The global laser technology market is expected to grow significantly in the coming years. It’s projected to expand from US$ 16.7 billion in 2022 to US$ 35.4 billion by 2032. This growth represents a strong annual increase of 7.8% on average from 2022 to 2032.
The rising adoption of laser technology in the automotive and healthcare sectors will drive the global market forward. Lasers are light-emitting objects that produce laser-focused light beams. Laser technology is used in various industries, including manufacturing, communications, entertainment, and others.
Lasers find application in a variety of manufacturing processes such as welding, drilling, marking, and cutting. They have the ability to provide high speed, precision, and accuracy during the manufacturing process. Hence, they can help companies to further boost productivity and cut costs.
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Lasers are being widely used in the manufacture of automobiles due to their ability to cut and weld metal components. Thanks to their accuracy and efficiency, laser welding and cutting can speed up and lower the cost of manufacturing.
High-end vehicles are increasingly using laser headlights as well. Laser headlights provide better visibility and are more energy-efficient than traditional headlights. Lasers are gaining popularity in advanced driver assistance systems (ADAS) to detect objects and obstacles on the road.
Numerous medical procedures, including surgery, dermatology, and ophthalmology, use lasers. They are preferred over traditional techniques due to their ability to safely treat tissues without affecting surrounding areas.
Medical lasers are especially gaining wider popularity in minimally invasive procedures that are more comfortable and take less time to recover from. A few of the conditions that can be treated with lasers include cancer, cataracts, and skin disorders. Hence, increasing applications of laser technology in healthcare sector will boost the market.
Key Takeaways from the Laser Technology Market Report:
- Global laser technology demand is set to increase at 7.8% CAGR through 2032.
- By product, system category will progress at 7.6% CAGR over the next ten years.
- Based on type, solid laser segment is likely to expand at 7.7% CAGR.
- The United States laser technology market will exhibit a CAGR of 6.6% through 2032.
- China laser technology market size is forecast to reach US$ 8.9 billion by 2032.
- Laser technology sales revenue in Japan market will total US$ 5.5 billion by the end of 2032.
- Demand in Korea market is set to rise at 8.2% CAGR between 2022 and 2032.
Leading Key Players:
- 600 Group
- Bystronic Lasers
- Coherent, Inc.
- Epilog Laser
- Euro Laser
- Gravotech
- Han’s Laser Technology Co., Ltd.
- IPG Photonics
- Jenoptik
- LaserStar
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Global Laser Technology Market Segmentation:
By Type:
- Solid Laser
- Liquid Laser
- Gas Laser
By Product:
- System
- Laser
Application:
- Laser processing
- Optical Communication
- Optoelectric Devices
By Vertical:
- Telecommunication
- Industrial
- Semiconductor & Electronics
- Commercial
- Aerospace & Defense
- Automotive
- Medical
- Research
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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