PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464643
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464643
Laser Technology Market size was valued at USD 19,345 Million in 2023, expanding at a CAGR of 8.21% from 2024 to 2032.
Laser technology encompasses the generation, manipulation, and utilization of laser light across various industrial, scientific, medical, and consumer applications. Acronym for "Light Amplification by Stimulated Emission of Radiation," laser technology produces coherent and precisely focused beams of light with specific wavelengths and characteristics. Its applications span a wide range of fields including materials processing (such as cutting, welding, and engraving), telecommunications (fiber optics and laser communication), medical imaging and treatment (surgery, diagnostics, and therapy), scientific research (spectroscopy, microscopy, and particle acceleration), defense and security (laser weapons, rangefinders, and lidar), entertainment (laser shows and displays), and numerous others. The versatility, precision, and efficiency of laser technology render it indispensable in modern industries and scientific endeavors.
Laser Technology Market- Market Dynamics
Growing utilization across various industries to propel market demand
Laser technology has garnered widespread adoption and success across a spectrum of industries, spanning manufacturing, automotive, chemical production and processing, and healthcare. Renowned for its adaptability, productivity, sustainability, and precision, laser technology has become integral to various applications. Notably, it plays a significant role in certain healthcare applications such as laser eye surgery and the development of innovative tools and prosthetics, leveraging its technological advantages to drive market growth. For instance, in January 2021, Lumentum Operations LLC executed the acquisition of Coherent, Inc. in a cash and stock transaction. This strategic move combines Lumentum's leading photonics businesses in Datacom, telecom, and 3D sensing with Coherent's esteemed laser and photonics enterprises, establishing a distinct photonics tech company with substantially expanded market presence. The increasing demand for laser technology is fueled by advances in photonics technology, rising oil and gas demand, favorable government investments in medical sectors, augmented demand for lasers in military and defense applications, and the emergence of diverse applications. For example, in March 2021, Lumibird, a developer of various laser technologies, acquired Saab AB, a Swedish aerospace and defense company, to assume control of its defense laser rangefinder business, thereby bolstering Lumibird Group's footprint in the European defense market and driving market expansion.
Laser Technology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.21% over the forecast period (2024-2032)
Based on Laser Type segmentation, semiconductor laser was predicted to show maximum market share in the year 2023
Based on Application segmentation, optical communications was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Laser Technology Market is segmented on the basis of Laser Type, Product Type, Application, End User, and Region.
The market is divided into four categories based on Laser Type: Solid-state Lasers, Gas Lasers, Liquid Lasers and Semiconductor Lasers. In 2023, the semiconductor segment commanded the largest revenue share. The utilization of semiconductor lasers in industries, communications, and military contexts has grown increasingly pivotal in modern society, with armed forces worldwide embracing high-energy laser-based technology and making substantial investments in research and development to augment defense capabilities and foster innovation.
The market is divided into four categories based on Application: Laser Processing, Optical Communications, Optoelectronic Devices and Other Applications. The optical communications segment holds the largest revenue share in 2023. This notable growth is primarily attributed to the escalating demand for Vertical-cavity surface-emitting lasers (VCSEL) for data transmission purposes. The proliferation of data centers worldwide and the burgeoning digital landscape necessitate high-speed and efficient data transfer, driving the demand for advanced optical communication solutions.
Laser Technology Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the Laser Technology market, companies employ strategic initiatives to drive innovation, expand market presence, and meet customer demands. Strategic partnerships play a vital role, with laser technology manufacturers collaborating with research institutions, universities, and industry partners to develop cutting-edge laser systems, components, and applications. These partnerships provide access to advanced research, expertise, and resources, ensuring continuous innovation and differentiation within the market. Furthermore, collaborations with end-users, OEMs, and system integrators facilitate the creation of tailored solutions, application-specific configurations, and value-added services to address specific industry needs and performance requirements. Additionally, partnerships with distribution channels, sales representatives, and service providers enable manufacturers to optimize market coverage, provide localized support, and deliver timely services to customers globally. Moreover, strategic alliances with regulatory agencies, industry associations, and standards organizations promote compliance with safety regulations, quality standards, and industry certifications, enhancing product credibility and market acceptance.
In January 2024, Coherent Corp. launched the OBIS 640 XT, a red laser module that complements its existing portfolio of blue and green laser modules in terms of low noise, beam quality, high output power, and compact size, forming a comprehensive set. This introduction enhances the performance of SRM systems.
GLOBAL LASER TECHNOLOGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Coherent, Inc.
TRUMPF GmbH + Co. KG
Han's Laser Technology Industry Group Co., Ltd.
Lumentum Holdings Inc.
JENOPTIK AG
Novanta Inc.
LUMIBIRD
Gravotech Marking
Corning Incorporated
Others