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The overall laser technology market is expected to grow from $12.9 billion in 2018 to $16.9 billion by 2024, at a CAGR of 4.65%.
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. However, regulatory compliances could likely act as the restraint for the market's growth.
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 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 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.