PUNE, India, May 8, 2017 /PRNewswire/ --
According to the new market research report on the "Laser Technology Market by Type (Solid, Liquid, & Gas), Application (Optical communication & laser processing), Vertical (Commercial, Telecom, Research, Defense, Medical, Automotive, Electronics, & Industrial), & Geography - Global Forecast to 2022", published by MarketsandMarkets™, this market is expected to be valued at USD 15.38 Billion by 2022, at a CAGR of 5.2% between 2017 and 2022.
Browse 64 market data Tables and 60 Figures spread through 145 Pages and in-depth TOC on "Laser Technology Market"
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Solid laser expected to have the largest market size by 2022
Solid laser accounted for the largest share of the laser technology market based on type segment in 2016. This growth can be attributed to the ability of solid laser to prevent material wastage when in the active medium and produce both continuous and pulsed output at a higher efficiency. Moreover, solid laser can be used in applications such as drilling holes in metals and endoscopy.
Optical communication application to grow at the highest rate during the forecast period
The laser technology market for optical communication application is expected to grow at the highest rate during the forecast period. Laser technology is used in high-speed transmission of data in digital and analog fiber optic networks, which makes it suitable for the optical communication. This factor is expected to drive the growth of this market during 2017-2022.
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Laser technology market for the commercial vertical is expected to grow at the highest rate during the forecast period
The laser technology market for the commercial vertical is expected to grow at the highest rate between 2017 and 2022. This high market growth rate can be attributed to the increasing use of laser technology in laser projectors, smart card, signage devices, printers, awards and gifts modeling, and barcode marking.
APAC expected to hold the largest share of the laser technology market during the forecast period
Asia Pacific (APAC) is expected to hold the largest share of the laser technology market during 2017-2022. This growth can be attributed to the increasing demand for cost-effective and fast processing laser machine tools from the semiconductor, industrial, telecommunication, and automotive vertical. Cost advantages and initiatives by different countries in this region are expected to boost the domestic manufacturing and provide further impetus for the growth of the laser technology market.
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The report also profiles the most promising players in the laser technology market. The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a force to reckon with. The key players in this market are Coherent, Inc. (US), IPG Photonics Corp. (US), Trumpf Group (Germany), Lumentum Holdings Inc. (US), Jeanoptik AG (Germany), Novanta Inc (US), Quantel Group (UK), LasaerStar Technologies Corp. (US), Epilog Laser (US), and MKS Instruments (US).
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