Laser Safety Glasses Market Revenue Growth to Reach US$ 613.3 Mn by 2025
Market Drivers and Restraints
Increasing application areas for laser technology coupled with stringent regulations for worker safety are factors anticipated to further drive demand for laser safety glasses during the forecast period. Technological advancements in laser technology has created wider scope for application of laser safety glasses in the medical field, wherein lasers are used in oncology, cosmetic surgery, dentistry, dermatology and other procedures. Intense laser beams used in these surgical procedures demands usage of high-quality laser safety glasses. Increasing awareness and rising stringent regulations regarding hazards of exposure to lasers, as well as growing selections with regard to comfort and design of laser safety glasses being offered by manufacturers are further driving growth of the global laser safety glasses market. Moreover, Federal Aviation Administration (U.S.) reported a strong rise in laser accidents in the aviation industry during the last few years, which is expected to increase usage of laser safety glasses in military, aerospace and defence sectors.
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Complex certification requirements for commercialization of laser safety glasses in EU countries can be a potential threat for growth of the laser safety glasses market. Also, rising application of laser safety glasses, especially in medical industry has attracted regional well as international market players in the field. This has resulted in stiff competition in the laser safety glasses industry due to constant product innovation by major players.
Increasing popularity of laser surgery across various medical branches is expected to offer lucrative opportunities in the laser safety glasses market. Laser surgeries are bladeless, painless and leave no visible marks on patients. Thus, laser treatment is rapidly becoming popular in various fields such as dermatology and eye surgery. This has created major potential opportunity for laser protection glasses manufacturers, and this trend is expected to continue over the forecast period.
Geography-wise, North America dominated the global laser safety glasses market in 2014, accounting for approximately one-third value share of the global laser safety glasses market. The North America laser safety glasses market is expected to witness healthy growth over the next few years. Manufacturers in the region are actively launching new laser safety glass products with different styles and shapes, to capitalise on this growing trend.
Revenue contribution of Asia Pacific excluding Japan (APEJ) to the global laser safety glasses market is projected to increase at a relatively high CAGR of 10.3% over the forecast period. The laser safety glasses market continues to be fragmented in this region, mainly due to low entry barriers for manufacturers. Furthermore, various domestic products are easily accessible in the region, offering value-added laser safety glasses products at low prices. Western Europe is a mature market for laser safety glasses and is projected to witness stable growth through 2025, attributed to rise in demand for laser safety glasses in Germany, the U.K. and France. Japan laser safety glasses market is expected to witness sluggish growth over the forecast period and is expected to lose market share to emerging markets in Asia Pacific such as China and India.
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On the basis of technology type, the glass laser safety eyewear segment dominated the global laser safety glasses market in 2014 in terms of revenue. Revenue contribution of the segment is expected to increase at a CAGR of 7.6% during the forecast period. In terms of revenue, the laser protective face shields and thin-film glasses segment is expected to register significant CAGR during 2015–2025, due to their increasing applications in medical and automotive manufacturing segments.
On the basis of application type, the medical segment dominated the global laser safety glasses market in 2014 in terms of revenue, accounting for over 40.0% share of the global laser safety glasses market. This segment is expected to lose market share to the military & defence and automotive manufacturing segments, which are projected to expand at significant CAGRs of 8.8% and 8.6%, respectively during the forecast period.
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Key market players covered in the report include Honeywell International Inc., uvex Group, Phillips Safety Products, Inc., Thorlabs, Inc., Univent Optical Technologies, Kentek Corporation, Laser Safety Industries, NoIR Laser Company LLC, Global Laser Ltd. And VS Eyewear. Most players in the market are engaged in various activities, such as mergers and acquisitions, increasing investments in technological and product developments, geographical expansion and brand building via strong marketing strategies, in order to sustain their position in the competitive market.
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