The laser technology market was worth US$ 16.7 billion in 2022. The market’s overall sales will increase by 7.8% from 2022 to 2032. By 2032, it is expected that the market would be worth $35.4 billion in total. The solid laser market is estimated to expand at a CAGR of 7.8% between 2022 and 2032. It will therefore continue to be a vital source of market income.
As laser technology is applied in the automotive and medical sectors, the global market will grow. Lasers are light-emitting elements that produce laser-focused light beams. Laser technology is used in a wide range of industries, including manufacturing, communications, entertainment, and others.
Numerous manufacturing processes, including welding, drilling, marking, and cutting, make use of lasers. They can offer production processes tremendous speed, precision, and accuracy. They can therefore assist businesses in increasing productivity and reducing costs.
Because they can cut and weld metal, lasers are frequently utilized in the production of automobiles. Laser welding and cutting can accelerate production and reduce costs due to their accuracy and efficiency.
Laser headlights are also being used more frequently by high-end vehicles. Traditional headlights are less energy-efficient than laser headlights, which also offer superior visibility. To identify objects and barriers on the road, advanced driving assistance systems (ADAS) are increasingly using laser technology.
Lasers are used in many medical operations, such as surgery, dermatology, and ophthalmology. They are chosen over conventional methods because they may safely treat tissues without having an impact on the surrounding areas.
Particularly in minimally invasive operations that are more comfortable and quicker to recover from, medical lasers are growing in favor. Cancer, cataracts, and skin issues are some of the ailments that can be treated with lasers. Thus, the market will grow as laser technology is increasingly applied in the healthcare industry.
Key Takeaways from the Laser Technology Market Report:
- Global laser technology demand is set to increase at 7.8% CAGR through 2032.
- By product, the system category will progress at 7.6% CAGR over the next ten years.
- Based on type, the 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’s 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 the Korean market is set to rise at 8.2% CAGR between 2022 and 2032.
“Growing popularity of laser technology in healthcare & automotive sectors will boost the market. Further, the introduction of novel laser systems will bode well for the market. Says a Future Market Insights analyst.
Who is Winning?
- 600 Group,
- Bystronic Lasers,
- Coherent, Inc.,
- Epilog Laser,
- Euro Laser,
- Gravotech,
- Han’s Laser Technology Co., Ltd.,
- IPG Photonics,
- Jenoptik, and
- LaserStar
are a few of the leading players operating in the laser technology market.
These companies are investing heavily in research and development to introduce new products. They are also showing interest in acquisitions, mergers, and partnerships to expand their presence. For instance,
- In April 2020, an industrial diode laser called HighLight DL HPSi was introduced by Coherent Inc. The new product is ideal for industrial processes such as metal cladding, welding, heat treating, and brazing
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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