LOS ANGELES, March 23, 2021 (GLOBE NEWSWIRE) -- The Global Laser Technology Market is expected to grow at a CAGR of around 8.7% from 2020 to 2027 and reach the market value of over US$ 18.4 Bn by 2027.
According to the region, North America is expected to have the largest market share for laser technology. The tremendous growth in healthcare expenditure and infrastructure, increasing cosmetic surgeries, and a surge in the adoption of advanced technologies are the major factors driving the growth of the laser technology market. Apart from that, the presence of major players with new product offerings in the global market propels the laser technology market worldwide.
On the other hand, Asia-Pacific is projected to dominate the laser technology market in the forthcoming years by recording a significant CAGR. Rising investments in R&D and noticeable developments in the electronics & manufacturing sectors are predicted to drive the laser technology market growth globally. Additionally, surge in demand for cost-effective and fast processing laser machine tools from the semiconductor, industrial, telecommunication, and automotive vertical fuels the growth of the global laser technology market.
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Market Dynamics
Rising adoption of laser technology in medical industry foster the growth of global market
Laser technology in the medical sector has grown tremendously in recent years. A medical laser is a non-invasive light source that is used to treat tissues and provide quick healing without discoloration or scarring. These have a wide range of applications in dermatology, urology, ophthalmology, and dentistry. One of the key factors driving the global growth of the laser technology market is the increasing demand for medical lasers for the treatment of a wide range of diseases, as well as the growing demand for non-invasive therapies.
Market Restraints
Laser technology has seen widespread adoption due to its multitasking capabilities in a variety of industry verticals. However, significant initial investment and venture capital funds are required to establish its architecture and infrastructure. The operation and setup process is much more complicated, costly, and time-consuming, suppressing the global growth of the laser technology market. Although advanced solutions are advantageous in the long run, deployment costs are prohibitively high, particularly for SMEs, impeding the growth of the global laser technology market.
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Segmental Outlook
The laser technology market is segmented based on laser type, revenue, application, and end-user. By laser type, the market is segmented based on solid, liquid, gas, and others. By revenue, the market is bifurcated into laser revenue and system revenue. Based on application, the market is further segmented as laser processing, optical communication, and others. Furthermore, end-user industry is segmented as telecommunications, industrial, semiconductor & electronics, commercial, and others.
Based on laser type, the solid-state laser is anticipated to hold the largest market share during the forecast period. By application, the optical communication segment is expected to exhibit the highest market share in the forthcoming years. Furthermore, based on revenue, system revenue is expected to account largest market share for the laser technology market globally.
Competitive Landscape
The major players involved in the laser technology market involve Coherent, Inc., IPG Photonics Corporation, TRUMPF, Lumentum Operations LLC, Jenoptik, Novanta, LUMIBIRD, LaserStar Technologies Corporation, Epilog Laser, and among others.
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Some of the key observations regarding laser technology industry include:
- In January 2021, Coherent, Inc., announced a definitive agreement with Lumentum Holdings Inc. (“Lumentum”). The partnership unites Coherent's leading photonics and laser businesses, including Microelectronics, Precision Manufacturing, Instrumentation, and Aerospace & Defense markets, with Lumentum’s leading Telecom, Datacom, and 3D Sensing photonics businesses, creating a diversified photonics technology company with significantly increased scale and market reach.
- In February 2021, Jenoptik, and 4JET jointly announced the launching of new technology. Further, Jenoptik’s Light & Production Division announces cooperation with the 4JET Group to jointly drive the commercialization of innovative laser prototyping technology. The technology enables rapid photo typing of vehicle tires through precise laser material processing. The process replaces the time-consuming manual carving of tires and thus significantly reduces development cycles and prototyping costs in tire development.
- In July 2020, IPG Photonics Corporation announced the launching of a new product namely, "YLR-U series near-infrared 1 μm fiber lasers". The new series are the world's highest performance industrial grade kilowatt-class continuous wave (CW) ytterbium fiber lasers. With the smallest size and lowest weight in the industry, these lasers deliver unmatched performance in ultra-compact form factor with a record power to volume ratio.
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