Global Laser Technology Market Report and Forecast 2024-2032

Global Laser Technology Market Outlook

The global laser technology market is expected to develop at a CAGR of 8.6% during 2024-2032. Many products used every day have laser as a key element. For example, products such as DVD and Blu-Ray players use laser technology to read data from disks.

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Bar code scanners depend on lasers for processing info. In surgical procedures like LASIK, laser is used. Lasers have important applications in manufacturing, including engraving, cutting, drilling and marking. Europe, North America, and Asia are likely to be significant markets. 

Global Market Likely to be Driven by Applications Across Domains

Laser (Light Amplification by Stimulated Emission of Radiation) is a device emitting a beam of coherent light via an optical amplification process. Applications of laser extend to industrial applications such as welding, cutting, marking, medical applications such as scanning and precision tool manufacturing, luxury industry (finishing, imprinting), and many others. The key elements of laser include laser pumping energy, gain medium, the output coupler, high reflector, and laser beam. Since its inception, laser has been used widely in many domains due to its prowess to concentrate power precisely; with time, laser sources have been customized for a wider range of applications and quicker operational speed. Different types of lasers include fibre lasers, chemical lasers, gas lasers, dye lasers, solid state lasers, photonic crystal lasers, diode lasers and excimer lasers.

Laser Technology Enables Accurate Measurement

In modern usage, laser has an important place in the domain of measurement; lasers are used to achieve highly accurate results in gauging large and small distances. In industrial cutting processes, laser technology is employed to generate heat. In surgery, laser is widely and effectively employed to treat kidney and gallbladder stones. In chemistry, lasers are employed as a diagnostic tool and to induce chemical reactions. These also element isotope separation. Dye lasers, carbon dioxide lasers, excimer lasers, and Nd: YAG lasers are generally employed in chemical applications. Such applications are expected to boost the global laser technology industry.

Laser Technology has Useful Applications to Industry

Laser technology is of great use to industry; it is extensively used scan and process materials (cutting, welding, alloying, glazing, non-destructive testing, cladding, and others). Lasers have important uses in aligning structures like large buildings, bridges, pipes, tunnels, mines, etc. With the advent of laser, drilling techniques employed to drill holes in diamonds have witnessed significant change. This has transformed processes related to making bow moulds, gems, turbine blades for jet engines, etc. Laser is extensively employed to cut metal, plastic, ceramic, cloth, cardboard, etc. Such uses are likely to drive the global laser technology market. 

Leaser annealing of solar cells enhances performance. Lasers may be employed to directly write on silicon wafers, and patterns for making integrated circuits. While laser is employed to mark on plastic and metal products, bar codes on goods are read with the help of laser scanners; lasers are also used to check precision elements, recognize goods in moving trains, and read texts and documents.  

Laser Technology has Important Applications in Medicine

In the medical domain, laser technology is used for important applications, including cutting of tissue. Use of laser may prevent injury, decrease the probability of injury, and lower damage to surrounding cells. Laser is commonly used to forge detached retina into choroid. It is also used in eye conditions including macular degeneration, diabetic rehabilitation, and bleeding. Accuracy offered by laser is very useful in cardiac surgery and neurological intervention. A fibre-optic endoscope equipped with a laser helps treat haemorrhagic ulcers without the need to make an opening in the body.

Advancements in Technology Expected to Drive Market Growth

In 2023, it was reported that ES Precision enabled the tracking of dental tools without having to resort to label application or hard-to-read serial numbers. The laser marks were clear, permanent, clear and withstood repeated autoclaving. 

In 2023, Rollomatic introduced LaserSmart 810XL with a powerful and innovative laser source fashioned for profile cutting and ablation of tools made of polycrystalline diamond and other ultra-hard materials. Applications included woodworking, automotive and aerospace industries.

Such developments are likely to boost the global laser technology market. 

Market Segmentation

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By laser type, the market is divided into:

• Gas Lasers

• Liquid Lasers

• Solid-State Lasers

• Others

By application, the market is segmented into:

• Laser Processing

• Optical Communications

• Others

By end user, the market is classified into:

• Telecommunications

• Semiconductor and Electronics

• Manufacturing

• Aerospace and Defence

• Automotive

• Healthcare

• Others

By region, the market is divided into:

• North America

• Middle East and Africa

• Asia Pacific

• Europe

• Latin America

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Key Industry Players in the Market

The report comprehensively assesses key players in the global laser technology market; it gauges their capability, monitors latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Corning Incorporated

• Coherent, Inc.

• IPG Photonics Corporation

• 600 Group PLC

• Jenoptik AG

• Lumibird

• Others

Employing Using Porter’s Five Forces model and SWOT analysis, the EMR report offers deep insights into the industry.

Key Highlights of the Report