Laser Technology Market Is Expected To Reach USD 16.21 Billion Globally In 2023: : Decisiondatabases.com
With growing use of laser technology over traditional ways for material processing, the demand for the laser technology has significantly risen. Laser technology enables processing of diverse materials, including metals, polymers, non-metals, rubber, glass, and others with precision and at a low cost.
Laser technology market to exhibit potential growth owing to its diversity of applications
Laser technology is used for a wide variety of applications such as measuring a distance, height or elevation value to verifying an angular direction or remote position with GPS and so on. Due to its diverse applications, laser technology is increasingly used to engrave permanent markings on consumer goods, electronic equipment and other products. Lasers have also been widely deployed in test and measurement applications in several industries.
However, global laser technology market
is anticipated to observe sluggish growth owing to the drop in price of laser especially for fibre and diode lasers. Nowadays, fibre lasers have replaced other lasers such as diode lasers in multiple application areas. The key factor which is propelling the growth of global laser technology market is thermal material processing being done with the help of laser technology. Moreover, the increasing demand from healthcare industry, shift towards production of nano and micro devices, and enhanced performance are some of the major factors which are pushing the market uphill. Also, stringent government regulations have been imposed to ensure clear markings on consumer products such as pharmaceuticals, food, and others, which significantly boost the demand for laser technology across industries.
The global laser technology market can be classified on the basis of type (Carbon dioxide lasers, fiber lasers, Nd:YAG lasers, solid-state lasers and disk laser), application(Material processing, marking and engraving, semiconductors and micro-processing and additive manufacturing ) and end users (Aerospace and defense, consumer electronics, construction, healthcare, and oil and gas).
Solid laser anticipated to have the largest market size by 2022
The largest market share of the laser technology based on type segment is expected to be hold by solid laser in 2016 owing to the ability of solid laser that prevent material wastage in the active medium and produce both continuous and pulsed output at a higher efficiency.
Optical communication application will continue the frontrunner in the global arena by 2022
The laser technology market for optical communication application will continue the frontrunner in the global arena due to the use of laser technology for high-speed transmission of data in analogue and digital fiber optic networks, which makes it suitable for the optical communication.
APAC expected to hold the largest share of the laser technology market during the predicted period
The laser technology market in Asia Pacific (APAC) is anticipated to hold the largest share during the predicted period owing to the rising demand for fast processing laser machine tools. Also initiatives taken by different countries in this region and cost benefits are expected to boost the domestic manufacturing and provide further impetus for the growth of the laser technology market.
Some of the industry players in laser technology market
are Corning Inc., Frankfurt Laser, Coherent, Inc., JDS Uniphase Corporation, Newport Corporation, Cymer Inc., ROFIN-SINAR Technologies Inc., IPG Photonics Corporation, Schott Glass Technologies, and TRUMPF.
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