Laser Technology Market

Laser Technology Market Overview

A laser is a device that emits a beam of coherent light through a process of optical amplification based on the stimulated emission of electromagnetic radiation. The word “laser” stand for Light Amplification by Stimulated Emission of Radiation. A laser device consists of various components that includes gain medium, laser pumping energy, high reflector, the output coupler, and laser beam. Laser devices use light for storing, transferring, and printing images and text. Laser technology is used in a wide range of other applications, including surgery and weaponry, precision tools making, carrying TV and internet signals, recording and retrieving information, among other applications.

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Major Laser Technology Market Drivers

Increasing demand for laser technology in healthcare sector for achieving accuracy and precision in surgical procedures along with the rising application of laser technology in urology, dermatology, dentistry, cosmetic surgery, and ophthalmology are the major factors boosting the growth of the laser technology market. In addition, rising demand of laser technology for material processing and the increased production of micro and Nano devices is further supporting the growth of the market.

The growing use of laser technology for optical communications owing to its high-speed transmission of data in digital and analog fibre optic networks is another factor that is anticipated to fuel growth of the target market during the forecast period. Furthermore, extensively use of laser technology in defence and security sector for the research and development of laser based weapon systems plasma based weapon systems is expected to contribute to the increasing use of laser technology over the forecast period. However, high deployment cost, higher power consumption, radioactive pollution, and lack of personnel with required technical expertise in laser technology are anticipated to restraint the growth of the market during the forecast period.

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Based on the type, the market is segmented into solid, liquid, gas and others. The solid segment is expected to grow at a higher CAGR during the forecast period owing to its higher efficiency than gas lasers, simple construction, economical cast, and low wasting of material in active medium. Additionally, wide use of solid-state lasers in various applications including metal processing, eye surgery, red–green–blue (RGB) light sources in laser printers and projectors, environmental instrumentation measurements, and optical transmission systems is further anticipated to support the market growth.

Based on the revenue, the market is segmented into system revenue and laser revenue. System revenue segment is projected to dominate the market over the forecast period owing to the extensive utilization of laser systems across several verticals including industrial, commercial, automotive, defence, and healthcare. Additionally, increasing revenue generation from the sales of several types of laser systems for wide range of application such as welding & brazing, cutting & scribing, drilling, cladding & coating, annealing, and material removal is further expected to accelerate the market growth during the forecast period.

Based on the application, the market is segmented into laser processing, optical communications, and others. The optical communication segment is projected to grow at a faster CAGR during the forecast period. The laser technology acts as a single wavelength light source with uniform phase that travels smoothly with very little dispersion, thus making it ideal for long distance communications. Increasing use of laser light as high speed transmitter in digital and analog fibre optic networks to send information over large distances with low loss, in underwater communication networks, space communication, radars and satellites is further expected to increase the demand of laser technology over the forecast period.

Based on end user industry, the market is segmented into telecommunication, industrial, semiconductor & electronics, commercial, aerospace & defence, automotive, medical, research, and others. The automotive industry is anticipated to grow at a higher CAGR during the forecast period primarily due to the wide use of laser technology in cutting and welding processes for thin walled assemblies and optimisation of the compactness of the components in automotive manufacturing. Moreover, wide range of applications of laser technology that includes cutting and processing of carbon fiber-reinforced plastic for lightweight vehicle engineering, circular and annular welding of automotive components, such as gears and transmission components, manufacturing of engine parts, alternators, solenoids, fuel injectors, fuel filters, transmission parts, air conditioning equipment and air bags among others are expected to augment the growth of the market.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is anticipated to lead the laser technology market during the forecast period. This is primarily due to the growing economies including China, Japan, India, and South Korea in the region, along with the increasing number of industries including automotive, electronics, telecommunication, and manufacturing among other industries. Moreover, North America is projected to witness faster CAGR in the laser technology market owing to the increasing government investment in the healthcare, aerospace & defence sector in the region. Moreover, rapid economic development, growing demand of lightweight vehicles, and consumer electronics is further supporting the market growth in the region.

Top Market Players

Various notable players operating in the global Laser Technology market include Coherent, Inc., IPG Photonics Corporation, TRUMPF Group, Lumentum Operations LLC, Jenoptik Group, Novanta Inc., Lumibird, Laser Star Technologies Corporation, Epilog Laser, and Han’s Laser Technology Industry Group Co., Ltd. among other companies. 

Key Developments:

• • In 2019, Novanta Inc. completed its acquisition of ARGES GmbH, one of the leading developers of intelligent subsystems for positioning and deflecting laser beams for applications in medical and advanced industrial markets. With this acquisition, Novanta Inc. is expected to enhance its product portfolio in laser technology market to provide expanded solutions for advanced material processing, additive manufacturing, medical and many other fast-growing markets.
  • LUMIBIRD, one of the leading companies for laser technologies acquired the laser and ultrasound business of Australian company Ellex Medical Lasers Limited. This acquisition is anticipated to enhance the company’s product portfolio in the medical segment for providing laser and ultrasound technologies for the diagnosis and treatment of ocular diseases.

Segments covered in the Report:

The global Laser Technology market has been segmented on the type, revenue, application, end user industry, and region. On the basis of type, the market is segmented into solid, liquid, gas and others. On the basis of revenue, the market is segmented into system revenue and laser revenue. On the basis of application, the market is segmented into laser processing, optical communications, and others. On the basis of end user industry, the market is segmented into telecommunication, industrial, semiconductor & electronics, commercial, aerospace & defence, automotive, medical, research, and others.

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Key questions answered in this research report:

• • At what pace is global Laser Technology market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Laser Technology market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Laser Technology market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end-user industries of global Laser Technology market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Revenue, By Application, By End-User Industry, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Coherent, Inc., IPG Photonics Corporation, TRUMPF Group, Lumentum Operations LLC, Jenoptik Group, Novanta Inc., Lumibird, Laser Star Technologies Corporation, Epilog Laser, and Han’s Laser Technology Industry Group Co., Ltd. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Laser Technology Market by Type

• • Solid Laser
  • Liquid Laser
  • Gas Laser
  • Others

Global Laser Technology Market by Revenue

• • System Revenue
  • Laser Revenue

Global Laser Technology Market by Application

• • Laser Processing
  • Macroprocessing
  • Cutting
  • Drilling
  • Welding
  • Marking and Engraving
  • Microprocessing
  • Advance Processing
  • Optical Communications
  • Others

Global Laser Technology Market by End-User Industry

• • Telecommunication
  • Industrial
  • Semiconductor & Electronics
  • Commercial
  • Aerospace & Defence
  • Automotive
  • Medical
  • Research
  • Others

Global Laser Technology Market by Region

• • North America Laser Technology Market (Option 1: As a part of the free 25% customization)

    • North America Market by Type
    • North America Market by Revenue
    • North America Market by Application
    • North America Market by End-User Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Laser Technology Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Type
    • Europe Market by Revenue
    • Europe Market by Application
    • Europe Market by End-User Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Laser Technology Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Revenue
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by End-User Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Laser Technology Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Type
    • RoW Market by Revenue
    • RoW Market by Application
    • RoW Market by End-User Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Laser Technology Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Coherent, Inc. 
  • IPG Photonics Corporation
  • TRUMPF Group
  • Lumentum Operations LLC
  • Jenoptik Group
  • Novanta Inc.
  • Lumibird
  • Laser Star Technologies Corporation
  • Epilog Laser
  • Han’s Laser Technology Industry Group Co., Ltd