The laser technology market is evaluated at US$10.834 billion for the year 2019 and is projected to grow at a CAGR of 5.67% to reach the market size of US$15.943 billion by the year 2026.
Laser technology offers high accuracy with the minimum environmental effect which is a major factor contributing to the growing popularity of lasers. The recent shift towards the production of nano and microdevices is anticipated to be instrumental in driving the laser technology market growth during the forecast period. The use of advanced equipment in industries like healthcare, food and beverage, metallurgy, and others is increasing the adoption of different types of lasers for various applications by key industry players. The adoption of lasers in the healthcare industry is increasing rapidly because of their ability to offer significant improvements in the treatment of diseases over the conventional methods, which is also one of the prominent drivers projected to boost the market growth of the laser technology market during the forecast period.
The outbreak of the novel coronavirus disease had a negative impact on the laser technology market. The manufacturing facilities were shut down in many parts of the world as a measure to curb the spread of coronavirus, which led to a decline in market growth. Also, the travel restrictions led to supply chain disruptions in the market which harmed the market. Moreover, even after the opening of the manufacturing facilities, a dearth of laborers was reported in many places which further diminished the size of the laser technology market during the pandemic.
Rising use of laser in healthcare.
With the advancements in healthcare, the use of lasers in the medical sector is increasingly becoming prominent which is projected to surge the growth of the global laser technology market during the forecast period. Lasers are being used in cosmetic surgery (to remove tattoos, scars, stretch marks, sunspots, wrinkles, birthmarks, spider veins, or hair), refractive eye surgery (to reshape the cornea in order to correct or improve vision as in LASIK or PRK), dental procedures (such as endodontic/periodontic procedures, tooth whitening, and oral surgery), general surgery (such as tumor removal, cataract removal, breast surgery, plastic surgery, and most other surgical procedures), among many other procedures. Also, with continuous research and developments, advancements are being made in laser technology which is further expected to boost the adoption of laser technology in healthcare and consequently lead to augment the growth of laser technology in the coming years. UCI Health urologists reported in the Journal of Endourology in May 2021 that they have tested a new laser technology named super-pulsed thulium fiber laser which has the capability of destroying even big-sized kidney stones to dust that can be suctioned or flushed from the body. It is stated that the new laser technology targets the water in the stones which enables breaks down of the stone with the size of a human thumb into dust particles of 100 microns or less.
Advantages over traditional material processing.
One of the major factors anticipated to drive the growth of the global laser technology market during the forecast period is the large number of advantages provided by laser material processing over the traditional methods, which is anticipated to lead to a rise in the adoption of laser for material processing during the forecast period. With the rise in the demand for miniaturization of microelectronics, laser cutting is increasingly being used as the laser cutters have extremely high accuracy and precision which is required in such conditions where tolerances are extremely tight and hence it makes laser cutter the best choice. Also, it is high-speed and produces products without the need for retooling. Furthermore, laser weld provides higher weld strength as the laser weld is narrow with an excellent depth-to-width ratio. The heat-affected zone is limited, and due to rapid cooling, the surrounding material is not annealed. Moreover, lasers allow the drilling of a large variety of materials, from rubber and wood to very hard metals such as diamond and ceramics. Also, a large depth-diameter ratio can be obtained by laser drilling. Many such advantages provided by the use of laser in material processing, coupled with the miniaturization of microelectronics prompting an increased need for precision, are projected to lead to a surge in the growth of the global laser technology market during the assessment period.
North America to hold a significant market share.
Geographically, the Asia Pacific region is anticipated to hold a significant market share and is projected to witness the fastest growth owing to the use of laser processing in manufacturing, largely in China. Also, the increasing investments by various market players and rising expenditure for research and development for the development of novel products are further expected to propel market growth. Furthermore, the growth of end-use industries such as electronics, healthcare, and construction is expected to surge the market growth in the region in the coming years.
|Market size value in 2019||US$10.834 billion|
|Market size value in 2026||US$15.943 billion|
|Growth Rate||CAGR of 5.67% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Toptica Photonics, LUMIBIRD Group, Epilog Laser, Jenoptik AG, Newport Corporation, Coherent, Inc., TRUMPF Group, Lumentum Holdings Inc., IPG Photonics Corporation, Gravotech, II-VI Incorporated|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global laser technology market?
A1. Laser Technology Market was valued at US$10.834 billion in the year 2019.
Q2. What will be the laser technology market size by 2026?
A2. The global laser technology market is projected to reach a market size of US$15.943 billion by 2026.
Q3. What are the growth prospects for the laser technology market?
A3. The laser technology market is projected to grow at a CAGR of 5.67% during the forecast period.
Q4. What factors are anticipated to drive the laser technology market growth?
A4. The recent shift towards the production of nano and microdevices is anticipated to be instrumental in driving the laser technology market growth.
Q5. Which region holds the maximum share of the laser technology market?
A5. Geographically, the Asia Pacific region is anticipated to hold a significant share of the laser technology market due to laser processing in manufacturing, largely in China.
Lumentum Holdings Inc.
IPG Photonics Corporation
Han's Laser Technology Industry Group Co., Ltd
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