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 (Telecommunications, Industrial), and Region – Forecast to 2027′ report has been added to from ResearchAndMarkets.com offer.
The laser technology market size is expected to grow from $16.7 billion in 2022 at $25.6 billion by 2027; it is expected to grow at a CAGR of 8.9% from 2022 to 2027.
Solid lasers held the largest share in 2021 and are expected to grow at the highest rate from 2022 to 2027
Solid-state lasers are the most widely used type of laser that find applications in verticals such as medical where they are used for biomedical imaging, spectroscopy and multiphoton microscopy and for materials processing applications in industrial and automotive sectors. Solid-state lasers, especially fiber lasers, are widely used in laser-based weapons technology, driving their adoption in the defense industry.
The systems segment accounted for the dominant share of the laser technology market in 2021
Laser systems are increasingly being adopted in verticals 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 for marking aircraft parts due to their high durability compared to traditional engraving processes. In the commercial sector, laser engraving systems are used to develop smart cards and identification cards.
Laser processing application 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 steel industry, for steel and aluminum sheets, laser cutting is better than plasma cutting because it offers more precision and consumes less energy. In addition, the high density of the laser helps to quickly bring the surface of a material to melting temperature, which reduces the beam interaction time compared to traditional methods, such as tungsten arc welding. welding (GTAW) or tungsten inert gas (TIG) welding, thus increasing the demand for laser processing methods over traditional material processing techniques. The increasing use of laser technology in broadband distribution and data networks is enabling increased adoption of laser technology in optical communication applications.
Telecom vertical held largest share and industrial vertical held second largest share of laser technology market in 2021
Laser technology is widely used in fiber optic communications, especially to transmit information over large distances with low loss due to less divergence. Laser technologies are widely used in space and underwater communication techniques. Laser technology is also used in optical information processing in the telecommunications industry. Laser technology is used in mining, manufacturing and architectural businesses for applications such as cutting, drilling, welding, soldering, coating, lighting, hardening, surface treatment, marking , etching, ablation, micromachining, pulsed laser deposition and lithography. The laser offers fast processing, high precision and low cost advantages, thus increasing their demand in the vertical industrial sector.
Asia Pacific accounted for the largest share and Europe held the second largest laser technology market share in 2021
Growing industrialization in developing economies in the region is fueling 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 needed by several industries. The expansion of the semiconductor industry in the region is increasing the demand for laser-based material processing methods including laser lithography, which in turn is fueling the growth of the laser technology market .
- Growing demand for laser technology in the healthcare sector
- Better performance of laser-based techniques compared to traditional materials processing methods
- Growing preference for laser material processing over traditional approaches
- Transition to the production of nanodevices and microdevices
- Growing adoption of smart manufacturing techniques
- Growing use of laser technology for quality checks in various verticals
- Growing use of laser technology for optical communication
- Environmental concerns associated with the use of rare earth elements
- Technical complexities related to high power lasers
- Contamination of materials during the laser welding process
Main topics covered:
2 Research methodology
3 Executive summary
4 premium previews
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
- Alphalas GmbH
- Applied Laser Technology, Inc.
- Arima Laser Corp.
- Bystronic Lasers
- Laser epilogue
- Tuning Technologies
- Han laser
- Inno Laser Technology Co., Ltd.
- Ipg Photonics
- Mk Instruments
- Nkt Photonics GmbH
- Photonic industries
- laser effects
- Toptica Photonics
- Vescent Photonics LLC
For more information about this report visit https://www.researchandmarkets.com/r/cx7wo6
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