The
report "Laser
Technology Market by Type (Carbon Dioxide Laser, Fiber Laser, and
Solid State Laser), Revenue (Laser Revenue and System Revenue), Application
(Laser Processing and Optical Communications), End User, Geography – Global
Forecast to 2024" According
to the new research report, the overall laser technology market is expected to
grow from USD 12.9 billion in 2018 to USD 16.9 billion by 2024, at a CAGR of
4.65%. Huge demand from the healthcare vertical, enhanced performance over
traditional material processing techniques, and shift toward production of nano
and micro devices are the key factors driving the growth of this market.
CO2 laser type expected to gain
significant share of laser technology market by 2023
CO2
laser type accounts for the largest share of the laser technology market. The
leading position, in terms of market size, of CO2 laser can be attributed to
its considerably 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 is a
continuous wave laser of high power, which has a wide range of commercial,
industrial, and military applications.
Laser technology market for “others”
end-user category to grow at highest CAGR from 2018 to 2024
The
market for the “others” end-user category is expected to grow at the highest
CAGR from 2018 to 2024. Oil & gas, iron & steel, tobacco, glass, wood,
retail, and plastic end-user verticals are expected to contribute to the growth
of the market for “others” end-user category. In the retail segment, laser
technology is used for applications such as barcode scanning, barcode marking,
advertising, and security systems; in the glass segment, laser technology
prevents the risk of breakage and micro-cracks during production.
Laser technology market in APAC to grow
at highest CAGR during forecast period
The
laser technology market in APAC is expected to grow at the highest CAGR during
the forecast period. Continuous demand for cost-effective and fast processing
laser machine tools from semiconductor, automotive, industrial, and
telecommunications verticals are expected to drive the growth of the laser
technology market in APAC. APAC has been ahead in terms of adoption of laser
technology products and solutions compared to other regions. The region’s huge
population, increasing R&D investments, and growing manufacturing and
electronics sectors are expected to drive the growth of the laser technology
market.
Key
players in the market include Coherent (US), IPG Photonics (US), Trumpf
(Germany), Lumentum (US), Jenoptik (US), Novanta (US), Lumibird (France),
LaserStar (US), Epilog Laser (US), and MKS Instruments (US). These players are
increasingly undertaking product launches and mergers and acquisitions to
increase their market shares.
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