According to a new market research report titled “Laser Technology Market by Type (Solis Laser, Gas Laser, Liquid Laser, Semiconductor Laser), By Application (Laser Processing, Optical Communication, Others), End User (Industrial, Semiconductor & Electronics, Automotive, Telecommunications, Aerospace & Defense, Healthcare, Commercial and Other End Users.), and By Geography (Asia-Pacific, North America, Europe, Latin America, Middle East & Africa)’, published by Meticulous Research®, the laser technology market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $30.3 billion by 2028.
According to this latest publication, the laser technology market is driven by factors such as the rise in adoption of laser technology in the electronics sector and medical applications, shift towards micro and nanodevices, and most importantly, increase in demand for laser-based material processing over traditional processing. Laser processing offers high-quality products, high efficiency, high flexibility, high speed, low cost, and many advantages, which increase the adoption of laser technology by the industries.
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There has been a high demand for lasers from industries such as electronics, healthcare, manufacturing, automotive, among others. Also, increasing government initiatives is contributing to the growth of the laser technology market. The growing adoption of different laser technologies in optical communication and robotics is offering significant growth opportunities for various companies operating in this market. However, the high initial cost of laser processing is hampering the growth of this market.
The Impact of COVID-19 on the Laser Technology Market
The telecommunications segment experienced high demand for lasers during the time of COVID-19 as there was a large number of office employees who have transitioned to work from home employees. Internet and voice communications service providers scrambled to install upgrades to their networks to adjust to their changing demands. In addition, more people working from home meant more people using their smartphones from home during the day; this also required updates to wireless networks. The transition from being in the office to working from home was a permanent change for many office employees. This has caused many service providers to rethink their deployment strategies and focus on upgrading underserved residential areas, which will increase communications laser revenue. Optical storage laser revenue in this segment experienced a decline. While COVID-19 led many people to transition to at-home work, which caused a temporary increase in computer sales, however, the overall impact on optical storage laser revenues was quite small.
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The laser revenue for the medical segment was highly impacted by the pandemic as people opted out of nonessential medical procedures such as dental, eye, and cosmetic appointments. Dental and cosmetic lasers witnessed a huge decline in revenue in comparison to 2019. End-user sectors, including medical & aesthetic, semiconductor & electronics, commercial, and instrumentation and sensing, witnessed a decline in the demand for laser technology. However, optical communications and scientific research & military supported the growth of the market during this period. The transition towards work from home model created need for high-speed data transmission, thus creating a huge demand for laser diodes.
Key Findings in the Laser Technology Market Study:
To provide efficient analysis, Meticulous Research® has segmented this market based on Type (Solis Laser, Gas Laser, Liquid Laser, Semiconductor Laser), Application (Laser Processing, Optical Communication, Others), End User (Industrial, Semiconductor & Electronics, Automotive, Telecommunications, Aerospace & Defense, Healthcare, Commercial and Other End Users.), and Geography (Asia-Pacific, North America, Europe, Latin America, Middle East & Africa)
Based on type, solid-state laser segment is expected to command the largest share of the laser technology market in 2020. rapid growth of solid-state lasers is due to the wide adoption of lasers in several industries such as electronics, manufacturing, medical, 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 3D printing and the healthcare sector has boosted the growth of the laser technology market in the future.
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Based on application, laser processing segment is expected to command the largest share of the laser technology market in 2020. Laser processing provides precise and accurate output, which is increasing the adoption of the process in various industries. Therefore, contributing to the growth of the laser technology market during the forecast period. The optical communication segment is expected to grow with the highest CAGR during the forecast period. In optical communication, the laser is used for data centers, data transmission, underwater communication, space communication, the military system, radar, satellites, among others which are increasing the growth of the laser technology market during the forecast period.
Based on region, the laser technology market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to command the largest market share of this market followed by North America. Asia-Pacific’s largest share is mainly attributed to the increasing manufacturing activities in countries such as China, Japan, South Korea, and India, the presence of the largest consumer electronics and automobile market in China, the proliferation of data centers, and huge demand for hyper lasers in China. However, the laser technology market in North America is expected to register the highest CAGR during the forecast period.
The key players operating in the global laser technology market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), TRUMPF GmbH + Co. KG (Germany), Lumentum Holdings Inc. (U.S.), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France), LaserStar Technologies Corporation (U.S.), Epilog Laser (U.S.), Han’s Laser Technology Industry Group Co., Ltd. (China), MKS Instruments, Inc. (U.S.), Gravotech Marking (France), Corning Incorporated (U.S.), Eurolaser GmbH (Germany), and BYSTRONIC Laser AG (Switzerland).
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