Global Laser Technology Market to be Reach 31.67 billion by 2028; learn more about leading playersOctober 13, 2021
According to this latest study the Laser technology market is driven by factors such as increase in adoption of laser technology in electronics sector and medical applications, shift towards micro and nano devices, and most importantly, increase in demand for laser based material processing over conventional processing. Laser processing provides high speed, high efficiency, low cost, high flexibility,high-quality products, and many advantages, which rise the adoption of laser technology by the industries.
There has been a high demand for lasers from industries such as electronics, healthcare, manufacturing, automotive, etc. Furthermore, increasing government initiatives are contributing to the growth of the laser technology market. The adoption of various laser technologies in optical communications and robotics is providing significant growth opportunities for various companies operating in this market. However, the high initial cost of laser processing is hindering the growth of this market.
COVID-19 impact on the Laser Technology Market
The telecom segment experienced a high demand for ledgers in the times of COVID-19 as there were a large number of office workers who had transitioned from home workers to work. Internet and voice communications service providers scramble to install upgrades to their networks to accommodate their changing demands. In addition, more people working from home means more people using their smartphones from home during the day; This also required an update to the wireless network.
The transition from being in the office to working from home was a permanent change for many office workers. This has caused many service providers to rethink their deployment strategies and focus on upgrading under-served residential areas, which will increase Communications Ledger revenue. This segment experienced a decline in optical storage laser revenue. While COVID-19 prompted many people to work from home, causing a temporary increase in computer sales, the overall impact on optical storage laser revenue was quite small.
Laser revenue for the medical segment was hit hard by the pandemic as people opted out of non-essential medical procedures such as dental, cosmetic and eye appointments. Dental and cosmetic laser revenues saw a sharp decline as compared to 2019. End-user sectors including medical and beauty, commercial, semiconductor and electronics, and instrumentation and sensing saw a decline in demand for laser technology. However, optical communications and scientific research and the military supported the growth of the market during this period. The transition to a work-from-home model created a need for high-speed data transmission, thus creating a huge demand for laser diodes.
Laser Technology Market is segregated into following types:
Gas Laser, Solis Laser, Semiconductor Laser, Liquid Laser, Application (Optical Communication, Laser Processing, Others), End User (Industrial, Automotive, Semiconductor & Electronics, Aerospace & Defense, Telecommunications, Healthcare, Commercial and Other End Users.), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)
By type, the solid-state laser segment is expected to command the largest share of the laser technology market in 2020. The rapid development of solid-state lasers is due to the widespread adoption of lasers in many industries such as manufacturing, electronics, medical, etc. among others. However, the semiconductor laser segment is expected to grow with the highest CAGR during the forecast period. The increasing demand for semiconductor lasers in the 3D printing and healthcare sector has fueled the growth of the laser technology market in the future.
On the basis of application, the laser processing segment is expected to occupy the largest share of the laser technology market in 2020. Laser processing provides precise and precise output, which is increasing the adoption of the process in various industries. Hence, contributing to the growth of the laser technology market during the forecast period. The Optical Communications segment is expected to grow with the highest CAGR during the forecast period. In optical communications, lasers are used for data centers, data transmission, underwater communications, space communications, military systems, radars, satellites, which are driving the growth of the laser technology market during the forecast period.
Based on region, the laser technology market is segmented into North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. Asia-Pacific is expected to hold the largest market share of this market, followed by North America. The largest share of Asia-Pacific is mainly attributed to growing manufacturing activities in countries such as China, Japan, South Korea and India, the presence of the largest consumer electronics and automobile market in China, proliferation of data centers and huge demand. Hyper Laser in China. However, the laser technology market in North America is expected to register the highest CAGR during the forecast period.
The major players in the global laser technology market are TRUMPF GmbH + Co. KG (Germany),IPG Photonics Corporation (U.S.), Coherent, Inc. (U.S.), Han’s Laser Technology Industry Group Co., Ltd. (China), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France),Gravotech Marking (France), LaserStar Technologies Corporation (U.S.), Lumentum Holdings Inc. (U.S.), BYSTRONIC Laser AG (Switzerland), Epilog Laser (U.S.), Corning Incorporated (U.S.), Eurolaser GmbH (Germany), and MKS Instruments, Inc. (U.S.).