Global laser technology market size was valued at US$ 12.4 Bn in 2017 and is expected to reach US$ 18.1 Bn by 2026 to exhibit a CAGR of 4.84 % during the forecast period.
Global Laser Technology market
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding the global laser technology market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global laser technology market.
A laser is a device that radiates a beam of coherent light through an optical amplification process. There are many types of lasers containing gas lasers, fiber lasers, solid state lasers, dye lasers, diode lasers, and excimer lasers. There are several applications of laser technology including the laser range finding, information processing, bar code readers, laser surgery, holographic imaging, laser spectroscopy, and laser material and so on.
Laser technology offers high accuracy with minimum environment effect which is a major factor contributing to the growing popularity of lasers. Increasing demand from healthcare vertical, better performance of lasers over outdated material processing techniques and the technology shift towards the modern approach of production of nano and microdevices have been instrumental in driving the laser technology market growth.
Higher power consumption, burning, and difficulty in cutting certain tools in the material processing market and regulatory compliance are hampers the growth of the Laser technology market. The necessity for low-cost solutions is the major challenges of the laser technology market. However, increasing adoption of laser technology in various verticals for quality check and growing use of lasers for optical communications is creating several opportunities for the laser technology market.
system revenue segment is expected to dominate in the forecast period due to the prominent position, in terms of market size, of the system revenue segment can be recognized to the, capability of the systems in performing a wide range of functions, which enlarges their usefulness across some verticals, such as industrial, commercial, automotive, and medical. System revenue covers the revenue produced from the sales of several types of laser systems, such as systems for marking & engraving, welding & brazing, cutting and so on.
Laser processing application segment is estimated to hold the largest share of the market due to its capacity to deliver better quality and reliability and extra precise output than conventional mechanical systems. Laser processing includes using the laser for applications like materials processing, microprocessing, and advanced processing.
CO2 has a leading position in the global market because of this types of the laser is compact sized for a sealed laser, suitability for a wide range of wavelengths, and utility in laser cutting, welding, structuring, perforating, drilling, and laser marking applications. A CO2 laser has a wide range of commercial, industrial, and military applications. Owing to these factors CO2 laser hold the largest share of the global laser technology market during the forecast period.
The Asia Pacific is expected to hold the largest market share during the forecast period due to the increasing demand for cost-effective and fast processing laser machine equipment from the semiconductor, automotive, industrial, and telecommunications industries are projected to drive the progress of the laser technology market in APAC. The region’s vast population, growing R&D investments, rising manufacturing and electronics sectors are anticipated to drive the development of the market.