Dublin, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The "Global Laser Technology Market by Type (Solid, Liquid, Gas), Product (Laser, System), Application (Laser Processing, Optical Communication, Optoelectronic Devices), Vertical (Telecommunications, Industrial) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The laser technology market size is expected to grow from USD 16.7 billion in 2022 to USD 25.6 billion by 2027; it is expected to grow at a CAGR of 8.9% from 2022 to 2027.
Solid lasers held the largest share in 2021 and are expected to grow at the highest rate from 2022 to 2027
Solid lasers are the most extensively used laser type which find applications across verticals such as medical where they are used for biomedical imaging, spectroscopy, and multiphoton microscopy and for material processing applications in industrial and automotive verticals. Solid state lasers, especially fiber lasers, are extensively used in laser-based weapon technology, thereby promoting their adoption in the defense sector.
System segment accounted for the dominating share of the laser technology market in 2021
Laser systems are being increasingly adopted across verticals such as industrial and automotive for variety of processes such as welding, cutting, drilling, scribing, and engraving etc. There is a rising demand for laser engraving systems in the region for marking aircraft parts due to their high durability compared to traditional engraving processes. In the commercial vertical, laser engraving systems are used for developing smart cards and identification cards.
Laser processing application segment accounted for the largest share and optical communication held the second largest share of the laser technology market in 2021
There is a growing demand for laser technology for material processing applications across industries. In the iron & steel industry, for steel and aluminum sheets, laser cutting is better than plasma cutting as it provides more accuracy and consumes lesser energy. Additionally, the high density of laser helps bring a material's surface to the melting temperature quickly, which reduces the beam interaction time compared with traditional methods, such as gas tungsten arc welding (GTAW) or tungsten inert gas (TIG) welding, thereby increasing the demand for laser processing methods over traditional material processing techniques. Increasing use for laser technology in broadband distribution and data networking is enabling increased adoption of laser technology in optical communication applications.
Telecommunications vertical held the largest share and the industrial vertical held the second largest share of the laser technology market in 2021
Laser technology is extensively used in optical fiber communications, especially for transmitting information over large distances with low loss owing to lesser divergence. Laser technologies are extensively used in space and underwater communication techniques. Laser technology is also used in optical information processing in the telecommunications industry. Laser technology is used in mining, manufacturing, and architecture firms for applications such as cutting, drilling, welding, soldering, cladding, lighting, hardening, surface treatment, marking, engraving, ablating, micromachining, pulsed laser deposition, and lithography. Laser offers quick processing, high precision, and reduced cost benefits, thereby increasing their demand in the industrial vertical.
Asia Pacific accounted for the largest share and Europe held the second largest share of the laser technology market in 2021
The increasing industrialization in developing economies of the region is fueling the adoption of laser technology in industrial manufacturing processes such as welding, engraving, and cutting. The demand for lasers in the region is constantly increasing owing to the rise in the manufacturing of machine tools required in several industries. Expanding semiconductor industry in the region is increasing demand for laser-based material processing methods, including laser lithography, which, in turn, is fueling the growth of the laser technology market.
Market Dynamics
Drivers
- Increasing Demand for Laser Technology in Healthcare Vertical
- Better Performance of Laser-Based Techniques Compared with Traditional Material Processing Methods
- Rising Preference for Laser-Based Material Processing Over Traditional Approaches
- Shift Toward Production of Nanodevices and Microdevices
- Growing Adoption of Smart Manufacturing Techniques
Restraints
- High Deployment Cost
Opportunities
- Growing Use of Laser Technology for Quality Checks in Various Verticals
- Increasing Use of Laser Technology for Optical Communication
Challenges
- Environmental Concerns Associated with Use of Rare-Earth Elements
- Technical Complexities Related to High-Power Lasers
- Contamination of Materials During Laser Welding Process
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Laser Technology Market, by Type
7 Laser Technology Market, by Product
8 Laser Technology Market, by Application
9 Laser Technology Market, by Vertical
10 Laser Technology Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
- 600 Group
- Alphalas GmbH
- Applied Laser Technology, Inc.
- Arima Lasers Corp.
- Bystronic Lasers
- Coherent
- Epilog Laser
- Eurolaser
- Focuslight Technologies
- Gravotech
- Han'S Laser
- Inno Laser Technology Co., Ltd.
- Ipg Photonics
- Jenoptik
- Laserstar
- Lumentum
- Lumibird
- Mks Instruments
- Nkt Photonics GmbH
- Novanta
- Photonics Industries
- Sfx Laser
- Toptica Photonics
- Trumpf
- Vescent Photonics LLC
For more information about this report visit https://www.researchandmarkets.com/r/vh6441
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