New York, According to a new market research report published by Global Insight Services “ Laser Technology Market is expected to reach $23.2bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Laser technology is a type of technology that uses a focused beam of light to cut, engrave, or otherwise alter material. The market for laser technology is driven by the increasing demand from the automotive and aerospace industries. In the automotive industry, laser systems are commonly used to cut airbag textile and composite materials.
The increasing acceptance of laser technology in the electronics sector, the developing applications of laser in the healthcare sector, the move toward nano and micro devices, and the growing demand for laser-based material processing are all factors driving the growth of this market. The increasing use of lasers for optical communication and the expanding demand for laser technology in robotics create considerable potential prospects for market players in the future years.
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Key Players:
- IPG Photonics Corporation
- Lumentum Holdings Inc.
- Novanta Inc.
- LaserStar Technologies Corporation
- Epilog Laser
- Gravotech
Key Trends and Drivers:
- The surge in demand from the healthcare sector is a key factor driving the laser technology industry forward. A medical laser is a non-invasive, high-intensity light source that treats tissues and promotes rapid healing without discoloration or scarring. This laser is used in dermatology, urology, ophthalmology, and dentistry to treat a variety of conditions. The treatment of a variety of ailments, as well as the growing need for non-invasive therapies, necessitate the use of medical lasers.
- The use of laser processing in material processing applications such as cutting, welding, engraving, and others is accelerating the advancement of laser technology. Laser processing technologies are in high demand, particularly for ultra-strong, ultra-thin, and ultra-clean glass processing.
- Growing demand from automotive industry, increasing demand for high-precision equipment, and rapid technology advancements are also driving this market forward.
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Market Segments:
By Type
- Solid-state Lasers
- Fiber Lasers
- Ruby Lasers
- YAG Lasers
- Thin-Disk Lasers
- Gas Lasers
- CO2 Lasers
- Excimer Lasers
- He-Ne Lasers
- Argon Lasers
- Chemical Lasers
- Liquid Lasers
- Semiconductor Lasers
By Application
- Laser Processing
- Macro processing
- Cutting
- Drilling
- Welding
- Micro processing
- Marking & Engraving
- Macro processing
- Optical Communications
By End Use Industry
- Healthcare
- Automotive
- Telecommunications
- Industrial
- Semiconductor & Electronics
- Aerospace & Defense
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