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Laser Technology Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | IPG Photonics Corporation, Trumpf lasers Laser plc, Lumentum Operations LLC, Jenoptik AG, Novanta Photonics Inc
Laser Technology Market Size
The Business Research Company offers in-depth market insights through Laser Technology Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The laser technology market size has grown strongly in recent years. It will grow from $13.89 billion in 2023 to $15.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to adoption in medical and surgical procedures, adoption in communication and data transmission, adoption in entertainment and display, increased use in semiconductor manufacturing, adoption in defense and military applications.
The laser technology market size is expected to see strong growth in the next few years. It will grow to $21.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to adoption of green and fiber lasers, use in space exploration, use in laser art and design, biometric authentication, use in renewable energy. Major trends in the forecast period include quantum technologies, 5g and optical networks, laser beam steering, quantum dots and nanomaterials, laser-based microscopy.
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Market Segmentation:
The main types of laser technology are solid laser, liquid laser, and gas laser. Liquid lasers are optically pumped lasers in which the gain medium is a liquid at room temperature. The applications of laser technology include laser processing, optical communications, and other applications. The various end-users of laser technology include telecommunications, industrial, semiconductor and electronics, commercial, aerospace and defense, automotive, medical, research, and other end-users.
Major Driver - Consumer Electronics Driving Growth In Laser Technology Market
Increased usage of consumer electronic gadgets is expected to propel the growth of the laser technology market going forward. Consumer electronics refer to electronic devices such as smartphones, television, and computers. Laser technology helps provide innovative solutions for the manufacturing of consumer electronics. For instance, in October 2021, according to The Economic Times, an Indian business newspaper, India has the highest mobile data consumption rate at 12 Gigabytes or GB per user a month in the world, and the country is adding 25 million new smartphone users every quarter. Therefore, increased usage of consumer electronic gadgets is expected to boost demand for laser technology market during the forecast period.
Competitive Landscape:
Major companies operating in the laser technology market include IPG Photonics Corporation, Trumpf lasers Laser plc, Lumentum Operations LLC, Jenoptik AG, Novanta Photonics Inc., Coherent Inc., IPG Photonics Corporation, LUMIBIRD Group, LaserStar Technologies Corporation, Epilog Laser India Pvt. Ltd., Han's Laser Technology Industry Group Co. Ltd., MKS Instruments Inc., Gravotech Pvt. Ltd., Corning Incorporated, Eurolaser GmbH, BYSTRONIC Laser AG, Newport Corporation, Rofin-Sinar Technologies Inc., Amplitude Laser Group, Laser Quantum Ltd., NKT Photonics A/S, Quantel Group, SPI Lasers UK Ltd., Laserline GmbH, Raycus Fiber Laser Technologies Co. Ltd., Laserax Inc., Laser Components GmbH, Meller Optics Inc., JenLas Diodenlaser GmbH, Epilog Laser
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Top Trend - Strengthening Market Presence Through Strategic Alliances
Strategic collaborations are a key trend gaining popularity in the laser technology market. Companies operating in laser technology services are undergoing partnerships to enhance their new product development activities through mutual sharing of technologies and strengthen their market position. For instance, in February 2022, Trumpf, a German-based laser technology company, partnered with Marvel Fusion, a German-based startup developing a revolutionary fusion technique based on Chirped Pulse Amplification (CPA) lasers. This collaboration hopes to speed the development of their revolutionary fusion technology. Further, in March 2022, Tematys, a Scottish-based laser technology company collaborated with Chromacity, a UK-based manufacturer of compact femtosecond laser solutions and tunable optical parametric oscillators. This collaboration hopes to increase sales of its "ultrafast" technology to industrial companies in France.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Laser Technology Market Characteristics
3. Laser Technology Market Trends And Strategies
4. Laser Technology Market - Macro Economic Scenario
5. Laser Technology Market Size And Growth
…..
27. Laser Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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