MarketsandMarkets
forecasts the laser
technology market to grow from USD 12.0 billion in 2017 to USD 16.9 billion
by 2024, at a compound annual growth rate (CAGR) of 4.6% during the forecast
period. The major factors that are expected to be driving the market are
increasing demand from healthcare vertical, enhanced performance of lasers over
traditional material processing techniques, and shift toward production of nano
and micro devices. The objective of the report is to define, describe, and
forecast the market size based on type, revenue, application, end user, and
region.
Laser
Technology Market by laser type, the CO2 laser segment holds the largest share
of the market
By
laser type segment, CO2 laser segment is expected to hold the largest market
share. The leading position, in terms of market size, of this type of laser can
be attributed to its considerably compact size, suitability for a wide range of
wavelengths, and utility in laser cutting, welding, structuring, perforating,
drilling, and laser marking applications.
Laser
Technology Market by revenue, the laser revenue segment is expected to grow at
a higher growth rate during the forecast period
Among
the revenue segment, the laser revenue segment is expected to grow at a higher
CAGR during the forecast period, owing to revenue generated from the sales of
several types of lasers, such as YAG laser, semiconductor laser, thin disk
laser, ruby laser, fiber laser, X-ray laser, dye laser, excimer laser, argon
laser, chemical laser, and helium-neon laser.
Laser
Technology Market by application, laser processing holds the largest share of
the market
Laser
processing application segment is expected to hold the largest market
share. This segment is likely to continue to hold the largest market share
during the forecast period, which can be attributed to its ability to provide
higher quality, more reliability, and more precise output than conventional
mechanical methods. Laser processing involves using laser for applications such
as materials processing, micro processing, and advanced processing.
Laser
Technology Market by end user, telecommunications holds the largest share
of the market
Telecommunications
end user segment is expected to hold the largest market share. This vertical is
likely to continue to hold the largest market share during the forecast period,
which can be attributed to laser technology’s ability to enable faster and
secure data transmission, while consuming low power. Lasers allow efficient and
higher bandwidth communication and it is the most crucial aspect in the
existence of the web; without laser communication one would not be able to
download images, music, and video files quickly.
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Asia
Pacific to account for the largest market size during the forecast period.
Asia
Pacific is expected to hold the largest market size in the laser technology
market during the forecast period. China, India, South Korea, and Japan are the
major contributors to the growth of the market in APAC. 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 market in APAC.
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