Laser Technology Industry Overview

The global Laser Technology Market, valued at USD 17.82 billion in 2022, is projected to grow at a CAGR of 7.8% from 2023 to 2030. Its widespread adoption across manufacturing, automotive, chemical processing, and healthcare is driven by its high adaptability, productivity, sustainability, and accuracy. Notably, laser technology is extensively used in healthcare for procedures like eye surgery and in the development of advanced tools and prosthetics, with these advantages fueling market growth. For example, the January 2021 acquisition of Coherent, Inc. by Lumentum Operations LLC merged leading photonics businesses, creating a larger entity with expanded market reach.

The application of precise and contamination-free 3D laser technologies has reduced the cost and accelerated the production of prostheses, leaving material surfaces unaffected and without raised markings from UV lasers. Simultaneously, laser technology has enabled manufacturers to significantly increase production capacity to meet the rising demands of hospitals and private care facilities.

Detailed Segmentation:

• Type Insights

Gas laser and solid-state laser are expected to have the fastest growth during the forecast period. The high share can be attributed to a growing demand for industrial applications. In addition, higher usage of solid-state lasers for laser marking systems is creating several opportunities for solid-state market.

• Product Insights

The system segment accounted for the largest revenue share of over 75% in 2022, attributed to the increasing use of lasers for specialized marking and engraving across industries, including automotive, medical, aerospace, military, and packaging, and the rising demand for automation and high-end processing manufacturing applications. Various countries' governments are taking initiatives to contribute to the growth of industry.

• Vertical Insights

The healthcare segment is expected to grow at the highest CAGR due to increased aesthetic operations, growing preference for minimally invasive procedures, and rising incidence of eye problems, driving demand for lasers in the healthcare sector. Furthermore, the increasing demand for lasers for several advanced medical treatments and the rising use of lasers in cutting-edge medical procedures are increasing demand for lasers in healthcare.

• Application Insights

Laser-processing segment is expected to grow at the highest CAGR during the forecast period. Expansion of lasers in medical devices and surgical applications is expected to drive growth. Rapid development of nanofabrication technology is also expected to help the growth of the global market. Due to several advantages over conventional material processing, the manufacturing industry has also boosted the adoption of laser technology, which is expected to be one of the key reasons driving industry’s growth. For instance, in January 2022, JENOPTIK AG introduced a new Votan laser-processing machine focused on the automotive industry. A standard modular version, Votan A+, complements existing customized machines for concise laser airbag weakening.

• Regional Insights

North America is anticipated to register the fastest CAGR from 2023 to 2030. An increase in healthcare infrastructure and spending, an increase in cosmetic procedures, and a rise in the adoption of new technologies are the main factors influencing the growth of the market. In addition, presence of significant industry players with new product lines broadens the laser technology market in region.

Gather more insights about the market drivers, restraints, and growth of the Laser Technology Market

Key Companies & Market Share Insights

Various businesses are focusing on organic growth strategies such as product upgrades, product launches, and other aspects like events and patents. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market, and these activities have allowed market players and customer bases to grow. In November 2020, Kyocera, a Japanese electronics company, agreed to acquire full ownership of SLD Laser, creator of visible laser light sources for mobility, medical, automotive, specialty lighting, li-fi communication, sensing, and consumer applications. SLD Laser will begin operating as Kyocera Group company once regulatory authorities approve the agreement. Some prominent players in the global laser technology market include:

• Coherent, Inc. 
• TRUMPF GmbH + Co. KG
• Han's Laser Technology Industry Group Co., Ltd. 
• Lumentum Holdings Inc. 
• JENOPTIK AG
• Novanta Inc.
• LUMIBIRD
• Gravotech Marking 
• Corning Incorporated 
• Bystronic Laser AG

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