Laser Technology Market by Type (Solid-state Laser, CO2 Laser, Fiber Laser, Others), Application (Laser Processing, Optical Communications, Others), End User (Automotive, Industrial, Aerospace and Defense, Electronics and Semiconductor, Telecommunications, Medical, Others), Global Market Size Estimates and Forecast (2022–2030)
The laser technology market crossed US$ 14.5 billion mark in 2022 and is expected to hit US$ 22.8 billion by 2030, recording a CAGR of 5.8% during the forecast period.
The demand for laser technology has been significantly growing in the automobile industry and propelling the laser technology market growth
Laser technology has been widely used in automobile manufacturing. Several automobile giants, such as Audi, BMW AG, Toyota Motor Corp., Hyundai Motor Co., Nissan Motor Co. Ltd., Volvo, and Volkswagen AG are using laser technologies for many years for the manufacturing and cutting automobile bodies, due to the advantages associated with laser technology, such as increase in process speed and reduce the requirement of floor space. Volkswagen AG installed over 800 high power lasers at its global automobile assembly plants. Thus, the growing usage of laser technology in automobile is positively influencing laser technology market growth.
Within the report, the laser technology market is segmented into type, application, end user, and geography. By type, the market is segmented into solid-state laser, CO2 laser, fiber laser, others. On the basis of application, the market is segmented into automotive, industrial, aerospace & defense, electronics & semiconductor, telecommunications, medical, and others. Geographically, the laser technology market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Laser technology is making manufacturing process easier
For scribing, cutting, structuring, or drilling, laser technology is being used in several applications. The laser material processing is fast as well as precise. The laser technology is in the market for over 60 years; however, it is still considered as a relatively new technology as, its providers are continuously developing innovations to optimize the process of production and to make sure the components are of high quality. Some of the companies operating in the laser technology market are offering innovative solutions to customers. For instance, in July 2022, Hisense, a global laser technology market player launched 120L9G, a 120-inch 4K smart laser TV in India.
Rising adoption of laser technology in various industries is one of the major factors accelerating the laser technology market growth.
The end user industries in laser technology market are the automotive, industrial, aerospace & defense, electronics & semiconductor, telecommunications, medical, and others. These industries are including laser technology in their day-to-day work. For instance, in medical industry, the laser technology is used for cutting, burning a tissue or several other types of surgeries. Similarly, in telecommunications, the laser technology is capable of producing virtually non-diffractive beams over several meters. Other end users, such as automotive, industrial, aerospace & defense, electronics & semiconductor are also aggressively using laser technology in their operations and positively influencing the laser technology market growth.
Recent strategic developments in laser technology market
The laser technology market players have undergone several significant developments, and a few of these have been mentioned below:
- In June 2022, Sony has formed a company, Sony Space Communications (SSC) to produce laser communication equipment for small satellites.
- In February 2022, Dyson launched Dyson V12 Detect Slim, its first vacuum cleaner which is equipped with laser technology in India.
The laser technology market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Coherent, Inc.; Epilog Corporation; eurolaser GmbH; Han's Laser Technology Industry Group Co., Ltd; IPG Photonics Corporation; Jenoptik AG; Lumentum Holdings Inc; MKS Instruments, Inc.; Novanta Inc.; THE LUMIBIRD GROUP are among the prominent players operating in the market.
Target audience for the laser technology market report:
- Raw material providers
- Laser manufacturers
- Semiconductor component suppliers
- Laser distributors and sales firms
- End users of laser technology
Scope of the report:
- Type:
- Solid-state laser
- CO2 laser
- Fiber laser
- Others
- Application
- Automotive
- Industrial
- Aerospace & defense
- Electronics & semiconductor
- Telecommunications
- Medical
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Jenoptik AG
- Lumentum Holdings Inc
- MKS Instruments, Inc.
- Novanta Inc.
- THE LUMIBIRD GROUP
- Jenoptik AG
- Lumentum Holdings Inc
- MKS Instruments, Inc.
- Novanta Inc.
- THE LUMIBIRD GROUP