Laser Technology Global Market Report 2024: In-depth Study Based on Historical and Predicted Trends, and Segmentation
Laser Technology Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Has the Laser Technology Market Been Performing And What are Its Growth Prospects?
The laser technology market size has seen considerable expansion in recent years, growing from $13.89 billion in 2023 to a projected $15.22 billion in 2024. This equates to a compound annual growth rate CAGR of 9.6%. The robust growth in the historic period can be ascribed to increased adoption in numerous sectors. These include saturated use in medical and surgical procedures, as well as in communications and data transmission. Further growth has been driven by its vast usage in entertainment and display, semiconductor manufacturing, and defense and military applications.
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What is the Future Outlook of The Laser Technology Market?
The laser technology market is set for unprecedented growth over the next few years. It is expected to surge to $21.51 billion in 2028, representing a compound annual growth rate CAGR of 9.0%. This growth in the forecast period can primarily be traced back to the adoption of green and fiber lasers, applications in space exploration, laser art and design, biometric authentication, and renewable energy. Key industry trends observed during the forecast period encapsulate quantum technologies, 5g and optical networks, laser beam steering, quantum dots and nanomaterials, and laser-based microscopy.
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What are the Significant Drivers of The Laser Technology Market?
A potent driver of the laser technology market going forward is the increased usage of consumer electronic gadgets. Consumer electronics, which encompass electronic devices like smartphones, television, and computers, are adopting laser technology to deliver innovative solutions for manufacturing. For instance, in October 2021, The Economic Times, an Indian business newspaper, reported that India topped global charts in mobile data consumption, averaging 12 Gigabytes or GB per user each month. Further, the nation is registering an addition of 25 million new smartphone users every quarter. This surge in consumer electronic usage is anticipated to significantly propel the demand for laser technology market during the forecast period.
What is the Competitive Landscape of The Laser Technology Market?
Major companies operating in the laser technology market include strong players such as IPG Photonics Corporation, Trumpf lasers Laser plc, Lumentum Operations LLC, Jenoptik AG, Novanta Photonics Inc., Coherent Inc., IPG Photonics Corporation, LUMIBIRD Group, LaserStar Technologies Corporation, Epilog Laser India Pvt. Ltd., and several others.
What are the Emerging Trends in The Laser Technology Market?
A notable trend gaining traction in the laser technology market is strategic collaborations. Laser technology companies are forging partnerships to bolster their new product development endeavours through mutual sharing of technologies and strengthen their market position. One such notable collaboration took place in February 2022 when Trumpf, a German-based laser technology firm, partnered with Marvel Fusion, a German startup developing a revolutionary fusion technique based on Chirped Pulse Amplification CPA lasers. Moreover, Tematys, a Scottish-based laser technology enterprise, teamed up with Chromacity, a UK-based manufacturer of compact femtosecond laser solutions and tunable optical parametric oscillators in March 2022.
How is The Laser Technology Market Segmented?
The laser technology market is structured into three broad segments:
1 By Type: Solid Laser, Liquid Laser, Gas Laser
2 By Application: Laser Processing, Optical Communications, Other Applications
3 By End-User Industry: Telecommunications, Industrial, Semiconductor and Electronics, Commercial, Aerospace and Defense, Automotive, Medical, Research, Other End-Users
What are the Regional Insights of The Laser Technology Market?
Asia-Pacific emerged as the largest region in the laser technology market in 2023. North America, in contrast, is slated to be the fastest-growing region in the laser technology market share during the forecast period. The research incorporates regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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