DUBLIN, October 18, 2021--(BUSINESS WIRE)--The "Laser Technology Market by Type, Application, and End User - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The laser technology market is expected to reach $30.3 billion by 2028, at a CAGR of 11.4% during the forecast period, 2021-2028.
Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, and opportunities.
The growth of this market is backed by the growing adoption of laser technology in the electronics sector, rising applications of laser in healthcare, a shift towards nano and microdevices, and increasing preference for laser-based material processing over traditional processing.
Moreover, the growing demand for laser technology in robotics and increasing use of lasers for optical communication provides significant growth opportunities for stakeholders in the market. However, high initial cost obstructs the growth of this market to some extent. Also, technical complexity in high-power lasers is a major challenge for the growth of the laser technology market.
The COVID-19 pandemic has moderately impacted the global laser technology market. The national lockdowns imposed in several countries worldwide led to shutting down manufacturing facilities, thus impacting the overall supply chains. The decline in industrial activities impacted the material processing market leading to reduced demand for lasers.
However, the work-from-home model increased the need for high-speed data transmission. This led to the high demand for laser diodes for optical communication during the COVID-19 period.
Based on type, the laser technology market is segmented into solid-state, liquid, gas, and semiconductor lasers. The semiconductor lasers segment is expected to grow at the highest CAGR during the forecast period due to the rising demand for laser diodes, such as VCSELs in smartphones for sensing applications.
Due to their low cost, many electronic device manufacturers are expected to implement laser diodes. Apart from this, VCSELs are also largely in demand for optical communication applications. However, the solid-state lasers segment is estimated to account for the largest share of the laser technology market in 2021.
Based on application, the laser technology market is segmented into laser processing, optical communications, and other applications. The laser processing segment is estimated to account for the largest share of the laser technology market in 2021, due to the advantages of laser material processing, such as high precision, efficiency, and quality. However, the optical communication segment is expected to grow at a significant CAGR during the forecast period.
Based on end user, the laser technology market is segmented into telecommunications, industrial, semiconductor & electronics, commercial, aerospace & defense, automotive, healthcare, and other end users. The healthcare segment is projected to grow at the highest CAGR during the forecast period due to technological advancements in lasers and growing number of aesthetic laser treatments in Asia as a result of medical tourism.
Also, the rising number of cost-effective laser treatments is contributing to the growth of the market. However, the industrial segment is estimated to account for the largest share of the laser technology market in 2021.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. COVID-19: Impact Assessment
4.1. Scenario A: Severe Impact
4.2. Scenario B: Moderate Recovery
4.3. Scenario C: Fast Recovery
5. Market Insights
22.214.171.124. Rising Adoption of Laser Technology in the Electronics Sector
126.96.36.199. Increasing Use of Laser for Medical Applications
188.8.131.52. Shift Towards Micro and Nanodevices
184.108.40.206. Demand for Laser-based Material Processing Over Traditional Processing
220.127.116.11. High Initial Cost
18.104.22.168. Use of Laser Technology in Robotics
22.214.171.124. Applications of Laser for Optical Communication
126.96.36.199. Technical Complexity in High Power Laser
5.2. Value Chain Analysis
6. Global Laser Technology Market, by Type
6.2. Solid-state Laser
6.2.1. Fiber Laser
6.2.2. Yttrium Aluminum Garnet (YAG) Laser
6.2.3. Thin-disk Laser
6.2.4. Ruby Laser
6.3. Gas Laser
6.3.1. Co2 Laser
6.3.2. Excimer Laser
6.3.3. He-Ne laser
6.3.4. Argon laser
6.3.5. Chemical laser
6.4. Semiconductor Laser
6.5. Liquid Laser
7. Global Laser Technology Market, by Application
7.2. Laser Processing
7.2.3. Marking and Engraving
7.3. Optical Communications
8. Global Laser Technology Market, by End User
8.3. Semiconductor & Electronics
8.6. Aerospace & Defense
9. Global Laser Technology Market, by Geography
9.2. Asia-Pacific (APAC)
9.2.3. South Korea
9.2.5. Rest of Asia-Pacific
9.3. North America
9.4.6. Rest of Europe
9.5. Latin America
9.6. Middle East and Africa
10. Competitive Landscape
10.2. Key Growth Strategies
10.3. Market Share Analysis (2020)
10.3.1. Coherent, Inc.
10.3.2. TRUMPF GmbH + Co. KG
10.3.3. IPG Photonics Corporation
10.3.4. Han's Laser Technology Industry Group Co., Ltd.
10.3.5. Lumentum Operations LLC
11. Company Profiles
11.1. Coherent, Inc.
11.2. TRUMPF GmbH + Co. KG
11.3. IPG Photonics Corporation
11.4. Han's Laser Technology Industry Group Co., Ltd.
11.5. Lumentum Holdings Inc.
11.6. JENOPTIK AG
11.7. Novanta Inc.
11.8. LUMIBIRD Group
11.9. LaserStar Technologies Corporation
11.10. Epilog Laser
11.11. MKS Instruments, Inc.
11.12. Gravotech Marking
11.13. Corning Incorporated
11.14. eurolaser GmbH
11.15. Bystronic Laser AG
For more information about this report visit https://www.researchandmarkets.com/r/grjyyk
View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005728/en/
Laura Wood, Senior Press Manager
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