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Laser Technology Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast
Laser Technology Global Market Report 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Laser Technology Market 2024 Key Insights:
• 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%.
• Consumer Electronics Driving Growth In Laser Technology Market
• Strengthening Market Presence Through Strategic Alliances
• Asia-Pacific was the largest region in the laser technology market in 2023
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