The global laser technology market is expected to grow at a CAGR of around 8.7% from 2020 to 2027 and projected to reach the market value of around US$ 18.4 Bn by 2027.
Light amplification by stimulated emission of radiation (LASER) is a type of electromagnetic radiation that sends an equal amount of light in terms of intensity and wavelength, that combines together to form a high-energy and highly coherent light pulse. Laser technology now plays an important role in the modern world, as it has a wide range of applications in a variety of fields. Barcode scanners, laser printers, optical disc drivers, cutting and welding materials, semiconducting chip manufacturing, law enforcement devices, and free space optical communication are a few of the amazing applications of laser technology. Laser technology is also used in DNA sequencing instruments, hair removal products for surgery, and skin treatments. It is also effective in the treatment of gallbladder and kidney stones.
Big calls for "laser technology" in medical industry witness high growth
There are numerous applications for tiny and powerful lasers, but one of the most common applications is for the treatment of glaucoma. Laser surgery is increasingly popular for glaucoma treatment as it's a quick, painless, and effective treatment option. In 2018, Q-Peak began working in collaboration with a medical equipment supplier on a variant of the Moonbow CB-G laser source, one of the most closely based practices conducted on Mars 2020, as the laser source in a small, portable, rugged unit to perform laser surgery in the field. Apart from that, various laser products are used for various procedures. Carbon dioxide (CO2) lasers, for example, make shallow cuts. These are used to treat superficial cancers such as skin cancer. Argon lasers are designed to make shallow cuts and can be used during photodynamic therapy to activate photosensitizing drugs. To kill more cancer cells, this type of cancer treatment combines light with chemotherapy. Furthermore, low-level laser therapy (LLLT), also known as cold laser therapy, uses light with wavelengths ranging from 600 to 980 nanometers to perform minor surgeries and promote tissue regeneration.
Technological advancements propel the growth of laser technology market globally
The development of basic lasers has now made huge progress. Hundreds of millions of them work reliably in tens of thousands of applications. According to laser fest reports, basic laser product innovation is on the rise. Some enhancements gradually increase the number of wavelengths, which gradually expands the laser's capabilities. X-rays with shorter wavelengths of a few Angstroms have shown promising results for the biochemists to observe chemical reactions in a single molecule as they occur. Additionally, security is one of the most common applications. Lasers emitting millimeter waves at terahertz frequencies have the potential to assist airport personnel in performing a safe, yet thorough passenger body scan for hidden weapons. Other modifications include changing the laser light pulse rate or, more recently, the laser pulse shape. These customized pulse shapes can trigger chemical reactions by interacting with highly targeted molecules. Laser fusion is currently gaining traction in the global laser technology market.
Furthermore, recent advances in laser technology are a significant contributor to alternative energy and play a critical role in emissions and environmental monitoring. According to laser fest reports, the Department of Energy's Lawrence Livermore National Laboratory is conducting tests at its National Ignition Facility to develop the world's largest laser system, which will open new doors for laser fusion—providing a virtually limitless carbon-free alternative energy source. Furthermore, laser technologies such as spectroscopy can be used to measure environmental impurities, monitor emission levels, water pollutants, and so on.
The laser technology market is segmented based on laser type, revenue, application, and end-user. By laser type, the market is segmented based on solid, liquid, gas, and others. By revenue, the market is bifurcated into laser revenue and system revenue. Based on application, the market is further segmented as laser processing, optical communication, and others. Furthermore, end-user industry is segmented as telecommunications, industrial, semiconductor & electronics, commercial, and others.
In terms of laser type, the solid-state laser segment will dominate the market during the forecast period. This is due to greater efficiency, good absorption capability, and long-lasting specifications in terms of weight and size. Because only a small region of the emission spectra is used in the absorption process, solid-state lasers are very efficient. Pumping function with diode lasers within the specification in solid state laser has significantly achieved 100% results. A diode-pumped solid-state laser has the distinct advantage of being extremely compact, light in weight, and small in size. The flash lamp-pumped, solid-state holmium: yttrium-aluminum-garnet (YAG) laser has achieved great prominence and is specially considered for its utility in ureteroscopic lithotripsy.
In terms of application, the optical communication segment is expected to have the largest market share in the coming years. The use of optical communication in manufacturing and other industrial sectors results in better and precise industrial processes. This is one of the most significant factors influencing the growth of the optical communication segment. The National Aeronautics and Space Administration (NASA) has created a new laser beam pinpointing technology for use in optical communication in space. The Artemis Program for CubeSats in Low-Lunar Orbit is one possible application (LLO). Current architectures employ dynamical systems (i.e., moving parts such as fast-steering mirrors (FSM) and/or gimbals) to direct the laser to the ground terminal and may employ vibration isolation platforms (VIP).
According to revenue, system revenue is expected to account for the largest market share in the global laser technology market. System revenue includes sales of various types of laser systems for marking and engraving, welding and brazing, cutting and scribing, cladding and coating, and other multi-functional laser technologies. The ability of these systems to perform a wide range of functions expands their utilization across several industry verticals involving commercial, industrial, medical, and automotive.
Geographically, North America is predicted to dominate the laser technology market. Rising healthcare expenditure and high adoption of advanced technologies are the prominent factors that contribute to the growth of laser technology market. Additionally, presence of large pool of prominent players also acts as a driving factor for the growth of laser technology market.
On the other hand, Asia-Pacific is projected to witness fastest growth rate in terms of revenue share for the laser technology market. Noticeable development in healthcare infrastructure and rising number of original equipment manufacturers (OEMs) is likely to fuel the growth of laser technology market.
The prominent players in laser technology market involve Coherent, Inc., IPG Photonics Corporation, TRUMPF, Lumentum Operations LLC, Jenoptik, Novanta, LUMIBIRD, LaserStar Technologies Corporation, Epilog Laser, and among others.
Market By Laser Type
Market By Revenue
Market By Application
Market By End-User Industry
Semiconductor & Electronics
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Laser technology market is expected to reach a market value of around US$ 18.4 Bn by 2027.
The laser technology market is expected to grow at a CAGR of around 8.7% from 2020 to 2027.
Based on laser type, solid state laser segment is the leading segment in the overall market.
Technological advancement is one of the prominent factors that drive the demand for laser technology market.
Coherent, Inc., IPG Photonics Corporation, TRUMPF, Lumentum Operations LLC, Jenoptik, Novanta, LUMIBIRD, LaserStar Technologies Corporation, Epilog Laser, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years