According to a new market research report titled “Laser Technology Market by Type (Solid-State, Liquid, Gas), Application (Laser Processing, Optical Communication), and End User (Telecommunications, Industrial, Semiconductor & Electronics, Automotive, Medical) — Global Forecasts to 2028, the laser technology market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $30.3 billion by 2028.
Light Amplification by Stimulated Emission of Radiation (LASER) is defined as electromagnetic radiation that sends equal amounts of light in terms of frequency and wavelength, which fuses together into a high-energy, highly coherent light pulse. Its angle is somewhat obtuse, and radiation stimulation relies upon to be generated.
Laser technologies have gained considerable importance in diverse industries due to the rapid growth of laser applications and the reduced cost of laser systems. Among the applications of laser technology, in recent years, the laser cladding-based surface coating technique has received significant attention in diverse industries due to its unique features and capabilities. Laser technology is very important in the modern world because it is used in many fields. The laser technology uses include barcode scanners, laser printers, optical disk drives, cutting and welding materials, semiconducting chip manufacturing, law enforcement devices, and free-space optical communication. Lasers are also used in DNA sequencing instruments, surgery hair removal products, and skin treatments.
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The growth of this market is backed by the growing adoption of laser technology in the electronics sector, rising applications of laser in healthcare, a shift towards nano and microdevices, and increasing preference for laser-based material processing over traditional processing. Moreover, the growing demand for laser technology in robotics and increasing use of lasers for optical communication provides significant growth opportunities for stakeholders in the market. However, high initial cost obstructs the growth of this market to some extent. Also, technical complexity in high-power lasers is a major challenge for the growth of the laser technology market.
The Impact of COVID-19 on the Laser Technology Market
The COVID-19 pandemic has caused a widespread economic downturn affecting diverse industries. One of the severely impacted sectors is manufacturing. Since factories remained closed in China for the first quarter of 2020, serious repercussions were felt on technology supply chains globally. The crisis led to delay in shipments and an overall decline in industrial activities leading to the slowdown in demand for laser technology. The laser technology market witnessed a moderate decline in 2020. The major decline in the laser technology market revenue was due to a decline in demand for laser for industrial applications; however, this was offset with increased demand for laser in optical communication.
The laser technology market experienced a decline in the materials processing and lithography laser revenue. However, due to the strong recovery of Chinese laser companies during 2020 and sales of extreme ultraviolet (EUV) lasers, the impact turned out to be moderate during the period.
End-user sectors such as medical & aesthetic, semiconductor & electronics, commercial, and instrumentation & sensing witnessed a somewhat decline in demand for laser technology. However, optical communications & storage and scientific research & military supported the market’s growth during this period. A transition towards the work-from-home model created need for high-speed data transmission, thus creating a huge demand for laser diodes.
Rising Application of Lasers in the Healthcare Sector to Drive Market Growth
Lasers have been important diagnostic and therapeutic tools in medicine, especially for surgical indications and interventions. The field of low-level-laser therapy is becoming increasingly recognized in medical research and is about to revolutionize the field of regenerative medicine. Laser technologies are used in almost all areas of medical science. The high-intensity high-power laser beam is suitable for tissue cutting, and thus a large surgical instrument can replace the traditional scalpel.
Laser technology is used to treat eye diseases, dental problems, skin diseases, and cancer. The laser is routinely used for forging the detached retina into the choroid. Other serious eye conditions that are treated using lasers are diabetic rehabilitation, macular degeneration, and bleeding. Argon laser or krypton ion laser is used for the treatment of these diseases. Glaucoma is an eye disease where the pressure inside the eyeball increases, damaging the retina and eventually leading to blindness. To overcome this pressure and save sight, a small hole in the eye is drilled using the Nd: YAG laser.
Image radiation therapy is used to treat cancer. The hematoporphyrin derivative (HPD), a dye, has the property to selectively attack cancer cells. When intense lasers from the gold laser are irradiated by gold, the Hpd molecule decays, and oxygen releases an anti-cancer agent that kills cancer cells and tissues.
To provide efficient analysis, Meticulous Research® has segmented this market based on type (solid-state, liquid, gas, and semiconductor lasers), application (laser processing, optical communications, and other applications), end user (telecommunications, industrial, semiconductor & electronics, commercial, aerospace & defense, automotive, healthcare, and other end users) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on type, the laser technology market is segmented into solid-state, liquid, gas, and semiconductor lasers. The semiconductor lasers segment is expected to grow at the highest CAGR during the forecast period due to the rising demand for laser diodes, such as VCSELs in smartphones for sensing applications. Due to their low cost, many electronic device manufacturers are expected to implement laser diodes. Apart from this, VCSELs are also largely in demand for optical communication applications. However, the solid-state lasers segment accounted for the largest share of the laser technology market in 2020.
Based on application, the laser technology market is segmented into laser processing, optical communications, and other applications. The laser processing segment accounted for the largest share of the laser technology market in 2020 due to the advantages of laser material processing, such as high precision, efficiency, and quality. However, the optical communication segment is expected to grow at a significant CAGR during the forecast period.
Based on end user, the laser technology market is segmented into telecommunications, industrial, semiconductor & electronics, commercial, aerospace & defense, automotive, healthcare, and other end users. The healthcare segment is projected to grow at the highest CAGR during the forecast period due to technological advancements in lasers and growing number of aesthetic laser treatments in Asia as a result of medical tourism. Also, the rising number of cost-effective laser treatments is contributing to the growth of the market. However, the industrial segment accounted for the largest share of the laser technology market in 2020.
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Geographically, the Asia-Pacific region accounted for the largest share of the laser technology market in 2020. The large share of this region is primarily attributed to rising manufacturing activities in various Asian countries, including China, Japan, South Korea, Taiwan, and India, presence of the largest automobile market in China, proliferation of data centers, and huge demand for fiber lasers.
The key players operating in the laser technology market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), TRUMPF GmbH + Co. KG (Germany), Lumentum Holdings Inc. (U.S.), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France), LaserStar Technologies Corporation (U.S.), Epilog Laser (U.S.), Han’s Laser Technology Industry Group Co., Ltd. (China), MKS Instruments, Inc. (U.S.), Gravotech Marking (France), Corning Incorporated (U.S.), eurolaser GmbH (Germany), and BYSTRONIC Laser AG (Switzerland).
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