Huge demand from the healthcare vertical, enhanced performance over traditional material processing techniques, and shift toward production of nano and micro devices are the key factors driving the growth of this market, according to a recent report from Report Buyer. However, regulatory compliances could likely act as the restraint for the market's growth.
Others laser type is likely to grow at the highest CAGR during the forecast period
The market for "others" laser type is expected to grow at the highest CAGR within the overall laser technology market during the forecast period.The growth can be attributed to increasing demand for several lasers including X-ray laser, dye laser, excimer laser, argon laser, chemical laser, and helium-neon laser.
Applications such as in dense plasmas, X-ray microscopy, medical imaging, aerospace & defense, and surface research boost demand for X-ray lasers; the ability to generate light pulses of various wavelengths drives excimer lasers' demand.
Laser processing application to hold the largest share of the laser technology market in 2018
Laser processing application accounts for the largest share of the laser technology market.The leading position of laser processing, in terms of market size, can be attributed to its ability to provide better quality and reliability and more precise output than conventional mechanical methods.
Laser processing involves using laser for applications such as materials processing, micro processing, and advanced processing.
APAC is expected to hold a significant share of the laser technology market by 2024
APAC is expected to account for the largest share of the laser technology market.Continuous demand for cost-effective and fast processing laser machine tools from semiconductor, automotive, industrial, and telecommunications verticals are expected to drive the growth of the laser technology market in APAC.
APAC has been ahead in terms of adoption of laser technology products and solutions compared to other regions. The region's huge population, increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the laser technology market.
Major players profiled in this report:
• Coherent (US)
• IPG Photonics (US)
• Trumpf (Germany)
• Lumentum (US)
• Jenoptik (US)
• Novanta (US)
• Lumibird (France)
• LaserStar (US)
• Epilog Laser (US)
• MKS Instruments (US)
This report offers detailed insights into the laser technology market, segmented based on type, application, revenue, end user, and region.By type, the laser technology market has been segmented into CO2 laser, fiber laser, solid state laser, and "others" laser.
By application, the market has been segmented into laser processing, optical communications, and "others".By revenue, the laser technology market has been segmented into laser revenue and system revenue.
By end user, the laser technology market has been segmented into telecommunications, industrial, semiconductor & electronics, commercial, aerospace & defense, automotive, medical, research, and "others". The study forecasts the size of the market in 4 regions—North America, Europe, APAC, and RoW.