NEW YORK, April 20, 2016 /PRNewswire/ -- Global Laser Technology– Market Size and Drivers:
The laser technology market is expected to grow from USD 10.09 billion in 2015 to reach USD 14.67 billion by 2022, at a CAGR of 5.33% between 2016 and 2022. Growing focus of manufacturers and industrialists on implementing laser technology in the manufacturing processes is one of the major driving factors for this market. In addition to this, the increasing adoption of laser technology in biology, scientific research, and medical sectors due to its benefits is also accelerating the growth of the laser technology market.
"The optical communication application expected to witness the highest growth rate during the forecast period"
The application of laser in optical communication has been one of the driving factors for the development of the laser technology. Laser has shorter wavelength and is less divergent than radio signals due to which it can achieve higher data rates and consume lesser power for data transmission. These features, coupled with low-payload weight, have made laser communication terminals interesting for applications such as space telescopes, on-board satellites, and scientific space probes.
"The market in APAC expected to hold the largest share and grow at the highest rate"
The market in APAC is expected to hold the largest share of the laser technology market and to witness the highest growth rate during the forecast period. This growth can be credited to the high adoption of this technology in this region, especially in China and Japan. The manufacturing companies based out of China and Japan are increasingly making use of laser technology-based products for material processing which is leading to the growth of this market in APAC. Rapid modernization in the countries of APAC has accelerated the growth, especially of the semiconductor & electronics vertical which has ultimately led to the growth of the laser technology market in this region.
In the process of determining and verifying, the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The breakup of profile of primary participants is given below:
- By Company Type: Tier 1 – 22%, Tier 2 – 35%, and Tier 3 – 43%
- By Designation: C-Level – 29%, Director level – 37%, and Others – 34%
- By Region: North America – 39%, Europe – 31%, APAC – 21%, and RoW – 9%
The key players in the market include Coherent, Inc. (U.S.), Trumpf Group (Germany), IPG Photonics Corp. (U.S.), ROFIN-SINAR Technologies, Inc. (U.S.), Newport Corp. (U.S.), Jenoptik AG (Germany), Lumentum Holdings, Inc. (U.S.), GSI Group, Inc. (U.S.), Han's Laser Technology Industry Group Co., Ltd. (China), and Epilog Laser (U.S.) among others.
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the laser technology market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different laser type, application, vertical, and geography.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to better understand the competitor and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product launches, joint ventures, agreements, expansions, and mergers & acquisitions.
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