CHICAGO, August 8, 2022 /PRNewswire/ — Laser technology market size is estimated $16.7 billion in 2022 and is expected to be achieved $25.6 billion at a CAGR of 8.9% by 2027, according to a new report from MarketsandMarkets™. Increasing R&D investments to develop laser-based weapons, increasing adoption of laser technology in optical communications, and increasing preference for laser-based techniques for material processing in sectors such as automotive, semiconductor, and electronics and industrial are important factors behind the growth of the laser technology market. In addition, the increasing adoption of intelligent manufacturing techniques is another important driver for the market.
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Solid State Laser is projected to grow at the highest growth rate during the forecast period
Solid-state lasers and systems based on solid-state lasers find applications in various industries, e.g. B. in medicine, where they are used for spectroscopy and microscopy applications, and in the automotive industry, 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 performance requirements.
The systems segment held the largest share and the laser segment saw the highest growth during the forecast period
Laser engraving systems are used extensively for marking aircraft parts in the aerospace industry. In addition, laser engraving and marking systems are also used for the development of smart cards and unique identification cards. The applications of lasers in the combat vehicle industry are increasing; Lasers are mounted on combat vehicles to track and detect enemy drones and support anti-drone capabilities. In the coming years, lasers and laser systems are intended to provide support forces with additional security against artillery, rockets, drones, mortars and cruise missiles.
Optical communication with the highest growth during the forecast period
The low payload weight of laser technology makes it suitable for space telescopes, onboard satellites and scientific spacecraft 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 a shift to 100G transceivers, the demand for lasers in optical communications is also growing. Laser technology devices play an important role in broadband communication systems, used as high-speed transmitters in analog and digital fiber optic networks.
The medical industry will see the highest growth during the forecast period
Laser technology is used extensively in the medical industry. Medical applications of laser technology include flow cytometry, cell sorting, microscopy, DNA sequencing, retinal scanning, plastic joining, metal welding, fluid processing, precision cleaning, stent cutting, cardiac pacemakers, and catheter laser welding systems. Optically pumped semiconductor lasers (OPSL) and diode lasers resulting in a continuous wave solid state UV laser enable the use of UV in clinical and research settings. A sealing system is also required when joining plastics in medical applications. Lasers provide a reliable seal in a single step, thereby increasing the acceptance of laser technology in the medical field. Lasers are also used extensively in therapy.
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The laser technology market in Asia Pacific holds the largest share and the market in RoW is anticipated to rise at a considerable rate from 2022-2027
Asia Pacific is home to major automotive companies such as cherry (China)honda (Japan), Toyota engine (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 processing time. Increasing accessibility to low-cost laser-based satellite broadband services and development of laser-based innovative technologies are key factors driving market growth in RoW. In addition, the increasing number of patients with eye diseases in the region, leading to an increasing demand for laser-based treatments, is another factor driving the laser technology market. The increasing use of electric vehicles in the middle East is expected to boost the automotive industry, which in turn should boost demand for laser processing systems in the region.
Major companies operating in the laser technology market include Coherent (USA), IPG Photonics (USA), Han’s Laser (China), Jenoptik (Germany), TRUMP CARD (Germany), Gravotech (France), Lumentum (USA), Novanta (USA), Bystronic Lasers (Switzerland) and Lumibride (France).
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