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Press Release

Major Trends in Laser Technology

Laser technology market in APAC to grow at highest CAGR during forecast period

This press release was orginally distributed by SBWire

Northrook, IL -- (SBWIRE) -- 02/03/2020 -- The laser technology market to grow from USD 12.0 billion in 2017 to USD 16.9 billion by 2024, at a compound annual growth rate (CAGR) of 4.6% during the forecast period. The major factors that are expected to be driving the market are increasing demand from healthcare vertical, enhanced performance of lasers over traditional material processing techniques, and shift toward production of nano and micro devices.

Laser Technology Market by laser type, the CO2 laser segment holds the largest share of the market

By laser type segment, CO2 laser segment is expected to hold the largest market share. The leading position, in terms of market size, of this type of laser can be attributed to its considerably compact size, suitability for a wide range of wavelengths, and utility in laser cutting, welding, structuring, perforating, drilling, and laser marking applications.
Laser Technology Market by revenue, the laser revenue segment is expected to grow at a higher growth rate during the forecast period.

Browse 101 market data Tables and 60 Figures spread through 178 Pages and in-depth TOC on "Laser Technology Market – Global Forecast to 2024"

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Among the revenue segment, the laser revenue segment is expected to grow at a higher CAGR during the forecast period, owing to revenue generated from the sales of several types of lasers, such as YAG laser, semiconductor laser, thin disk laser, ruby laser, fiber laser, X-ray laser, dye laser, excimer laser, argon laser, chemical laser, and helium-neon laser.
Laser Technology Market by application, laser processing holds the largest share of the market

Laser processing application segment is expected to hold the largest market share. This segment is likely to continue to hold the largest market share during the forecast period, which can be attributed to its ability to provide higher quality, more reliability, and more precise output than conventional mechanical methods. Laser processing involves using laser for applications such as materials processing, micro processing, and advanced processing.
Laser Technology Market by end user, telecommunications holds the largest share of the market

Telecommunications end user segment is expected to hold the largest market share. This vertical is likely to continue to hold the largest market share during the forecast period, which can be attributed to laser technology's ability to enable faster and secure data transmission, while consuming low power. Lasers allow efficient and higher bandwidth communication and it is the most crucial aspect in the existence of the web; without laser communication one would not be able to download images, music, and video files quickly.

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Asia Pacific to account for the largest market size during the forecast period.

Asia Pacific is expected to hold the largest market size in the laser technology market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the market in APAC. 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 market in APAC.

Key Market Players in Laser Technology Market

Coherent (US), IPG Photonics (US), Trumpf (Germany), Lumentum (US), Jenoptik (Germany), Novanta (US), Lumibird (France), LaserStar (US), Epilog Laser (US), and MKS Instruments (US).

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