Northbrook, IL 60062 -- (SBWIRE) -- 08/09/2022 -- The global laser technology market size is expected to grow from USD 16.7 billion in 2022 to USD 25.6 billion by 2027, at a CAGR of 8.9%. The growth of the laser technology market can be attributed to the growing necessity for seamless signal transmission over large distances in the telecommunications vertical. Increasing global broadband penetration and increasing use of laser technology for medical applications such as imaging and surgery is another key factor driving the market. However, technical complexities in high-power lasers and high deployment cost are few of the challenges and restraints for the market.
The laser technology market is witnessing steady growth owing to several factors including increasing production of nanodevices and microdevices, growing adoption of electric vehicles worldwide, and increasing laser-based scientific research such as spectroscopy and microscopy. Increasing potential of telecommunications vertical in emerging economies and growing adoption of smart manufacturing techniques are major factors contributing to the growth of the laser technology market.
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Based on type, the laser technology market is segregated into solid, gas, liquid, and others (photonic crystal and industrial short-pulse) laser. The solid laser segment held the largest share of the market and is also expected to register the highest growth during the forecast period. Solid lasers have numerous applications, such as drilling holes in metals, medical endoscopy, and military targeting. Solid lasers, especially Fiber lasers can meet the extreme power requirements in defense applications for laser weapon systems to shoot unmanned aerial vehicles (UAVs), thus increasing their demand in the defense sector.
Based on product, the laser technology market is segregated into system and laser segments. The system segment held the largest share of the laser technology market. However, the laser segment is expected to register the highest growth during the forecast period. Lasers are used in various consumer electronic devices such as printers and scanners. They are extensively used in research instruments such as spectrometers and rangefinders.
Based on application, the laser technology market is segregated into laser processing, optical communication, optoelectronic devices, and others. The laser processing segment held the largest share of the market in 2021. However, the optical communication segment is expected to register the highest growth during the forecast period. Increasing necessity for seamless signal transmission and receiving is a key factor driving the growing adoption of laser technology in the telecommunication sector. Additionally, increasing technological advancements resulting in development of laser-based satellite broadband connections is another major factor driving the laser technology market.
Based on vertical, the laser technology market is segregated into telecommunications, semiconductor & electronics, medical, research, industrial, commercial, automotive, aerospace & defense, and others (oil & glass, iron & steel, tobacco, glass, wood, retail, & plastics). The telecommunications vertical held the largest share of the market. However, the medical vertical is expected to register the highest growth during the forecast period. Increasing number of patients seeking laser-based treatments for medical applications such as eye surgery and dentistry is a major factor for the growing adoption of laser technology in the medical vertical.
The laser technology market is segmented into four regions, North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2021, Asia Pacific held the largest share of the market. However, the market in RoW (South America, and the Middle East & Africa) is expected to register the highest growth during the forecast period. Increasing R&D investments, especially in the Middle East, for increasing utilization of laser-based satellite broadband connection is a key driving factor. Moreover, increasing use of laser technology in the oil & gas industry for downhole applications such as perforation, drilling, and heating is another key factor promoting the growth of laser technology market in the region.