This study intends to unfurl the multiple facets of global laser technology market. The insights offered in the report aid in market growth examination during the forecast period.
Increasing Application in Cancer Diagnosis and Treatment Will Provide New Growth Prospects to Laser Technology Market
The rising use of lasers in medical devices, and surgical applications majorly accounts for the growth of global laser technology market. In part because of 3D laser printing technologies, which are accurate, precise, and enable a contamination-free method by design, the cost of producing prostheses has decreased while production speed has grown. The material's surface is unaffected, and the UV laser leaves no raised markings. Similarly, laser technology has enabled professionals to assist patients with a cancer diagnosis, tumor excision, and routine tissue cutting. Additionally, most surgical or medical equipment materials can be cut with lasers without requiring additional processing. The quick development of nanofabrication technology is also anticipated to support expansion. With several advantages over conventional material processing, the manufacturing industry has also boosted the adoption of laser technology, which is anticipated to be one of the key reasons driving the market. For instance, the conventional hand metal arc welding approach has a high risk of harming the environment. The automotive sector adopted laser technology to address this pressing problem. For instance, Furukawa Electric introduced an industrial fiber laser in July 2021. To weld the automobile bodies and their components, such as the aluminum process, battery welding, and motors, this machine includes a 12kw fiber laser system.
Over the projection period, it is anticipated that government restrictions on this technology's use in the marking and engraving of products will favorably impact market growth. With the widespread use of this technology in processes including welding, marking, cutting, drilling, and engraving, the laser technology market is expected to experience rapid expansion over the coming years. Government regulations governing the use of lasers for marking and engraving, along with the expanding use of lasers in medical equipment and procedures, are expected to drive market expansion in the near future. For example, laser eye surgery employs LASIK & Refractive technologies to address refractive defects such as myopia, hyperopia, presbyopia, and astigmatism.
Laser Technology Market: COVID-19 Impact
The demand for their products is decreased, which has a negative effect on the overall business sector. The manufacturing industry has been severely damaged by supply chain disruptions, a lack of labor, a lack of raw materials, and a variety of other difficulties due to the lockdowns in numerous countries, which has led to a decline in demand for the particular firm. The epidemic substantially affected laser revenue in the medical sector since people postponed dental, eye, and cosmetic appointments as well as unneeded medical procedures. On the other hand, the lasers technology market revenue for optical communications encouraged the market's growth as many office workers switched to work-from-home models.
Soaring Demand from Healthcare Sector Fosters Laser Technology Market Growth
Laser technology is used in the healthcare industry in urology, dermatology, dentistry, and ophthalmology. The usage of laser technology has expanded due to ongoing technological improvements to treat a wide range of medical conditions, including kidney stones, cancer, tumors, knee injuries, prostate disorders, varicose veins, heart ailments, and glaucoma. Ophthalmic laser therapy aids in the treatment of conditions affecting the eyes, including glaucoma, retinal problems, cataracts, and macular degeneration. This is expected to drive the laser technology market ahead. Additionally, non-invasive medical procedures also use laser technology, including selective laser trabeculoplasty, low-level laser therapy, photodynamic therapy, tattoo removal, and skin rejuvenation. The aging population, improved healthcare infrastructure, rising cosmetic surgery rates, and rising prevalence of eye-related illnesses have all contributed to a growth in the sales of medical laser systems.
Increasing Investments, and Use of Smart Factory Technologies to Support Laser Technology Market Growth
In the industry 4.0 idea, laser technology is crucial. Organizations observed increased output, enhanced efficiency, lower cost benefits, improved quality, and increased production capacity as industry 4.0 and smart factory solutions emerged. It is used for various mechanical tasks, such as brazing, cutting, engraving, laser printing, and welding. Most laser-based Industry 4.0 applications use advancements in IoT, AI, cloud computing, cognitive computing, cyber-physical systems, machine learning, and other fields. The laser technology market is anticipated to increase due to the rising automation in sectors that need high efficiency and precision. It is projected that rising spending on industry 4.0 initiatives, and investments in smart manufacturing by nations like China, the United States, Germany, and others will increase demand among businesses.
High Initial Costs to Inhibit Laser Technology Market Expansion in Long Term
With its versatility across a range of applications, laser-type technology solutions are being adopted at a rapid rate. A sizable initial investment and venture capital funds are needed to build its architecture and infrastructure. The operating and setup process is significantly more time-consuming, expensive, and resource-intensive, which will likely impede market expansion. Although the long-term benefits of sophisticated solutions outweigh the high deployment costs, particularly for SMEs, this market's expansion is predicted to remain constrained. Additionally, problems with government regulations, unclear regulatory compliance, and a shortage of skilled labor are anticipated to restrain the growth of laser technology market during the projection period.
Solid Laser to Dominate Laser Technology Market with High Beam Quality
Over the forecast period, the solid laser segment of the laser technology market is anticipated to expand at a profitable rate. This laser generates high-quality continuous and pulsed output while minimizing material waste in the active medium. Solid lasers have several uses, including boring holes in metal, military targeting, and endoscopy. The demand for these lasers is expected to increase over the forecast period across various industries, including automotive, aerospace, machine tools, medical, and packaging. Solid lasers do not waste materials in the active medium. Hence they are frequently utilized in spectroscopy, imaging, and other research- and medical-related applications. Solid lasers are more efficient than He-Ne (Helium-Neon), and Argon lasers in terms of both continuous and pulsed output, making them appropriate for various applications in various industries, including telecommunications, and automotive.
Laser Processing to be the Major Application Segment in Laser Technology Market
The laser processing segment represents the largest revenue share in the global laser technology market. Laser processing is useful for mining and drilling operations, particularly for extracting crude oil. For instance, Aerotech's primary development specialties include mechanics, controls, and laser controls. They then assist the original equipment manufacturers, system integrators, and end users with the etching, marking, welding, and cutting processes. Laser welding, one of the most technologically advanced welding methods, is employed in various industries, from creating fine jewelry, to aerospace. Additionally, laser welding uses a very narrowly concentrated beam of light, which causes the area under the laser to absorb light and become exceedingly active. When powerful laser beams are used, the electrons in the area are excited to the point where the material melts as atoms lose their bonding.
Asia Pacific’s Dominance in Laser Technology Market Prevails, Developments in Communication and Industrial Sectors Crucial
With a major market share in revenue in the forecast period, Asia Pacific took the top spot. As more OEMs are in this area, it is anticipated to increase significantly. Furthermore, it is projected that China will become the main market for industrial lasers, and micro- and material processing systems. The largest and fastest-growing laser technology market is China. The photonics business has a lot of promise as the need for industrial lasers and optical equipment rises. Over the past three decades, China's telecommunications sector has undergone several waves of liberalization and privatization-related reforms. One of the world's biggest marketplaces for communications in China. With several variables, including an increase in the number of OEMs and the growth of the automobile industry, countries like India, South Korea, Japan, and China are predicted to have substantial growth. Following the implementation of the government's production-linked incentive (PLI) plan in FY21 is a big step forward for the Make in India effort.
The laser technology market is forecast to experience the fastest growth in North America. Increased healthcare spending, an increase in aesthetic procedures, and a high adoption rate of cutting-edge technology are all expected to drive market expansion in North America. According to the American Society of Plastic Surgeons' 2020 Plastic Surgery Statistics Report, 6.8 million reconstructive treatments and 15.6 million cosmetic procedures were carried out in the country in 2020. According to the survey, around US$6.7 Bn was spent on cosmetic operations in the US. Lasers are used extensively during cosmetic and reconstructive treatment.
Global Laser Technology Market: Competitive Landscape
In June 2022, Coherent introduced the OBIS XT Series of compact smart ultraviolet lasers, which have a power capacity of up to 150 milliwatts and a wavelength of 320 nanometers. The OBIS XT series' compact size, low heat dissipation, and integrated controller capabilities simplify integration, saving time and money. In April 2022, The FemtoBlade laser system was introduced by Lumentum as the second generation of the company's line of high-precision ultrafast industrial lasers. The new system has a modular design that provides high power at high repetition rates, ensuring excellent flexibility and speed.
Few of the players in the Laser Technology Market include Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), TRUMPF GmbH + Co. KG (Germany), Lumentum Holdings Inc. (U.S.), Jenoptik AG (Germany), Novanta Inc. (U.S.), LUMIBIRD Group (France), LaserStar Technologies Corporation (U.S.), Epilog Laser (U.S.), Han's Laser Technology Industry Group Co., Ltd. (China), MKS Instruments, Inc. (U.S.), Gravotech Marking (France), Corning Incorporated (U.S.), Eurolaser GmbH (Germany), and BYSTRONIC Laser AG (Switzerland).
Regional Classification of Global Laser Technology Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Laser Technology Market
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