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The global light amplification by simulated emission of radiation (Laser) technology market is expected to experience considerable growth during the forecast period due to its increasing demand from various sectors. The factors such as advancements in technology, government regulations pertaining the application of laser in engraving, increasing demand for laser technology in medical, oil & gas and industrial applications, and growth of emerging economies are expected to boost the market growth during the forecast period.
Nowadays, lasers are becoming increasingly important in our high-tech environment. They have become robust, compact and versatile with technological developments. Laser technology can be termed as the study of lasers and their uses. Laser has turned into one of the most important tool for researchers within physics, chemistry, biology and medicine throughout the world. Lasers are source of light with unique properties which makes their applications area wide. Laser technology is extensively used in defense and security fields. This technology allows research into the laser based weapon systems used by a number of defensive structures and ships. This technology is also a necessity for expansion of energy into ion and plasma based weapon systems. The growing focus of manufacturers and industrialists on implementing laser technology in the manufacturing processes, application of laser in optical communication, and industrial shift toward nano and micro technologies are the major driving factors for this market. The increasing use of lasers in defense, growing adoption in scientific research, and up surging use of ultra short pulse laser are the emerging trends of the laser technology market.
The ability of this technology to offer significantly high precision, flexibility, and productivity in the material processing application, than other traditional approaches, is leading to their growing utility in laser technology-based material processing. The major challenges restraining the growth of the market are high initial cost of installation, several environment and health related issues associated with laser uses and limited number of suppliers in the market.
Based on laser type, solid lasers are expected to accelerate the growth of this market during 2016-2022. Among the applications of laser technology, the growing demand for optical communication is expected to be the major driving factor for the future demand of the laser technology. Laser has shorter wavelength and is less divergent than radio signals due to which it can achieve higher data rates and consume lesser power for data transmission. These features coupled with low-payload weight, have made laser communication terminals utilitarian for various optical applications. Based on verticals; the medical field is expected to witness highest growth during the forecast period. This growth is expected due to the increasing adoption of lasers for laser vision correction, confocal microscopy, ontogenetic, dynamic contrast-enhanced MRI, and dermatological treatment.
Geographically, North America is the largest market for laser technology, whereas Asia-Pacific is expected to hold the largest share in the coming years as it is expected to become a centre for the trade of consumer electronics products in the near term. The growth in North America market is due to the advancements in medical laser technologies, growing elderly population, increasing prevalence of eye diseases and chronic diseases, and improved health care infrastructure. During the forecast period, the laser technology is expected to witness the highest growth in Asia-Pacific. The growth can be credited to the high adoption of laser technology in this region, especially in China and Japan.
The key players in the global laser technology market are Coherent Inc., TRUMPF Group, IPG Photonics Corporation, ROFIN-SINAR Technologies Inc., Newport Corporation, Jenoptik AG, Lumentum Holdings Inc., GSI Group, Inc., Hans Laser Technology Industry Group Co. Ltd., and Epilog Laser.
Global Laser Technology Market Segmentation:
By Laser Type: