ID: MRFR/ICT/3673-HCR | 100 Pages | Published By Ankit Gupta on March 2023
Laser Technology Market is expected to grow USD 32.3 Billion by 2030, at a CAGR of 9.50%.
Laser systems are widely used in the automotive sectors for cutting airbag cloth and composite materials. Increasing the implementation of laser processing in material processing applications like cutting, welding, engraving, and others increases the growth of laser technology. On February 09, 2019, Corning Incorporated partnered with Altechna R&D and developed new laser glass processing technologies. The demand for laser processing technologies is growing mainly for ultra-strong, ultra-thin, and ultra-clean glass processing solutions.
The rise in demand for optical communication drives the market growth of laser technologies which consumes less power for data transmission. A new high-precision laser processing tool used for commercial availability was launched by Corning Incorporated on December 20, 2016. These tools are used for cutting and drilling strengthened and non-strengthened glass. It is also used for crystalline materials and processing micro materials like OLED, polyimide, wafers, ceramics, plastics, and others. In 2020, the laser technology market size is USD 11.7 billion and is expected to grow USD 32.3 Billion by 2030, at a CAGR of 9.50%.
The COVID-19 pandemic is adversely impacted all over the world. Most of the business sector is impacted negatively and reduces the demand for their products. Due to the lockdowns in various countries, the manufacturing sector is severely affected by supply chain disruptions, lack of labor, lack of raw materials, and many more which results in reducing the demand over the particular business.
Researchers across the globe are taking steps to develop laser sensors that can detect the virus at the earliest point of infection from nasal swabs or saliva within a few minutes. The California Institute of Technology (Caltech) in October 2020 launched a cost-effective wireless sensor “SARS-CoV-2 RapidPlex” which enables the COVID-19 virus diagnosis through rapid analysis of blood or saliva within a few minutes. This wireless sensor transmits the information to the end user’s cell phone via Bluetooth. Apart, Quantlase Imaging Lab introduced an innovative rapid COVID-19 laser testing technology for testing and monitoring coronavirus in all industry verticals. This is a DPI technique that is cost-effective, user-friendly, and non-invasive.
The rise in demand from the healthcare vertical and better performance of lasers over traditional material processing techniques are the major key factors that increase the growth of the laser technology market. A medical laser is an intensive and non-invasive light source that treats tissues and provides quick healing without discoloration or scarring. This laser is used in various applications in the treatment of dermatology, urology, ophthalmology, dentistry, etc. The treatment of numerous diseases and the increasing demand for non-invasive therapies make the need for medical lasers and hence there will be a growth in the laser technology market.
The rise in the adoption of various technologies using laser-based applications like AR/VR, a vertical-cavity surface-emitting laser, and light detection and ranging (LiDAR) are expected to grow the laser technology market. Advancements in photonics technology, favorable government investments, increase in demand in oil & gas, medical, increasing demand for lasers in military & defense sector, rising adoption in semiconductor optoelectronics, and more applications are increasing the demand for laser technology.
The laser technology is used in various applications for its multi-tasking abilities. To set up its architecture and infrastructure, high upfront investments and vast venture capital funds are required. The operation and setup process of the laser technology is complicated, expensive, and also requires enormous resources which hampers the growth of the market.
The increase in the adoption of consumer electronic devices is the major opportunity for the growth of laser technology. The laser technology market in Europe is expected to increase growth during the forecast period.
Lack of skilled workforce, issues related to government standards, and uncertain regulatory compliance are the factors limiting the growth of the market during the forecast period.
The global laser technology market research has been segmented based on the type, application, verticals, and region.
Based on type
The global laser technology market based on the type is segmented into the solid laser, liquid laser, gas laser, and others. Among these, the solid laser segment is expected to hold the largest market share during the assessment period for its rise in demand for pulsed lasers for numerous health applications. This pulsed laser includes melasma treatment, many cosmetic procedures, scar removal, skin resurfacing, etc.
Based on Application
Based on the application, the laser technology market is segmented into laser processing applications like gyroscopes, printers, scanners, rangefinders, headlights, security systems, optical communication, and others. The laser processing segment is expected to account for the highest market share in the predicted period for the rise in the adoption of material processing applications. Optical communication also holds significant market growth over the forecast period.
Based on Verticals
The global laser technology market based on the verticals is segmented into healthcare, IT & telecommunication, aerospace & defense, automotive, and some more. Out of these, the healthcare segment is expected to gain traction in the coming years for its growing adoption of laser technology for confocal microscopy, dermatological treatment, ontogenetic, laser vision correction, and dynamic contrast-enhanced MRI.
Based on Region
The global laser technology market based on the region is segmented into Asia-Pacific, Europe, North America, and the Rest of the world. Out of these, North America dominates the market due to its rise in the adoption of consumer electronic devices.
Geographically, the laser technology market is divided into North America, Europe, Asia-Pacific, and the Rest of the world. North America is expected to exhibit the highest growth rate during the forecast period for its escalating healthcare expenditure, increasing the number of cosmetic surgeries, increase in advanced technologies fuel the market growth. The laser technology market top players Coherent Inc., IPG Photonics Corporation, Corning Incorporated are fueling the demand for laser-based solutions in sectors like defense, consumer electronics, etc. Asia-Pacific is expected to dominate the market for its rise in R&D investments and rise in electronics, OEMs, and manufacturing sectors.
The prominent key players in the laser technology business are the following:
This global laser technology research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the laser technology market drivers, restraints, challenges, and opportunities. The laser technology market segments are type, application, verticals, and region.
The laser technology market outlook is segmented into type, application, verticals, and region.
Solid laser, liquid laser, gas laser, and others.
Laser processing applications like gyroscopes, printers, scanners, rangefinders, headlights, security systems, optical communication, and others
Healthcare, IT & telecommunication, aerospace & defense, automotive, and some more.
Asia-Pacific, Europe, North America, and the Rest of the world are the main geographies included in this market.
|Market Size||32.3 Billion by 2030|
|CAGR||9.50% CAGR from 2022-2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Coherent, Inc. (U.S.), Corning Incorporated (U.S.), IPG Photonics Corp. (U.S.), Micron Laser Technology (U.S.), Trumpf Group (Germany), Laser Technology, Inc. (U.S.), Lumentum Holdings Inc. (U.S.), Haas Laser Technologies Inc. (U.S.), Jeanoptik AG (Germany), Novanta Inc. (U.S.), Quantel Group (U.K), LasaerStar Technologies Corp. (U.S.), ALT Advanced Lazer Technologies (U.K), Applied Laser Technology, Inc. (U.S.), Epilog Laser (U.S.), NeoPhotonics Corporation (U.S.), Han's Laser Technology Co., Ltd (China), MKS Instruments (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||The factor that drive the market growth of laser technologies is the increasing implementation of lasers in material processing applications such as cutting, welding, engraving and others.|
The global laser technology market is expected to reach revenue generation of 32.3 Billion by 2030
The global laser technology market is expected witness substantial growth at a CAGR of 9.50% over the review period of 2022-2030
A few major players of the laser technology market are Corning Incorporated (U.S.), Micron Laser Technology (U.S.), IPG Photonics Corp. (U.S.), LasaerStar Technologies Corp. (U.S.), and others.
The growing demand for optical communication is the driving factor for the market growth of laser technologies over the review period.
Asia Pacific countries such as China, Japan, and India is a promising laser technology market, which is estimated to mature at the highest CAGR in the coming years.