The global laser technology market size is projected to reach USD 25.6 billion by 2027, at a CAGR of 8.9% during the forecast period.
Rising
demand from healthcare vertical and increasing production of nanodevices and
micro devices are the major factors driving the growth of the market. Moreover,
better performance of laser-based techniques over traditional material
processing methods is another key factor for the growth of the laser technology
industry.
Solid laser held the
largest share of the laser technology market.
Solid lasers prevent the
wastage of materials in the active medium, owing to which they are used
extensively across medical and research applications like spectroscopy and
imaging etc.
Solid lasers produce
both continuous and pulsed output at a higher efficiency than He-Ne
(Helium-Neon) and Argon lasers by about 2–3%, making them suitable for multiple
applications across several domains such as telecommunications and automotive.
System segment held the
largest share of the laser technology market.
The ability of laser
systems to perform a wide range of functions such as scribing, cutting,
engraving, welding, and marking etc. is increasing their use across various
verticals, such as industrial, commercial, automotive, and medical.
Moreover, increasing
adoption by mid-sized and small manufacturers worldwide to expand their product
lines and increase productivity is driving the demand for laser systems.
Laser processing held
the largest share of the laser technology market.
The laser processing
segment is driven by its ability to provide higher quality, more reliable, and
more precise output than conventional mechanical methods.
Increasing necessity for
techniques to improve accuracy of material processing techniques and rising
demand to reduce turn-around time is driving the adoption of laser technology
for material processing applications across verticals such as automotive and semiconductor
& electronics.
Telecommunications
vertical held the largest share of the laser technology market.
Laser communication
provides high data transfer rates with low power consumption and is a highly
secure medium for data transmission, thus driving their adoption in the
telecommunications vertical. In the telecommunications vertical, laser
technology is also used for signal strength optimization.
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Asia Pacific held the
largest share of the laser technology market.
The market in Asia
Pacific held the largest share (41.4%) of the overall market in 2021. Asia
Pacific has been ahead in the adoption of laser technology products and
solutions compared with other regions.
Growing manufacturing
owing to increasing industrialization in the region is a key factor driving the
adoption of laser technology for industrial processes such as drilling,
welding, and cutting etc. Moreover, increasing R&D investments has resulted
in development of laser systems which enable effective signal transmission over
large distances.
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