Increasing demand from healthcare vertical is a key factor driving laser technology market revenue growth
Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) — The global laser technology market size was USD 12.44 Billion in 2021 and is expected to register a revenue CAGR of 8.6% during the forecast period, according to latest analysis by Emergen Research. Laser technology market revenue growth is primarily driven by factors such as rising adoption of laser technology in the electronics sector and medical applications and increasing adoption of various technologies emerging from laser-based applications such as Augmented Reality (AR) and Virtual Reality (VR), Vertical-Cavity Surface-Emitting Laser (VCSEL), Light Detection and Ranging (LiDAR). Laser technology offers high degree of adaptability, sustainability, productivity, and accuracy, hence it has found extensive usage and success in a wide range of sectors including manufacturing, chemical production and processing, automotive, and healthcare. As a result of their accuracy and precision, lasers enable physicians and surgeons to perform difficult surgical procedures and manufacturers to develop new medical equipment and designs. From laser eye surgery to development of new equipment and prosthesis, laser technology has enabled hospitals, physicians, surgeons, consultants, and nurses to provide superior treatment more quickly.
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In the past, it was difficult and expensive to create complicated medical equipment owing to a lack of technology, however, with development of laser technology, medical workers now have access to unique, purpose-built tools and solutions. For instance, because of 3D laser printing technology, cost of producing prostheses has been reduced while production speed has improved. This advanced medical equipment is made possible not only because laser technologies are accurate and precise, but also because they are designed to be contamination-free. In addition, UV lasers leave no raised imprints and have no effect on surface of substance. Similarly, laser technology has enabled practitioners to assist their patients with issues ranging from cancer diagnostics and tumor removal to cutting tissue on a daily basis.
COVID-19 is motivating enterprises to use laser-based solutions. The pandemic disrupted supply chain process, allowing end-users to experience negative consequences in business and industrial processes. In addition, researchers throughout the world have been working on creating laser sensors that can identify the virus at early stage of infection, from nose swabs or saliva, in a matter of minutes. Increasing government investments and money raised by big businesses is also expected to fuel growth of this industry throughout pandemic. On 11 February 2020, the UK government invested £81 million (USD 98.1 million) in a new sophisticated imaging center that houses super-bright lasers capable of producing state-of-the-art 3D X-rays in just 40 seconds. This will assist to accelerate development of novel medical treatments, reducing manufacturing costs, and uncover design improvements.
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Scope of Research
|Market Size in 2021||USD 12.44 Billion|
|Revenue Forecast to 2032||USD 31.14 Billion|
|Base Year for Estimation||2021|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2022 to 2030|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Type, application, end-use, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Coherent, Inc., IPG Photonics Corporation, Trumpf, Lumentum Operations LLC., Jenoptik, Novanta Inc., Lumibird, LaserStar Technologies Corporation, Corning Incorporated, and Bystronic Group|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global laser technology market is fairly fragmented with a number of large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective laser technology solutions. Some major companies included in the global laser technology market report are:
- Coherent, Inc.
- IPG Photonics Corporation
- Lumentum Operations LLC.
- Novanta Inc.,
- LaserStar Technologies Corporation
- Corning Incorporated
- Bystronic Group
- On 26th November 2020, NITTOKU Co., Ltd., and Furukawa Electric Co., Ltd. collaborated to create laser welding equipment for electric vehicle motors. This collaboration brings effectiveness to their clients’ motor production processes by integrating NITTOKU’s factory automation solutions, which have the world’s largest market share for winding machines, with Furukawa Electric’s laser welding copper material characterization capabilities.
- On 3rd June 2022, Sony launched a new firm that will construct and provide technologies that would allow tiny satellites in orbit to interact with one another through laser beams, putting its toes into the fast-growing space industry. Sony Space Communications Corp. intends to use laser technology to avoid a radio frequency bottleneck. The gadgets will communicate between space satellites and satellites connecting with ground stations.
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Some Key Highlights From the Report
- The gas laser segment accounted for a moderate revenue share in 2021. CO2 lasers are commonly employed as industrial lasers for laser material processing, particularly for cutting and structuring plastic materials, wood, die boards, glass pieces, and other materials with high absorption at 10.6 m and power levels ranging from 20–200 W.
- The macro processing segment accounted for a significant revenue share in 2021. Its applications vary from aerospace to production of jewelry. Laser welding works by focusing on highly concentrated beam of light on a tiny area, allowing the spot under laser beam to receive light and become incredibly active.
- The automotive segment accounted for a significant revenue share in 2021. In the competitive field of automotive manufacturing, there appears to be little room for error. One way that automakers can employ is laser cutting, which is one of the most effective methods for ensuring precise quality cuts with clean edges and quick cycle time. Laser cutting technology can also be used for welding, cladding, engraving, and branding, in addition to cutting. As laser cutting is so versatile, it has become a vital tool in global automobile production business.
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Emergen Research has segmented the global laser technology market based on type, application, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Solid Laser
- Fiber Laser
- Ruby Laser
- Semi-conductor Laser
- Thin disk Laser
- Liquid Laser
- X-ray Laser
- Dye Laser
- Gas Laser
- Co2 Laser
- Excimer Laser
- He-ne Laser
- Argon Laser
- Chemical Laser
- Solid Laser
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Laser Processing
- Macro Processing
- Micro Processing
- Advanced Processing
- Optical Communication
- Laser Processing
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Semiconductor & Electronics
- Integrated Circuit
- Aerospace & Defense
- Aerospace Industry
- Missiles Industry
- Space Industry
- Combat Vehicles Industry
- Laser Vision Correction
- Confocal Microscope
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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