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Laser Technology Market to Reach $16.9 Billion by 2024
December 14, 2018 | PRNewswireEstimated reading time: 1 minute
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.
CO2 laser type accounts for the largest share of the laser technology market. The leading position, in terms of market size, of CO2 laser can be attributed to its considerably compact sized for a sealed laser, suitability for a wide range of wavelengths, and utility in laser cutting, welding, structuring, perforating, drilling, and laser marking applications. A CO2 laser is a continuous wave laser of high power, which has a wide range of commercial, industrial, and military applications.
The market for the "others" end-user category is expected to grow at the highest CAGR from 2018 to 2024. Oil and gas, iron and steel, tobacco, glass, wood, retail, and plastic end-user verticals are expected to contribute to the growth of the market for "others" end-user category. In the retail segment, laser technology is used for applications such as barcode scanning, barcode marking, advertising, and security systems; in the glass segment, laser technology prevents the risk of breakage and micro-cracks during production.
The laser technology market in APAC is expected to grow at the highest CAGR during the forecast period. 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.
Key players in the market include Coherent (US), IPG Photonics (US), Trumpf (Germany), Lumentum (US), Jenoptik (US), Novanta (US), Lumibird (France), LaserStar (US), Epilog Laser (US), and MKS Instruments (US). These players are increasingly undertaking product launches and mergers and acquisitions to increase their market shares.
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