Laser Technology Market to Reach $30.3 Billion by 2028 -- Exclusive Report by Meticulous Research®

REDDING, Calif., May 4, 2021 /PRNewswire/ -- According to a new market research report titled "Laser Technology Market by Type (Solid-State, Liquid, Gas), Application (Laser Processing, Optical Communication), and End User (Telecommunications, Industrial, Semiconductor & Electronics, Automotive, Healthcare) — Global Forecast to 2028', published by Meticulous Research®, the laser technology market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $30.3 billion by 2028.

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Manufacturing processes have been continuously developing and innovating at a rapid rate across the world. While conventional forms of cutting already existed, there was a growing need for a safer, efficient, and reliable process in line with the growing demand in manufacturing. Laser technology offers advantages such as high precision, productivity, and flexibility in industrial processing applications. Also, the technology is gaining rapid traction in the medical, electronics, telecommunications, and automotive sectors. The major factors driving the laser technology market include the adoption of laser technology in the electronics sector, rising laser applications in healthcare, a shift towards nano and micro devices, and increasing preference for laser-based material processing over traditional processing.

Moreover, the growing demand for laser technology in robotics and the increasing use of lasers for optical communication provides significant opportunities for players operating in this market. However, high initial cost obstructs the growth of this market to some extent. Also, technical complexity in high-power lasers is a major challenge for the growth of the laser technology market.

Impact of COVID-19 on the Laser Technology Market

The outbreak of the COVID-19 pandemic has caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. This has affected diverse industries; manufacturing is one of the severely impacted. There has been a significant impact on technology supply chains globally. The crisis has led to declining industrial activities leading to the slowdown in demand for laser technology. The laser technology market witnessed a moderate decline in 2020. The decline in the demand for lasers for industrial applications was balanced with the increased demand for lasers in optical communication.

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There was a slowdown in investments globally in laser technology due to the outbreak of COVID-19. After the shutting down of manufacturing facilities due to nationwide lockdowns across the world, laser companies had supply-chain problems and shipping delays. There was a decline in the materials processing and lithography laser revenue. However, due to the strong recovery of Chinese laser companies during 2020 and sales of extreme ultraviolet (EUV) lasers, the impact turned out to be moderate during the period.

End-user sectors, such as medical & aesthetic, semiconductor & electronics, commercial, and instrumentation & sensing, witnessed a somewhat decline in demand for laser technology. However, optical communications and storage and scientific research & military supported the growth of the market during this period.  

Key Findings in the Laser Technology Market Study

The overall laser technology market is segmented based on type, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the solid-state lasers segment accounted for the largest share of the overall laser technology market in 2020. The large share of this segment is mainly attributed to its wide application in metal processing, medical, laser printers & projectors, environmental instrumentation measurement, and optical transmission systems. Also, factors such as rising industrial automation and growing demand for enhanced mobility solutions further drive the growth of the solid-state lasers market.

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Based on application, the laser processing segment accounted for the largest share of the overall laser technology market in 2020. The large share of this segment is mainly attributed to the increasing preference for laser-based material processing over conventional approaches in various industries, rising demand for high-quality and precision products, growing trend of miniaturization of electronic devices, and technological advancements in surgeries in the medical sector. Furthermore, the rising application of laser-drilling techniques for oil & gas exploration is also driving the growth of this segment. However, the optical communication segment is expected to grow at the highest CAGR during the forecast period.

Based on end user, the industrial segment accounted for the largest share of the overall laser technology market in 2020. The large share of this segment is mainly attributed to the rising use of lasers in cutting, welding, drilling, marking, and engraving. However, the medical segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising demand for lasers for aesthetic applications, such as hair removal, skin rejuvenation, vascular lesions, acne, and scars removal.

Geographically, the Asia-Pacific region accounted for the largest share of the global laser technology market in 2020. The large share of this region is primarily attributed to increasing manufacturing activities in China, Japan, South Korea, and India; presence of the largest consumer electronics market and largest automobile market in China; the proliferation of data centers; and huge demand for fiber lasers in China.

The key players operating in the global laser technology market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), TRUMPF GmbH + Co. KG (Germany), Lumentum Holdings Inc. (U.S.), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France), LaserStar Technologies Corporation (U.S.), Epilog Laser (U.S.), Han's Laser Technology Industry Group Co., Ltd. (China), MKS Instruments, Inc. (U.S.), Gravotech Marking (France), Corning Incorporated (U.S.), Eurolaser GmbH (Germany), and BYSTRONIC Laser AG (Switzerland) among others.

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Scope of the Report

Laser Technology Market, by Type

• Solid-state Lasers
• Fiber Lasers
• Ruby Lasers
• YAG Lasers
• Thin-Disk Lasers
• Gas Lasers
• CO2 Lasers
• Excimer Lasers
• He-Ne Lasers
• Argon Lasers
• Chemical Lasers
• Liquid Lasers
• Semiconductor Lasers

Laser Technology Market, by Application

• Laser Processing
• Macroprocessing
• Cutting
• Drilling
• Welding
• Microprocessing
• Marking & Engraving
• Optical Communications
• Other Applications

Laser Technology Market, by End User

• Telecommunications
• Industrial
• Semiconductor & Electronics
• Commercial
• Aerospace & Defense
• Automotive
• Healthcare
• Other End Users

Laser Technology Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• Spain
• U.K.
• Italy
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• China
• Japan
• India
• South Korea
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Middle East & Africa

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Content Source: https://www.meticulousresearch.com/pressrelease/408/laser-technology-market-2028 

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