Laser Technology Market Forecast to 2030 - Size and Share

[Research Report] The global laser technology market size is estimated to grow from US$ 16.85 billion in 2022 to US$ 31.65 billion by 2031; it is expected to grow at a CAGR of 8.2% from 2022 to 2031.

Analyst Perspective:

The laser technology market size has witnessed significant growth in recent years. Factors, including the increasing demand for laser technology in the healthcare sector, are fueling the expansion of the global market. Moreover, the rising adoption of laser technology for laser-based material processing is expected to bring new laser technology market trends in the coming years.

Market Overview:

Laser technology has been widely adopted and successful across several industries, including manufacturing, automotive, chemical production and processing, and healthcare. The technology offers high adaptability, productivity, sustainability, and precision. In the healthcare sector, laser technology is extensively used for applications such as laser eye surgery and the development of new medical tools and prosthetics. These technological advantages are driving the growth of the laser technology market. For example, in January 2021, Lumentum Operations LLC a key player in the market completed the acquisition of Coherent, Inc. in a cash and stock transaction. This acquisition combines Lumentum's leading photonics businesses in telecom, datacom, and 3D sensing with Coherent's renowned laser and photonics enterprises, creating a unique photonics tech company with significantly expanded market reach.

The laser technology market is being driven by factors such as advancements in laser technologies. Advancements in photonic technology, along with the increasing adoption of various technologies emerging from laser-based applications such as AR/VR, VCSEL, and LiDAR, are driving the laser technology market growth. These advancements are fueling demand in various industry verticals such as healthcare, automotive, manufacturing, and others. Furthermore, photonics is playing an important role in the advancement of key areas of Industry 4.0. This includes the need for energy-efficient and low-power lasers in fiber-optic communications, which are foundational components of information technology.

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Laser Technology Market: Strategic Insights

Laser Technology Market

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  CAGR (2023 - 2031)

  8.20%
• Market Size 2023
  US$ 18.23 Billion
• Market Size 2031
  US$ 34.25 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Coherent Inc
• Epilog Corporation
• eurolaser GmbH
• Han s Laser Technology Industry Group Co Ltd
• IPG Photonics Corporation
• Jenoptik AG
• Lumentum Holdings Inc
• MKS Instruments Inc
• Novanta Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Solid-state Laser
• CO2 Laser
• Fiber Laser

Application

• Laser Processing
• Optical Communications

End User

• Automotive
• Industrial
• Aerospace and Defense
• Electronics and Semiconductor
• Telecommunications
• Medical

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Market Driver:

Increased Adoption of Laser Technology in the Manufacturing Sector to Drive Growth of the Laser Technology Market Share

The increased adoption of laser technology for material processing in the manufacturing sector is indeed a significant factor driving the market. Laser material processing technologies have gained huge importance in various industries owing to the growth of laser technology applications and the reduced cost of laser systems. This has led to increased adoption of laser technology in the manufacturing sector, where its advantages over traditional methods are particularly evident.

Furthermore, laser technology, especially in the form of laser cladding-based surface coating techniques, offers unique features and capabilities that are highly beneficial for material processing in manufacturing. These include the deposition of various coatings, repairing expensive components, low-volume manufacturing, and prototyping, all of which contribute to its increased adoption in the manufacturing sector. Such applications are anticipated to hold a promising future for the laser technology market forecast.

Segmentation and Scope:

The "Laser Technology Market " is segmented based on type, application, end user, and geography. Based on the type, the market is segmented by solid-state laser, co2 laser, fiber laser, and others. Based on the application, the market is segmented into laser processing, optical communications, and others. Based on the end user, the market is segmented into automotive, industrial, aerospace and defense, electronics and semiconductors, telecommunications, medical, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Segmental Analysis:

Based on application, the laser technology market analysis is segmented into automotive, industrial, aerospace and defense, electronics and semiconductor, telecommunications, medical, and others. In terms of revenue, the industrial segment dominates the laser technology market share. The rising trend of automation in industries has led to a growing demand for industrial lasers such as diode lasers, CO2 lasers, YAG lasers, and others. This demand is driven by their high efficiency, increased productivity, and precision, which are crucial factors in the business landscape. Furthermore, the rising transition to electric vehicles in the automotive industry has created several opportunities for industrial lasers players. For instance, in July 2021, Furukawa Electric, a Japan-based electric and electronics equipment company, introduced a fiber-based industrial laser. This laser produces high-quality beams with time stability, high reliability, and effectiveness, aligning with the evolving needs of the automotive industry and other sectors.

Regional Analysis:

The Asia Pacific laser technology market growth has gained prominence in the region for several reasons. The industry's expansion is expected to be driven by rising R&D expenditures and notable developments in the semiconductor and industrial sectors. Additionally, the regional laser technology market growth is anticipated to be propelled by an increase in demand for quick-turnaround laser machining operations from industrial, electronics, telecommunications, and automotive verticals. Furthermore, in September 2023, Laser Light Companies and Inligo Networks entered into a fifteen-year reciprocal master services agreement valued at US$ 175 million for optical service capacity across the Asia-Pacific region. As part of this agreement, Laser Light will procure optical transport capacity from Inligo on its terrestrial and subsea cables spanning Southeast Asia, Australasia, and the Pacific US. Thus, such initiatives are anticipated to propel the laser technology market.

Key Player Analysis:

The laser technology market analysis consists of players such as TRUMPF GmbH + Co. KG, Lumentum Holdings Inc., Han's Laser Technology Industry Group Co., Ltd., JENOPTIK AG, Novanta Inc., Coherent, Inc., LUMIBIRD, Gravotech Marking, Corning Incorporated, and Bystronic Laser AG are the key players profiled in the laser technology market report.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by the players in the laser technology market report. A few recent key laser technology market players' strategies are listed below:

• In January 2024, Jenoptik AG announced the launch of an innovative open heat sink diode laser package called 'LS' that is specifically designed for the optical pumping of advanced solid-state lasers. This new package offers a substantial increase in optical output power levels compared to the widely used CS package, which is the industry standard. The LS package from Jenoptik incorporates a double-side cooled open heat sink design, resulting in enhanced conductive cooling of the laser bar. This design improvement allows the LS to outperform the CS package, offering continuous wave (CW) output power levels exceeding 150 W at a wavelength of 9xx nm. Consequently, the LS package enables the use of advanced applications such as pump or direct-diode-laser (DDL) systems.
• In September 2023, Coherent Corp., a renowned provider of pump laser technology for erbium-doped fiber amplifiers (EDFAs) used in optical networks, introduced a groundbreaking pump laser module. This module, available in a 10-pin butterfly package, delivers an impressive 1200 mW of output power. The 1200 mW pump lasers from Coherent address the growing demand for higher power levels to effectively amplify the increasing number of channels supported by next-generation ultra-broadband optical transmission systems. Furthermore, these lasers meet the strict reliability standards set by advanced network infrastructures.
• In November 2022, Han's Laser introduced the HL-PS-355-30, a 30W ultraviolet picosecond laser that has been verified, approved for mass production, and listed on the market. This cost-effective industrial picosecond laser, developed based on the DRACO series picosecond laser platform, is designed to meet the market demand. It boasts excellent technical parameters and ultra-high-power stability. Furthermore, it has successfully undergone field testing by industry benchmark customers, fulfilling the general requirements of most markets and offering the flexibility to customize technical parameters to meet specific customer needs.
• In February 2022, TRUMPF GmbH + Co. KG acquired an eighty-percent stake in Active Fiber Systems GmbH (AFS), a Jena, Germany-based company specializing in fiber lasers. AFS is known for its development and manufacture of ultrashort-pulse laser systems and fiber-laser systems primarily used in science and research. These systems find applications in various fields, including biomedical imaging and material processing. Being the primary shareholder in AFS, Trumpf intends to leverage synergies in research and the ongoing advancement of its current ultrashort-pulse laser portfolio to drive expansion in this burgeoning sector. This strategic acquisition aligns with Trumpf's commitment to advancing its laser technology offerings, which include laser systems for cutting, welding, surface treatment of three-dimensional components, high-performance lasers, disk and fiber lasers, direct diode lasers, ultrashort pulse lasers, and marking lasers and systems. The addition of AFS to the Trumpf Group further strengthens its position in the laser technology market, enhancing its capabilities to deliver innovative solutions to meet the evolving demands of several industry verticals.

Laser Technology Market Report Scope

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