Laser Technology Market Worth $25.6 Billion by 2027

CHICAGO, August 8, 2022 /PRNewswire/ — Laser technology market size is estimated at $16.7 billion in 2022 and is expected to reach $25.6 billion by 2027 at a CAGR of 8.9%, according to a new report by MarketsandMarkets™. Increasing investment in R&D to develop laser-based weapons, increasing adoption of laser technology in optical communications, and growing preference for laser-based material processing techniques in verticals such as automotive, semiconductor, and electronics and industrial are the major factors. , driving the growth of the laser technology market. Additionally, the growing adoption of smart manufacturing techniques is another key driver for the market.

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Solid laser will grow at the highest growth rate during the forecast period

Solid lasers and systems based on solid lasers find applications in various verticals, such as medicine, where they are used for spectroscopy and microscopy applications, and automotive, where they are used for metalworking applications. They are also used in optical transmission systems in the telecommunications industry and find applications in the defense industry due to their ability to meet extreme power requirements.

The system segment held the largest share and the laser segment registered the highest growth during the forecast period

Laser engraving systems are widely used for marking aircraft parts in the vertical aerospace industry. In addition, laser engraving and marking systems are also used to develop smart cards and unique identification cards. Applications of lasers in the manufacture of combat vehicles are growing; lasers are mounted on top of combat vehicles to track and detect enemy drones and support anti-drone capabilities. In the coming years, lasers and laser systems are expected to provide support troops with additional security against artillery, missiles, drones, mortars and cruise missiles.

Optical communication will demonstrate the highest growth during the forecast period

The low payload weight characteristic of laser technology makes it suitable for space telescopes, onboard satellites and scientific space probe applications. In the coming years, laser technology is expected to gain importance in space applications, especially for the transmission of large amounts of data between satellites. With increasing bandwidth requirements and the move to 100G transceivers, the demand for lasers in optical communication is also increasing. Laser technology devices play a vital role in broadband communication systems, which are used as high-speed transmitters in analog and digital optical networks.

The medical vertical to register the highest growth during the forecast period

Laser technology is widely used in the medical vertical. Applications of laser technology in the medical sector include flow cytometry, cell sorting, microscopy, DNA sequencing, retinal scanning, plastic bonding, metal welding, fluid processing, precision cleaning, stent cutting, cardiac pacemaker and laser systems. welding of catheters. Optically pumped semiconductor lasers (OPSLs) and diode lasers, which lead to a continuous solid-state UV laser, enable the use of UV in clinical and research environments. Similarly, during the bonding process of plastics in medical applications, a sealing system is required. Lasers offer reliable sealing in one step, thereby increasing the adoption of laser technology in the medical field. Lasers are also widely used in therapy.

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The laser technology market in Asia and the Pacific holds the largest share and the RoW market is expected to grow significantly from 2022 to 2027

Asia and the Pacific is home to major automotive companies such as Chery (China)Honda (Japan), Toyota Motor (Japan), Nissan (Japan), Kia Motors (South Korea) and Tata Motors (India). These companies have increased the adoption of laser technology for multiple operations such as welding, drilling and cutting to improve quality and precision and reduce lead times. Increasing access to low-cost laser-based satellite broadband services and the development of laser-based innovative technologies are key factors driving the growth of the RoW market. Moreover, the increase in patients suffering from ophthalmic diseases in the region leading to increasing demand for laser based treatment is another factor driving the laser technology market. The growing use of electric vehicles in Middle East is expected to give a boost to the automotive industry, which in turn is expected to fuel the demand for laser machining systems in the region.

Major companies operating in the laser technology market include Coherent (US), IPG Photonics (US), Han’s Laser (China), Jenoptik (Germany), GOAT (Germany), Gravotech (France), Lumentum (USA), Novanta (USA), Bystronic Lasers (Switzerland) and Lumibrid (France).

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