. The increasing use of lasers in defense, growing adoption in scientific research, and up surging use of ultra short pulse laser are the emerging trends of the laser technology market.
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Geographically, North America is the largest market for laser technology, whereas Asia-Pacific is expected to hold the largest share in the coming years as it is expected to become a centre for the trade of consumer electronics products in the near term. The growth in North America market is due to the advancements in medical laser technologies, growing elderly population, increasing prevalence of eye diseases and chronic diseases, and improved health care infrastructure. During the forecast period, the laser technology is expected to witness the highest growth in Asia-Pacific. The growth can be credited to the high adoption of laser technology in this region, especially in China and Japan.

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