The global laser technology market size was estimated at US$ 11.1 billion in 2020. The global laser technology market is forecast to reach US$ 32 billion by 2030, by registering a compound annual growth rate (CAGR) of 11.6% during the forecast period from 2021-2030.
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Lasers release a beam of coherent light that is used for fiber-optic, optical disc drives, laser printers, semiconducting chip manufacturing (photolithography), DNA sequencing instruments, barcode scanners, laser surgery, skin treatments, etc.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
Production of small or microdevices is the primary factor contributing to the growth of the global laser technology market.
Due to the cost-efficiency of laser technology, the global laser technology market is forecast to grow at a prominent rate.
Beneficial applications of laser technology in the healthcare sector would propel the growth of the overall market. The healthcare industry has been growing efficiently. Medical lasers are highly useful in treating tissue and allow for rapid healing without discoloration or scarring. Thus, the growth of the healthcare sector would ultimately influence the adoption of laser technologies, majorly in dermatology, urology, and other medical fields.
The growing adoption of laser technology in semiconductor optoelectronics would propel the growth of the laser technology market globally.
Government investments to prompt the advancements in laser technology would amplify the growth of the global laser technology market.
Factors, such as high accuracy and reduced environmental impact forecast to fuel the growth of the global laser technology market during the analysis period.
High power consumption may become a significant challenge for the growth of the global laser technology market.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a negative impact on the worldwide business sector. Due to supply chain interruptions, workforce shortages, and a scarcity of raw materials, the demand for commercial products declined drastically. The researchers are working on developing laser sensors that can identify the virus from nose swabs or saliva in as little as a few minutes at an early stage of infection. Such advancements would upsurge the demand for laser technology during the forecast period. Caltech unveiled a low-cost “SARSCoV2 RapidPlex” wireless sensor in October 2020 that can identify the COVID19 virus within minutes. In addition, this Bluetooth-enabled wireless sensor would transfer the data to the end user’s mobile phone. As a result, these innovations positively resulted in market growth during the analysis period.
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Geographic Analysis
The Asia Pacific region contributed to the global laser technology market with the maximum share. Due to rising R&D investments, rising population, and growing demand for cost-effective and rapid processing laser machine tools, the market witnessed significant growth in the region. The technology was widely adopted in the semiconductor, automotive, industrial, and telecommunications sectors in the Asia Pacific region. The leading contributing nations in the Asia Pacific region are India, China, South Korea, and Japan.
North America is expected to rise significantly by registering rapid growth over the forecast period. The global laser technology market is expected to grow in the region, due to the consistent R&D activities, particularly in the military and defense sector. In addition, rising healthcare expenditure, and a growing number of cosmetologists would expand the regional market for laser technology in the coming years.
Competitors in the Market
- 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
- Other prominent players
Market Segmentation
By Laser Type
- Solid
- Liquid
- Gas
- Others
By Application:
- Optical Communications
- Laser Processing
- Others
By End-user Industry:
- Telecommunications
- Aerospace & Defense
- Medical
- Commercial
- Industrial
- Automotive
- Semiconductor & Electronics
- Research
- Others
By Revenue:
- Laser Revenue
- System Revenue
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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