| Status : Published | Published On : May, 2024 | Report Code : VRSME9020 | Industry : Semiconductor & Electronics | Available Format :
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Page : 220 |
Global Laser Technology Market – Analysis and Forecast (2025-2030)
Industry Insight by Laser type (Solid-State Laser, Liquid Laser, Gas Laser, and Others), by Application (Optical Communication, Laser Processing, and Others), by Revenue (System Revenue and Laser Revenue), by End-Use Industry (Telecommunications, Industrial, Semiconductor & Electronics, Commercial, Aerospace & Defense, Automotive, Healthcare, Research, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global laser technology market is valued at USD 11.2 billion in 2023 and is expected to reach USD 19.50 billion by 2030, exhibiting a robust CAGR of 8.5% during the projected during the period 2025 - 2030. Laser technology is a special technology that uses laser lights in devices. These devices use the principle of optical amplification to emit coherent light. These devices are used extensively across a wide variety of industries such as optical communications, healthcare, material processing, and small-scale device manufacturing sectors.
Over the years, the global laser technology market has witnessed a significant growth. It is expected to continue growing in the forecast period at a reasonably fast pace as well. This growth and increase in demand are primarily attributed to the high efficiency of the lasers compared to the performance of regular processing technologies.
In addition, newer and better technologies, better management and control, and higher cost-effectiveness are few other factors that will propel the growth of the global laser technology market even further during the projected period.
Ideally, laser processing dominates the market due to it higher efficiency, precision, and quality which will increase the demand for this technology over the forecast period.
Market Segmentation
Insight by Laser Type
Considering the laser type, the global laser technology market is divided into solid-state lasers, liquid lasers, gas lasers, and other segments. Out of these segments, the solid-state laser segment is anticipated to grow at a high CAGR during the forecast period. This is due to the high efficiency of these systems compared to gas lasers. It is also attributed to the simple structure, ease in use, economical casting, and lower material wastage in the active medium.
Moreover, the growth of this segment is further attributed to the widespread adoption of solid lasers for different applications such as metal processing, red-green-blue (RGB) light sources in laser printers and projectors, eye surgery, measurement of environmental instrumentation and optical transmission systems. All these together boosts the growth of the global laser technology market as a whole.
Insight by Application
These systems have a diverse set of applications and the global laser technology market is divided into optical communication, laser processing, and other segments based on these applications. Out of all these segments, the optical communication segment is expected to grow at a high CAGR during the forecast period.
This growth is attributed to the increase in the use of laser light as a high-speed transmitter in digital and analog fiber optic networks. It is also the result of the rise in demand for VCSEL for data transmission.
Insight by Revenue
According to the revenue generation, the global laser technology market is split into system revenue and laser revenue. Out of these two segments, the system revenue segment is expected to dominate the market during the forecast period and grow at a higher rate due to higher revenue generation from sales of different types of laser systems. This includes marking & engraving, welding & brazing, cutting & scribing, cladding & coating, annealing, drilling, and material removal. These systems have a wide range of application across different industries such as automotive, industrial, commercial, healthcare, and defense.
Insight by End-Use Industry
The global laser technology market is also divided into telecommunications, industrial, semiconductor & electronics, commercial, aerospace & defense, automotive, healthcare, research, and other segments based on the end users.
Out of all these segments, the healthcare segment is expected to grow at a higher CAGR during the forecast period due to rapid technological developments such as confocal microscopy, dermatological treatment, ontogenetic, laser vision correction, and dynamic contrast-enhanced MRI in lasers. It is also attributed to the increase in the number of aesthetic laser treatments in Asia as a result of medical tourism. In addition, the increasing number of cost-effective laser treatments will further push the growth of the global laser technology market.
On the other hand, the automotive industry will also grow at a high CAGR during the forecast period. This is mainly due to the extensive use of laser technology in the cutting and welding processes of thin-walled components. Apart from that, it also helps in optimizing the compactness of components in automobiles manufacturing.
Global Laser Technology Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 11.2 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 19.50 Billion |
|
Growth Rate |
8.5% |
|
Segments Covered in the Report |
By Laser Type, By Application, By Revenue and By End-Use Industry |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The industry players have to compete fiercely with each other in the competitive market. This has encouraged them to focus on product innovation, mergers and acquisitions, and cost-efficiency. This brings more sustainability in the long term and strengthens their position in the global market.
Laser technology has also gained a significant position in the industry 4.0 concept. It helps in creating better and smarter factory solutions, helping the businesses to increase their output, improve efficiency and performance, offer low-cost benefit, improve quality of product, and increase production capacity.
Industries today are making the best use of the laser-based Industry 4.0 technology and its features which includes AI, IoT, cloud computing, cognitive computing, and more.
The governments of different countries are also taking significant initiatives to promote the adoption and use of laser technology. Initiatives like Make in India, Industrial value Chain Imitative, Smart Cities Mission, and others play a major role in fueling the growth of the laser technologies markets worldwide.
The high efficiency of the medical lasers using intensive and non-intensive light sources have made them the most prominent tools in the healthcare sector for treating tissue damages and promoting fast healing. It is also used to reduce scars and discoloration. As a result, these tools have become almost indispensable in the field of urology, dermatology, more.
Growth Drivers
The most significant factor that drives the growth of the laser technology market is the rapid utilization of medical lasers in the healthcare industry. The demand is high and growing due to its ability to treat a wide range of diseases.
Another significant factor that drives the demand for these tools in the medical care sector is the growing preference among people for non-invasive therapies.
The growth of the global laser technology market is further propelled by the growing adoption of laser-based applications in different technologies such as LiDAR and the development of photonics technology.
Moreover, there is a significant increase in government investments in laser technology, which has also fueled the growth of the global laser technology market.
In addition, the growing demand for laser devices in the military and defense sectors for a diverse set of applications also promotes the growth of the global laser technology market.
Additionally, the increase in popularity and adoption of cosmetic surgeries and in semiconductor optoelectronics also promote the growth of the laser technology market worldwide.
Challenges
High initial cost of setting up, high deployment cost, high power consumption, technical complexity in high-end and high-power lasers, radioactive pollution, lack of skilled workforce, and uncertain regulatory compliance will hinder the growth of the laser technology market on a global scale.
Moreover, the installation and operation processes of laser technology is complex and needs a huge amount of resources to maintain a high efficiency, which increases the cost of operation. All these together hinders the growth of this global laser technology market.
Opportunities
The market has better opportunities today created due to the rise in demand for this specific technology in robotics, defense & security for research and development of laser-based weapon systems and plasma-based weapon systems, extensive use in consumer electronic devices, and growing adoption in optical communication.
Geographic Overview
Asia Pacific accounts for the largest share in the laser technology market due to the increase in investments in research and development. It is expected to grow during the forecast period due to the rise in population. It is also attributed to the increased in demand for fast processing and cost-efficient laser machine tools in the automotive, semiconductor, telecommunications, and industrial sectors. In the APAC region, China, India, South Korea, and Japan are the main contributors to the growth.
North America is expected to grow at a significantly high CAGR during the forecast period due to the continual developmental process and higher investment in further R&D. It is mainly seen in the military & defense sectors. It is also attributed to the increased expenditure in the healthcare sector as well as the rise in the number of cosmetic surgeries, progress in data storage and optical communications, and a growth in the market for aesthetic laser treatments.
Competitive Insight
There is high competition in the laser technology market which is forcing industry players to focus on mergers and acquisitions, product innovation and cost-efficiency to ensure long-term sustainability and for strengthening their position in the market. For instance: Trumpf acquired a minority stake in GLOphotonics, a France-based laser technology startup and Jenoptik launched F-theta lenses that are suitable for ultra-short pulse lasers. Some of the key players are Coherent Inc, IPG Photonics Corporation, TRUMPF, Lumentum Operations LLC, Novanta Inc, Jenoptik AG, Corning Incorporated, LaserStar Technologies Corporation, Han’s Laser Technology Industry Group Co Ltd, LUMIBIRD
Recent Development by Key Players
Coherent Corp, a Pennsylvania (US) based manufacturer of electronics, and instrumentation devices, on Tuesday said it has entered into a memorandum of understanding (MoU) with Guidance Tamil Nadu and IIT Madras Research Park (IITMRP) to start its first global centre of excellence (COE) in Taramani, Chennai.
Miller Electric Mfg. LLC and IPG Photonics collaborated to deliver leading laser solutions to the handheld welding market. This partnership shall bring ease of use, speed and precision, transforming the handheld welding process.
Research Phases
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Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Laser Technology Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Laser Type
- Solid-State Laser
- Liquid Laser
- Gas Laser
- Others
- By Application
- Optical Communication
- Laser Processing
- Others
- By Revenue
- System Revenue
- Laser Revenue
- By End-Use Industry
- Telecommunications
- Industrial
- Semiconductor & Electronics
- Commercial
- Aerospace & Defense
- Automotive
- Healthcare
- Research
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Laser Technology Market