Laser Technology Market to Be Worth $32.8 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., June 11, 2024 /PRNewswire/ -- According to a new market research report titled, "Laser Technology Market by Type (Solid-state Laser, Gas Laser, Liquid Laser), Application (Laser Processing, Optical Communications), End User (Industrial, Healthcare, Commercial, Telecommunications), and Geography—Global Forecast to 2031," the laser technology market is projected to reach $32.8 billion by 2031, at a CAGR of 10.6% from 2024–2031.

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Laser, which stands for Light Amplification by Stimulated Emission of Radiation, involves the emission of a concentrated beam of light through an optical amplification process. This technology finds application in various processes like cutting, drilling, welding, marking, engraving, microprocessing, and advanced manufacturing. Moreover, laser technology finds extensive utilization in welding, cutting, surveying, communication, printing, CD & optical disc manufacturing, spectroscopy, heat treatment, and barcode scanning. The major end users of laser technology include industrial, healthcare, telecommunications, automotive, commercial, and semiconductor & electronics sectors.

The growth of the laser technology market is driven by the increasing adoption of laser technology in the electronics sector, the transition towards micro and nanodevices, and the preference for laser-based material processing over traditional material processing methods. However, the high cost of laser technology may restrain market growth.

Furthermore, the utilization of laser technology in robotics and its applications in optical communication are expected to create market growth opportunities. However, the technical complexity involved in high-power lasers is a significant challenge impeding the market's growth. Additionally, the rising demand for laser technology in 3D printing is a prominent trend in this market.

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The laser technology market is segmented by type (solid-state laser [fiber laser, yttrium aluminum garnet (YAG) laser, Thin-disk laser, and ruby laser], gas laser [Co2 laser, excimer laser, He-Ne laser, argon laser, and chemical laser], semiconductor laser, and liquid laser), application (laser processing [macroprocessing {cutting, welding, and drilling}, microprocessing, and marking and engraving], optical communications, and other applications), end user (industrial, semiconductor & electronics, automotive, telecommunications, aerospace & defense, healthcare, commercial, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on type, in 2024, the solid-state laser segment is expected to account for the largest share of around 45% of the laser technology market. The segment's large market share can be attributed to the increasing number of surgeries performed using solid-state laser technology, the rising utilization of solid-state lasers for micromaterial processing, and the growing adoption of YAG lasers for high-power applications.

However, the semiconductor laser segment is expected to register the highest CAGR during the forecast period. This segment's growth is driven by factors such as the increasing utilization of semiconductor lasers due to their higher reliability, compact size, low power consumption, and high efficiency, the rising adoption of semiconductor lasers in the healthcare sector for a wide range of applications, including cosmetic procedures, medical diagnosis, and therapies, and the rising demand for semiconductor lasers, particularly laser diodes such as Vertical-Cavity Surface-Emitting Lasers (VCSELs), in smartphones for sensing applications.

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Based on application, in 2024, the laser processing segment is expected to account for the largest share of around 58.5% of the laser technology market. However, the optical communications segment is expected to register the highest CAGR during the forecast period. This segment's growth is driven by factors such as the increasing demand for VCSELs for data transmission, driven by the proliferation of digital solutions requiring high-speed and efficient data transmission and the growing utilization of laser technology in hyperscale data centers to reduce power consumption and enable low-latency, high-performance computing capabilities.

Based on end user, in 2024, the industrial segment is expected to account for the largest share of around 21% of the laser technology market. This segment's large market share can be attributed to the increasing adoption of laser technology in industrial settings for achieving high accuracy in cutting, welding, and marking tasks. Additionally, laser technology enables non-contact processing, which reduces wear and tear on machinery and eliminates the need for physical tooling.

However, the healthcare segment is expected to register the highest CAGR during the forecast period.

Based on geography, in 2024, Asia-Pacific is expected to account for the largest share of around 46.5% of the laser technology market. Asia-Pacific's significant market share can be attributed to the rising manufacturing activities in countries such as China, Japan, South Korea, and India, the large consumer electronics and automobile markets in China, and the proliferation of data centers, resulting in the substantial demand for fiber lasers.

However, the market in North America is projected to register the highest CAGR of over 10.0% during the forecast period. The growth of this regional market is driven by factors such as the increasing utilization of laser technology in healthcare for procedures such as cosmetic surgeries, dermatology treatments, and ophthalmology; the rising integration of laser technology across manufacturing, automotive, and aerospace sectors to enhance processing capabilities and precision; and the increasing adoption of laser technology within the defense sector, particularly in applications like laser weaponry, energy systems, and defense equipment.

The key players operating in the laser technology market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), TRUMPF GmbH + Co. KG (Germany), Lumentum Holdings Inc. (U.S.), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France), LaserStar Technologies Corporation (U.S.), Epilog Laser (U.S.), Han's Laser Technology Industry Group Co., Ltd. (China), MKS Instruments, Inc. (U.S.), Gravotech Marking (France), Corning Incorporated (U.S.), Eurolaser GmbH (Germany), and Bystronic Laser AG (Switzerland).

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Scope of the Report:

Laser Technology Market Assessment—by Type

• Solid-state Laser
  • Fiber Laser
  • Yttrium Aluminum Garnet (YAG) Laser
  • Thin-disk Laser
  • Ruby Laser
• Gas Laser
  • Co2 Laser
  • Excimer Laser
  • He-Ne Laser
  • Argon Laser
  • Chemical Laser
• Semiconductor Laser
• Liquid Laser

Laser Technology Market Assessment—by Application

• Laser Processing
  • Macroprocessing
    • Cutting
    • Welding
    • Drilling
  • Microprocessing
  • Marking and Engraving
• Optical Communications
• Other Applications

Laser Technology Market Assessment—by End User            

• Industrial
• Semiconductor & Electronics
• Automotive
• Telecommunications
• Aerospace & Defense
• Healthcare
• Commercial
• Other End Users

Laser Technology Market Assessment—by Geography                        

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Netherlands
  • Spain
  • Sweden
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Singapore
  • Australia & New Zealand
  • Indonesia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • Rest of Middle East & Africa

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