The laser technology global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Laser Technology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The laser technology market size has grown strongly in recent years. It will grow from $13.89 billion in 2023 to $15.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to adoption in medical and surgical procedures, adoption in communication and data transmission, adoption in entertainment and display, increased use in semiconductor manufacturing, adoption in defense and military applications.
The laser technology market size is expected to see strong growth in the next few years. It will grow to $21.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to adoption of green and fiber lasers, use in space exploration, use in laser art and design, biometric authentication, use in renewable energy. Major trends in the forecast period include quantum technologies, 5g and optical networks, laser beam steering, quantum dots and nanomaterials, laser-based microscopy.
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Scope Of Laser Technology Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Laser Technology Market Overview
Market Drivers –
Increased usage of consumer electronic gadgets is expected to propel the growth of the laser technology market going forward. Consumer electronics refer to electronic devices such as smartphones, television, and computers. Laser technology helps provide innovative solutions for the manufacturing of consumer electronics. For instance, in October 2021, according to The Economic Times, an Indian business newspaper, India has the highest mobile data consumption rate at 12 Gigabytes or GB per user a month in the world, and the country is adding 25 million new smartphone users every quarter. Therefore, increased usage of consumer electronic gadgets is expected to boost demand for laser technology market during the forecast period.
Market Trends –
Strategic collaborations are a key trend gaining popularity in the laser technology market. Companies operating in laser technology services are undergoing partnerships to enhance their new product development activities through mutual sharing of technologies and strengthen their market position. For instance, in February 2022, Trumpf, a German-based laser technology company, partnered with Marvel Fusion, a German-based startup developing a revolutionary fusion technique based on Chirped Pulse Amplification (CPA) lasers. This collaboration hopes to speed the development of their revolutionary fusion technology. Further, in March 2022, Tematys, a Scottish-based laser technology company collaborated with Chromacity, a UK-based manufacturer of compact femtosecond laser solutions and tunable optical parametric oscillators. This collaboration hopes to increase sales of its “ultrafast” technology to industrial companies in France.
The laser technology market covered in this report is segmented –
1) By Type: Solid Laser, Liquid Laser, Gas Laser
2) By Application: Laser Processing, Optical Communications, Other Applications
3) By End-User Industry: Telecommunications, Industrial, Semiconductor and Electronics, Commercial, Aerospace and Defense, Automotive, Medical, Research, Other End-Users
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Regional Insights –
Asia-Pacific was the largest region in the laser technology market in 2023. North America is expected to be the fastest-growing region in the laser technology market share during the forecast period. The regions covered in the laser technology market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the laser technology market include IPG Photonics Corporation, Trumpf lasers Laser plc, Lumentum Operations LLC, Jenoptik AG, Novanta Photonics Inc., Coherent Inc., IPG Photonics Corporation, LUMIBIRD Group, LaserStar Technologies Corporation, Epilog Laser India Pvt. Ltd., Han’s Laser Technology Industry Group Co. Ltd., MKS Instruments Inc., Gravotech Pvt. Ltd., Corning Incorporated, Eurolaser GmbH, BYSTRONIC Laser AG, Newport Corporation, Rofin-Sinar Technologies Inc., Amplitude Laser Group, Laser Quantum Ltd., NKT Photonics A/S, Quantel Group, SPI Lasers UK Ltd., Laserline GmbH, Raycus Fiber Laser Technologies Co. Ltd., Laserax Inc., Laser Components GmbH, Meller Optics Inc., JenLas Diodenlaser GmbH, Epilog Laser
Table of Contents
1. Executive Summary
2. Laser Technology Market Report Structure
3. Laser Technology Market Trends And Strategies
4. Laser Technology Market – Macro Economic Scenario
5. Laser Technology Market Size And Growth
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27. Laser Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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