Global Laser Technology Market Key Players, Demands, Size, Share, Application, Trends, Growth Rate and Forecasts to 2027

The laser technology market size is expected to grow from USD 16.7 billion in 2022 to USD 25.6 billion by 2027; it is expected to grow at a CAGR of 8.9% from 2022 to 2027. The key factors driving the growth of the laser technology market are growing adoption of laser technology in the medical vertical and growing preference for laser-based material processing methods over traditional approaches. Growing use of laser technology in optical communication and rapidly increasing demand for smart manufacturing techniques are major factors contributing to the growth of the laser technology market.

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"Solid lasers held the largest share in 2021 and are expected to grow at the highest rate from 2022 to 2027"
Solid lasers are the most extensively used laser type which find applications across verticals such as medicine where they are used for biomedical imaging, spectroscopy, and multiphoton microscopy and for material processing applications in industrial and automotive verticals. Solid state lasers, especially fiber lasers, are extensively used in laser-based weapon technology, thereby promoting their adoption in the defense sector.

"System segment accounted for the dominating share of the laser technology market in 2021"
Laser systems are being increasingly adopted across verticals such as industrial and automotive for variety of processes such as welding, cutting, drilling, scribing, and engraving etc. There is a rising demand for laser engraving systems in the region for marking aircraft parts due to their high durability compared to traditional engraving processes. In the commercial vertical, laser engraving systems are used for developing smart cards and identification cards.

"Laser processing application segment accounted for the largest share and optical communication held the second largest share of the laser technology market in 2021"
There is a growing demand for laser technology for material processing applications across industries. In the iron & steel industry, for steel and aluminum sheets, laser cutting is better than plasma cutting as it provides more accuracy and consumes lesser energy. Additionally, the high density of laser helps bring a material's surface to the melting temperature quickly, which reduces the beam interaction time compared with traditional methods, such as gas tungsten arc welding (GTAW) or tungsten inert gas (TIG) welding, thereby increasing the demand for laser processing methods over traditional material processing techniques. Increasing use for laser technology in broadband distribution and data networking is enabling increased adoption of laser technology in optical communication applications.

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"Telecommunications vertical held the largest share and the industrial vertical held the second largest share of the laser technology market in 2021"
Laser technology is extensively used in optical fiber communications, especially for transmitting information over large distances with low loss owing to lesser divergence. Laser technology are extensively used in space and underwater communication techniques. Laser technology is also used in optical information processing in the telecommunications industry. Laser technology is used in mining, manufacturing, and architecture firms for applications such as cutting, drilling, welding, soldering, cladding, lighting, hardening, surface treatment, marking, engraving, ablating, micromachining, pulsed laser deposition, and lithography. Laser offers quick processing, high precision, and reduced cost benefits, thereby increasing their demand in the industrial vertical.

"Asia Pacific accounted for the largest share and Europe held the second largest share of the laser technology market in 2021"
The increasing industrialization in developing economies of the region is fueling the adoption of laser technology in industrial manufacturing processes such as welding, engraving, and cutting. The demand for lasers in the region is constantly increasing owing to the rise in the manufacturing of machine tools required in several industries. Expanding semiconductor industry in the region is increasing demand for laser-based material processing methods, including laser lithography, which, in turn, is fueling the growth of the laser technology market. In Europe, there is a growing demand for broadband connections with high bandwidth, and most of the revenue is generated from connecting devices. Europe's strong industrial base is globally recognized for its outstanding engineering capabilities, quality workforce, and R&D activities. Owing to these factors, Europe provides excellent growth opportunities for the laser technology market. Moreover, the presence of prominent automobile, aerospace & defense, and medical companies in the region, such as Volkswagen (Germany), Daimler (Germany), Airbus (Netherlands), Dassault Aviation (France), and Novartis (Switzerland), is expected to fuel the demand for laser products and solutions.

The break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
• By Designation: C-Level Executives = 35%, Directors= 25%, and Others= 40%
• By Region: North America = 14%, Europe = 43%, Asia Pacific = 29%, and RoW= 14%

Major players operating in the laser technology market include Coherent (US), IPG Photonics (US), Han's Laser (China), Jenoptik (Germany), TRUMPF (Germany), Gravotech (France), Lumentum (US), Novanta (US), Bystronic Lasers (Switzerland), and Lumibrid (France), among others.

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Research Coverage:
The research report on the global laser technology market covers the market based on type, product, application, vertical, and region. Based on type, the laser technology market has been segmented into solid, gas, liquid, and others (photonic crystal and industrial short-pulse). Based on product, the laser technology market is segmented into laser and system. Based on application, the laser technology market is segmented into laser processing, optical communication, optoelectronic devices, and others (gyroscopes, rangefinders, and security systems). Based on vertical, the laser technology market is segmented into telecommunications, semiconductor & electronics, medical, research, industrial, commercial, automotive, aerospace & defense, and others (oil & glass, iron & steel, tobacco, glass, wood, retail, & plastics). The report covers four major regions, namely, North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).

Key Benefits of Buying the Report:
• This report segments the laser technology market comprehensively and provides the closest approximations of the overall market size, as well as that of the sub-segments across different types, products, applications, verticals, and regions.
• The report helps stakeholders understand the pulse of the market, and expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities.

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This release was published on openPR.