The global size and growth for Laser Technology Market is anticipated to grow with a CAGR of 4.65% in 2019 and expected to reach around USD 16.9 Billion by 2024 during the forecast period.
This laser technology utilizes light energy by transforming the material's energy state, and it is also a focused beam of photon particles. Dye lasers, excimer lasers, fiber lasers, gas lasers, and solid-state lasers are the different types of laser that are included in this technology.
Laser technology has a plethora of applications in various industries like defense, healthcare, and telecommunications, aerospace. Also, this technology is very frequently utilized in consumer products, surgical procedures, and laser material processing such as drilling, engraving, and cutting and in the marking proceedings of a wide range of materials. The growth of this market is due to the rising global demand for optical communication, coupled with the increasing demand for infrared thermometer is contributing to market growth.
Boster Partners has increased its stake in Conherent, Inc. and has acquired 0.35%% of $14,156,000 Coherent's net worth.
Market drivers and restraints
The increasing investments in healthcare and the other verticals that demand laser technology which boosted the surge and the various innovations in this technology are some of the primary drivers of this market. Being an advanced technology, laser technology increases efficiency in any of its applications which is a definite advantage for the market growth.
The gradual shift towards the production of Nano and Microdevices, coupled with the rapid expansion and advancements in the various end-user verticals is fuelling the laser technology market. Further, the rising incidences of surgical procedures in multiple sectors are boosting the growth of the market.
The stringent regulations and compliances from the governments of various nations and the high cost involved with this technology & their solution for end-user verticals are the challenges that are hindering the growth of the global laser technology market.
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Report Segmented as
Global Laser Technology Market Segmentation by Type
- Solid Laser
- Liquid Laser
- Gas Laser
Global Laser Technology Market Segmentation by Applications
- Laser Processing
- Laser Gyroscopes
- Laser Printers
- Laser Rangefinders
- Laser headlights
- Laser Security Systems
Global Laser Technology Market Segmentation by Verticals
- IT & Telecommunications
- Aerospace & Defence
- North America
- South America
- Middle East
In the regional analysis of the market, the Asia-Pacific region is estimated to grow in a significant way owing to the consistent demand for cost-effective and rapid processing laser industrial equipment from verticals like semiconductor, automotive, and others in this region.
Key market players
- IPG Photonics
- Lumentum Holdings
- Laserstar Technologies
- Epilog Laser
- Mks Instruments
- MKS Instruments
- Bystronic Laser
- Topica Photonics
- Photonics Industries
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