DUBAI, United Arab Emirates, April 03, 2023 (GLOBE NEWSWIRE) -- The global laser technology market reached US$ 16.7 billion in 2022. Total sales in the market will clock at 7.8% from 2022 to 2032. By 2032, overall market valuation is likely to cross US$ 35.4 billion mark.
Solid laser segment is forecast to progress at a CAGR of 7.7% from 2022 to 2032. Hence, it will remain a key revenue-generating segment for the market.
Rise adoption of laser technology in 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.
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.
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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.
“Growing popularity of laser technology in healthcare & automotive sectors will boost the market. Further, introduction of novel laser systems will bode well for the market. Says a Future Market Insights analyst.
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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 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
More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the laser technology market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals growth projection in terms of type (solid laser, liquid laser, and gas laser), product (system and laser), application (laser processing, optical communication, and optoelectric devices), and vertical (telecommunication, industrial, semiconductors and electronics, aerospace and defense, automotive, medical, and research) across various regions.
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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Table of Content
1. Executive Summary | Laser Technology Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
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