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Laser Technology Market Trends

Report ID: GMI9647
Published Date: May 2024
Report Format: PDF

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Laser Technology Market Trends

Fiber lasers are gaining popularity due to their high efficiency, compact size, and ability to deliver increased power. They are widely used in material processing applications, such as cutting, welding, and marking, significantly fueling market growth. Lasers are being increasingly used in medical applications including surgery, dermatology, ophthalmology (LASIK), and dental procedures, driven by their precision and minimally invasive nature. The growing demand for advanced healthcare solutions is boosting this trend.

The adoption of Industry 4.0 and smart manufacturing practices is leading to increased use of lasers in automated and robotic systems. Lasers are integral to precision manufacturing processes, quality control, and additive manufacturing (3D printing). Innovations in laser materials and components, such as advanced laser crystals, optical fibers, and semiconductor materials, are enhancing the performance and reliability of laser systems. This is enabling new applications and improving existing ones.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of laser technology reached USD 19.3 billion in 2023 and is set to witness over 5% CAGR from 2024 to 2032, due to the advancements in manufacturing, rising demand for precision in medical and industrial applications and increasing adoption in telecommunications.

The solid-state lasers segment in the laser technology industry is projected to account for over 35% share in 2023, owing to their wide range of applications across various industries including material processing, medical procedures, scientific research, and defense.

The industrial end-use segment is estimated to surpass USD 10 billion by 2032, on account of the rising use of laser technology for numerous applications including cutting, welding, marking, engraving, drilling, and additive manufacturing (3D printing).

Asia Pacific market recorded over 30% share in 2023, led by the rapid industrialization, technological advancements, and increasing adoption across various sectors.