DUBLIN, September 1, 2022 /PRNewswire/ — The ‘Global Laser Technology Market by Type (Solid, Liquid, Gas), Product (Laser, System), Application (Laser Processing, Optical Communication, Optoelectronic Devices), Vertical (Telecom, Industrial), and Region – Forecast to 2027’ report has been added to ResearchAndMarkets.com offering.
The size of the laser technology market is expected to grow from $16.7 billion in 2022 to $25.6 billion by 2027; it is expected to grow at a CAGR of 8.9% from 2022 to 2027.
Solid lasers had the largest share in 2021 and are expected to grow at the highest rate from 2022 to 2027
Solid lasers are the most widely used type of laser and find applications in verticals such as medical, where they are used for biomedical imaging, multiphoton microscopy and spectroscopy, and for material processing applications in industrial and automotive verticals. Solid-state lasers, especially fiber lasers, are widely used in laser-based weapons technology, promoting their adoption in the defense sector.
The system segment accounted for the dominant share of the laser technology market in 2021
Laser systems are increasingly being adopted in vertical sectors such as industrial and automotive for a variety of processes such as welding, cutting, drilling, scribing and engraving, etc. There is a growing demand for laser engraving systems in the region to mark aircraft parts due to their high durability compared to traditional engraving processes. In the business vertical, laser engraving systems are used to develop smart cards and ID cards.
The laser processing applications segment accounted for the largest share and optical communication held the second largest share of the laser technology market in 2021
There is a growing demand for laser technology for material processing applications in all industries. In the iron and steel industry, for steel and aluminum sheets, laser cutting is better than plasma cutting as it provides more precision and consumes less power. In addition, the laser’s high density helps bring a material’s surface to melting temperature quickly, reducing beam interaction time compared to traditional methods such as gas tungsten arc welding (GTAW). or tungsten inert gas (TIG) welding, increasing the demand for laser processing methods over traditional materials processing techniques. The increased use of laser technology in broadband distribution and data networks is enabling greater adoption of laser technology in optical communications applications.
The telecom vertical held the largest share and the industrial vertical held the second largest share of the laser technology market in 2021
Laser technology is widely used in fiber optic communications, especially for transmitting information over long distances with little loss due to less divergence. Laser technologies are widely used in space and submarine communication techniques. Laser technology is also used in optical information processing in the telecommunications industry. Laser technology is used in mining, manufacturing, and architecture for applications such as cutting, drilling, soldering, cladding, lighting, hardening, surface treatment, marking, etching, ablation, micromachining, pulsed laser deposition, and lithography. The laser offers benefits of fast processing, high precision and reduced costs, increasing its demand in the industrial vertical.
Pacific Asia accounted for the majority and Europe held the second largest share of the laser technology market in 2021
Increasing industrialization in the region’s developing economies is driving the adoption of laser technology in industrial manufacturing processes such as welding, engraving and cutting. The demand for lasers in the region is constantly increasing due to the increase in the manufacture of machine tools required in various industries. The expanding semiconductor industry in the region is increasing the demand for laser-based material processing methods, including laser lithography, which, in turn, is driving the growth of the laser technology market.
- Increased demand for laser technology in the vertical healthcare industry
- Better performance of laser-based techniques compared to traditional material processing methods
- Growing preference for laser-based material processing over traditional approaches
- Shift towards the production of nanodevices and microdevices
- Growing adoption of smart manufacturing techniques
- Increasing use of laser technology for quality control in various verticals
- Increased use of laser technology for optical communication
- Environmental concerns associated with the use of rare earth elements
- Technical complexities related to high power lasers
- Material contamination during the laser welding process
Key Topics Covered:
2 Research Methodology
3 Executive summary
4 premium perspectives
5 Market Overview
6 Laser Technology Market, By Type
7 Laser Technology Market, By Product
8 Laser Technology Market, by Application
9 Laser Technology Market, by Vertical
10 Laser Technology Market, By Region
11 Competitive Landscape
12 company profiles
13 Adjacent and Related Markets
- group 600
- Alfalas GmbH
- Applied Laser Technology, Inc.
- Arima Lasers Corp.
- Bystronic lasers
- epilog laser
- Focus light technologies
- han’s laser
- Inno Laser Technology Co., Ltd.
- IPG Photonics
- laser star
- MKS Instruments
- Nkt Photonics GmbH
- photonics industries
- special effects laser
- Toptic Photonics
- Vescent Photonics LLC
For more information on this report, please visit https://www.researchandmarkets.com/r/cx7wo6
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