Laser Technology Market is expected to reach $23.2 billion, growing at a CAGR of 7.3% between 2021-2031

Global Laser Market is expected to reach $23.2bn by 2031 growing at a CAGR of 7.3% between 2021-2031.

Laser technology is a type of technology that uses a focused beam of light to cut, engrave, or otherwise alter materials. The market for laser technology is driven by the increasing demand from the automotive and aerospace industries. In the automotive industry, laser systems are commonly used to cut airbag textile and composite materials.

The increasing acceptance of laser technology in the electronics sector, the developing applications of laser in the healthcare sector, the move toward nano and micro devices, and the growing demand for laser-based material processing are all factors driving the growth of this market. The increasing use of lasers for optical communication and the expanding demand for laser technology in robotics create considerable potential prospects for market players in the future years.

COVID-19 Impact Analysis:

The COVID-19 pandemic wreaked havoc all over the globe. The majority of the business sector was negatively impacted, resulting in lower demand for their products. The manufacturing industry was badly impacted by supply chain disruptions, a lack of manpower, a lack of raw materials, and other factors, all of which resulted in a reduction in demand for the particular business.

The pandemic had a significant impact on laser revenues in the medical category, as consumers opted out of non-essential medical operations and canceled dental, eye, and cosmetic appointments. Both dentistry and cosmetic lasers saw a significant reduction in revenue.

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Key Trends and Drivers:

- The surge in demand from the healthcare sector is a key factor driving the laser technology industry forward. A medical laser is a non-invasive, high-intensity light source that treats tissues and promotes rapid healing without discoloration or scarring. This laser is used in dermatology, urology, ophthalmology, and dentistry to treat a variety of conditions. The treatment of a variety of ailments, as well as the growing need for non-invasive therapies, necessitate the use of medical lasers.
- The use of laser processing in material processing applications such as cutting, welding, engraving, and others is accelerating the advancement of laser technology. Laser processing technologies are in high demand, particularly for ultra-strong, ultra-thin, and ultra-clean glass processing.
- Growing demand from automotive industry, increasing demand for high-precision equipment, and rapid technology advancements are also driving this market forward.

Restraints and Challenges:

- The rise in compliance burden, as well as the high cost associated with the technology and its solutions for end user verticals, are among the primary factors limiting market growth, and will continue to provide a challenge to the laser technology market.
- High upfront investments are necessary to put up its design and infrastructure. The operating and setup process for laser technology is complicated, costly, and time-consuming, limiting the market's growth.
- The market's growth will be limited by a lack of skilled labor, challenges with government regulations, and uncertain regulatory environment.

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Market Segments:

- By Type:
Solid-state Lasers
Fiber Lasers
Ruby Lasers
YAG Lasers
Thin-Disk Lasers
Gas Lasers
CO2 Lasers
Excimer Lasers
He-Ne Lasers
Argon Lasers
Chemical Lasers
Liquid Lasers
Semiconductor Lasers

- By Application:
Laser Processing
Macro processing
Cutting
Drilling
Welding
Micro processing
Marking & Engraving
Optical Communications

- By End Use Industry:
Healthcare
Automotive
Telecommunications
Industrial
Semiconductor & Electronics
Aerospace & Defense

Key Players:

- IPG Photonics Corporation
- Lumentum Holdings Inc.
- Novanta Inc.
- LaserStar Technologies Corporation
- Epilog Laser
- Gravotech
- Bystronic Lasers
- Toptica Photonics
- Lumibird
- Eurolasers

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This release was published on openPR.