The Laser technology market size is expected to grow from USD 11.7 billion in 2020 to USD 17.6 billion by 2025, at a CAGR of 8.6%
NEW YORK, Sept. 1, 2020 /PRNewswire/ --
Laser technology market to grow at CAGR of 8.6% during 2020–2025
The Laser technology market size is expected to grow from USD 11.7 billion in 2020 to USD 17.6 billion by 2025, at a CAGR of 8.6%. Increasing demand from healthcare vertical and Better performance of lasers over traditional material processing techniques are the key factors driving the growth of the Laser technology market.
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Solid type lasers to hold largest size of Laser technology market during forecast period
The market for solid lasers accounted for the largest size in 2019.A solid laser is the one that consists of an active medium in the solid form.
The active medium in a solid laser comprises a glass or crystalline host material, which is later doped using rare earth materials, such as neodymium, chromium, erbium, or ytterbium.Solid lasers use a solid material as the active medium, and the upper energy levels of ions are without any radiation; however, when the energy transition takes place, the metastable upper laser level is reached.
This is the point where emission occurs, resulting in lasing. Solid lasers prevent the wastage of materials in the active medium and produce both continuous and pulsed output at a higher efficiency than He-Ne and argon lasers by about 2% to 3%.
System Revenue to hold largest share of Laser technology market in 2020
The market for system revenue is estimated to account for a larger share of the overall laser technology market, in 2019.System revenue covers the revenue generated from the sales of several types of laser systems for marking & engraving, welding & brazing, cutting & scribing, drilling, cladding & coating, annealing, and material removal, and other multi-function laser systems.
The ability of these systems to perform a wide range of functions expands their utility across several verticals, such as industrial, commercial, automotive, and medical.
APAC to dominate Laser technology market in 2019
In terms of value, APAC led the laser technology market in 2019, accounting for the largest share of the overall laser technology market, by region.The major countries contributing to the laser technology market in APAC include China, Taiwan, Japan, South Korea, Malaysia, Indonesia, Australia, Myanmar, Bangladesh, and India.
APAC has been ahead in terms of adoption of laser technology products and solutions compared with other regions. The region's increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the laser technology market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the Laser technology market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1= 35%, Tier 2 = 45%, and Tier 3 =20%
• By Designation: C-level Executives =35%, Directors =25%, Others = 40%
• By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Coherent (US), IPG Photonics (US), Trumpf (Germany), Lumentum (US), Jenoptik (Germany), Novanta (US), Lumibird (France), Laser Star (US), Epilog Laser (US), Han's Laser (China), MKS Instruments (US), Gravotech (France), 600 Group (UK), Eurolasers (Germany), Bystronic Lasers (Switzerland), Toptica Photonics (Germany), Photonics Industries (US), Focuslight Technologies (China), Corning Incorporated (US), and Access Lasers (US) are a few major companies dominating the Laser technology market.
Research Coverage:
This research report categorizes the global Laser technology market based on end-user industry, applications, type, Revenue, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the Laser technology industry and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the Laser technology market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product development and launch, partnership, and merger.
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