The global laser technology market size is forecast to increase from USD 16.7 billion in 2022 to USD 35.4 billion by 2032. Overall laser technology demand will surge at 7.8% CAGR between 2022 and 2032.
In 2021, global laser technology sales revenue totaled USD 15.4 billion. Demand will remain high for solid lasers during the assessment period. This is due to rising usage of solid-state lasers across various industries such as defense.
As per Future Market Insights, solid laser segment will expand at 7.7% from 2022 to 2032. This will make it a top revenue generation segment for laser manufacturing companies.
Key Trends Shaping the Laser Technology Demand
Since its development, laser technology has gained enormous traction worldwide. It has revolutionized various procedures and techniques performed across several industries. This includes automotive, healthcare, oil & gas, defense, manufacturing, etc.
Devices that emit light through an optical amplification process based on the stimulated emission of electromagnetic radiation are called lasers. They find applications in almost every section of modern society, including consumer electronics, medicine, military, and fiber-optic communication.
Lasers have become key components of various products that we use today. For instance, barcode scanners rely on lasers for information processing. DVD players depend on lasers to read information from disks. Lasers also find applications in several surgical procedures including LASIK eye surgery.
A few common applications of laser technology include
Growing usage of laser technology in automotive industry will boost the global market. Lasers provide high precision and accuracy in processes such as cutting and welding. They significantly improve productivity. As a result, they are being adopted by most automakers today.
Rising popularity of autonomous vehicles and integration of ADAS will also boost laser sales during the assessment period.
Another prominent factor that will fuel laser technology demand is the growing adoption of medical lasers. Lasers are being used in medical applications, such as surgery and ophthalmology.
They are showing promising results for the treatments of kidney stones, varicose veins, glaucoma, tumors, heart diseases, and other health conditions.
Rising prevalence of eye diseases such as cataracts is set to create lucrative opportunities for laser manufacturers. This is because these medical conditions can easily be treated with lasers.
Lasers allow medical professionals to accomplish more complex tasks, reduce chances of wound infection, decrease postoperative discomfort, and reduce blood loss. Hence, rising popularity of laser surgery will boost the global laser technology industry.
Besides this, increasing usage of laser technology in applications such as weaponry, telecommunication, and electronics will boost laser technology sales revenues.
With lasers becoming smaller and more powerful, application area of laser technology will keep increasing dramatically.
| Attributes | Key Insights |
|---|---|
| Laser Technology Market Size in 2022 | USD 16.7 billion |
| Projected Market Value (2032) | USD 35.4 billion |
| Value-based CAGR (2022 to 2032) | 7.8% |
| USA Market CAGR (2022 to 2032) | 6.6 % |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Global demand for laser technology increased at around 8.7% CAGR from 2017 to 2021. Total market value at the end of 2021 reached USD 15.4 billion. Over the projection period, the worldwide laser technology industry will thrive at 7.8% CAGR, creating an absolute $ opportunity of USD 18.7 billion.
Lasers are light-emitting devices that emit focused beams of light. Various industries, including manufacturing, communications, entertainment, and others, use laser technology in a variety of ways.
Several different manufacturing processes use lasers for cutting, welding, drilling, and marking. They provide high precision, speed, and accuracy, which can increase efficiency and lower costs.
Lasers are being increasingly adopted in the production of automobiles for cutting and welding metal components. Laser cutting and welding are precise and efficient which reduces manufacturing time and cost.
Laser headlights are also becoming more popular in high-end vehicles. Compared to conventional headlights, laser headlights are more energy-efficient and offer better visibility.
Advanced driver assistance systems (ADAS) use lasers to detect objects and roadblocks. This contributes to increased security and accident prevention. With rising adoption of ADAS, the demand for lasers is likely to increase at a healthy pace. This in turn will fuel market expansion.
There were around 82.6 million cars in 2021. It is projected that the number of cars produced by 2030 will reach about 111 million. Rising demand for automobiles will play a key role in boosting the laser technology industry. This is because lasers play a crucial role in the manufacturing process of automobiles.
Lasers are also used in a wide range of medical applications, such as surgery, dermatology, and ophthalmology. They are preferred over conventional methods due to the precise and minimally invasive procedures that are less painful and require less time to recover.
Diseases such as cancer, cataracts, and skin disorders are just a few of the conditions that can be treated with lasers. According to the World Health Organisation (WHO), in 2018 around 38.5 million people were suffering from blindness due to cataracts.
By 2030, it is estimated that around 56 million people will be suffering from blindness or severe visual impairments due to cataracts. As laser technology plays a crucial role in treating cataracts through surgery, rising cases of cataracts worldwide will elevate demand for lasers in the medical field.
Asia Pacific to Create Lucrative Growth Avenues for the Laser Technology Manufacturers
As per Future Market Insights’ analysis, Asia Pacific will dominate the worldwide laser technology industry. It will create maximum growth opportunities for market expansion.
Asia Pacific laser technology market value reached USD 8.1 billion in 2022. By the end of 2032, Asia Pacific market size will reach USD 17.2 billion in 2032.
Booming automotive and consumer electronics industries supported by high adoption of laser technology in these sectors is driving the market.
Asia-Pacific is considered a manufacturing hub in the world due to large presence of various consumer electronics and automotive companies. Laser technology plays a crucial role in the manufacturing sector.
Laser technology has several advantages over traditional manufacturing methods, including greater precision, accuracy, and speed. It is commonly used to cut and weld materials such as metals, plastics, ceramics, and composites.
Laser cutting is a prevalent method for producing precise and intricate designs in sheet metal, whereas laser welding is used to connect two or more metal parts.
Asia-Pacific has a significant automobile market with a significant number of cars being sold and manufactured in the region. The region recorded around 32 million units of cars sold in the year 2020 which increased to around 34 million in 2021.
As lasers play a crucial role in the production of automobiles, rising demand for automobiles in the region will fuel expansion of laser technology industry.
Principal Consultant
| Country | United States |
|---|---|
| Projected CAGR (2022 to 2032) | 6.6% |
| Historical CAGR (2017 to 2021) | 5.6% |
| Market Value (2032) | USD 5.6 billion |
| Country | United Kingdom |
|---|---|
| Projected CAGR (2022 to 2032) | 6.2% |
| Historical CAGR (2017 to 2021) | 4.2% |
| Market Value (2032) | USD 904.3 million |
| Country | China |
|---|---|
| Projected CAGR (2022 to 2032) | 9.3% |
| Historical CAGR (2017 to 2021) | 10.9% |
| Market Value (2032) | USD 8.9 billion |
| Country | Japan |
|---|---|
| Projected CAGR (2022 to 2032) | 8.0% |
| Historical CAGR (2017 to 2021) | 9.0% |
| Market Value (2032) | USD 5.5 billion |
| Country | South Korea |
|---|---|
| Projected CAGR (2022 to 2032) | 8.2% |
| Historical CAGR (2017 to 2021) | 10.2% |
| Market Value (2032) | USD 2.2 billion |
Rising Applications of Laser Technology in Medical Industry Triggering Sales in the USA Market
The United States laser technology market will cross a valuation of USD 5.6 billion by 2032. It is likely to generate an absolute $ opportunity of USD 2.6 billion through 2032. Overall laser technology in the country grew at 5.6% CAGR from 2017 to 2021.
Between 2022 and 2032, sales of lasers and laser systems in the United States will surge at 6.6% CAGR. Rising applications of laser technology in healthcare sector is a prominent factor fueling sales.
Similarly, rising cases of eye disorders and development of new advanced medical laser systems and ophthalmic lasers will boost the USA market.
In recent years, there has been a sharp rise in the cases of people with cataracts in the United States. For instance, around 25 million people were diagnosed with cataracts in 2018. It is projected that the number of people with cataracts will increase to around 38.5 million by 2030.
Rising cases of these eye disorders will in turn generate high demand for advanced lasers. This is because lasers play a crucial role in the treatment of cataracts by allowing for minimally invasive surgery and reduced recovery time.
High Adoption in Automotive Industry Elevating Demand for Laser Technology in China
As per the latest report, China will remain at the epicenter of laser technology industry through 2032. This is attributable to rising usage of laser technology in thriving automotive, electronics, and semiconductor sectors.
Laser technology demand in China increased at 10.9% CAGR between 2017 to 2021. Over the projection period, it will rise at a robust CAGR of 9.3%. By the end of 2032, China laser technology industry will top a valuation of USD 8.9 billion.
China is a predominant hub for manufacturing in the world due to large presence of leading automobile and consumer electronics companies. It is also a predominant car manufacturer producing around 21 million cars in the year 2021.
With rising demand for automobiles, the demand for laser technology is also increasing in the country. This is because it provides an efficient and precise method of cutting and welding.
Laser technology is also used as a method of object detection in the ADAS (Advanced Driver Assistance System). Therefore, increasing usage of laser technology in thriving automotive industry will propel demand.
Increasing Adoption of Lasers in Consumer Electronics Boosting Japan Laser Technology Industry
The laser technology market size in Japan is set to reach USD 5.5 billion by 2032. It will create absolute $ growth of USD 3 billion over the next ten years. Laser technology sales revenue in Japan grew at a CAGR of 9% from 2017 to 2021.
Japan market will exhibit a CAGR of 8% during the assessment period from 2022 to 2032. Growing usage of laser technology in consumer electronics is a key factor driving the market.
Japan had around 107 million smartphone users in 2022 which is projected to increase to around 115 million by 2027. Laser technology is used in smartphones for various functions such as facial recognition and laser autofocus in the smartphone camera.
Therefore, with rising adoption of lasers in smartphones, the market for laser technology will expand at a healthy pace in the country during the assessment period.
Demand to Remain High for Solid Lasers
Based on type, demand in the market will remain high for solid lasers over the forecast period. The solid laser segment expanded at a CAGR of 8.5% between 2017 and 2021. Over the next ten years, it will progress at 7.7% CAGR.
A solid material, such as a crystal or a glass, is used as the gain medium in solid-state lasers. These lasers are extremely dependable and produce high-quality beams, making them ideal for a variety of applications such as industrial manufacturing, medical treatments, and scientific research.
Materials such as metals and plastics are cut, welded, drilled, and marked using solid-state lasers during the manufacturing processes. Solid Lasers are also ideal for high-volume production and customization due to their high precision and speed.
Solid-state lasers are widely used in a variety of medical procedures, including cancer therapies, dermatology procedures, and eye surgeries. They provide control and precision over the treatment area, reducing harm to adjacent tissues.
System Segment to Lead the Global Market Through 2032
As per Future Market Insights, system segment will hold a prominent share of the market by 2032. This is due to rising adoption of laser systems across various industries.
The target segment registered a CAGR of 8.3% from 2017 to 2021. Between 2022 and 2032, laser systems demand is likely to soar at 7.6% CAGR.
Adoption of laser systems will increase across verticals such as automotive, medical, industrial, etc. This is due to their ability to perform a wide variety of functions including cutting, welding, engraving, etc.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Leading laser technology manufacturers include 600 Group, Bystronic Lasers, Coherent, Inc., Epilog Laser, Euro Laser, Gravotech, Han's Laser Technology Co., Ltd., IPG Photonics, Jenoptik, and LaserStar.
New product launches, acquisitions, mergers, partnerships, and collaborations are few of the key strategies adopted by companies to stay relevant in the market.
Recent Developments
| Attribute | Details |
|---|---|
| Current Market Size (2022) | USD 16.7 billion |
| Projected Market Size (2032) | USD 35.4 billion |
| Anticipated Growth Rate (2022 to 2032) | 7.8% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Segments Covered | Type, Product, Application, Vertical, and Region |
| Key Companies Profiled | 600 Group; Bystronic Lasers; Coherent, Inc.; Epilog Laser; Euro Laser; Gravotech; Han's Laser Technology Co., Ltd.; IPG Photonics; Jenoptik; LaserStar |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers Restraints Opportunity Trends Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market was valued at USD 16.7 billion in 2022.
The growth potential of the market is 7.8% through 2032.
The global market size is estimated to reach USD 35.4 billion by 2032.
600 Group, Bystronic Lasers and Coherent, Inc. are the key market players.
Growing awareness about the advantages of laser-based techniques will elevate demand.
1. Executive Summary | Laser Technology Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Type 5.1. Solid Laser 5.1.1. Fiber Laser 5.1.2. Ruby Laser 5.1.3. Yttrium Aluminum Garnet Laser 5.1.4. Semiconductor Laser 5.1.5. Thin-disk Laser 5.2. Liquid Laser 5.2.1. X-ray Laser 5.2.2. Dye Laser 5.3. Gas Laser 5.3.1. CO2 Laser 5.3.2. Excimer Laser 5.3.3. Helium-Neon Laser 5.3.4. Argon Laser 5.3.5. Chemical Laser 5.4. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product 6.1. System 6.2. Laser 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 7.1. Laser Processing 7.1.1. Macro Processing 7.1.2. Micro Processing 7.1.3. Advanced Processing 7.2. Optical Communication 7.3. Optoelectronic Devices 7.4. Others 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vertical 8.1. Telecommunications 8.2. Industrial 8.3. Semiconductor & Electronics 8.3.1. Memory 8.3.2. Microprocessor 8.3.3. Photonic Integrated Circuit - PIC 8.4. Commercial 8.5. Aerospace & Defense 8.5.1. Aerospace 8.5.2. Missile 8.5.3. Space 8.5.4. Combat Vehicle 8.5.5. Ammunition & Weapon 8.6. Automotive 8.7. Medical 8.7.1. Laser Vision Correction 8.7.2. Confocal Microscope 8.7.3. Optogenetics 8.8. Research 8.9. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East & Africa 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Middle East & Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. 600 Group 17.2. Bystronic Lasers 17.3. Coherent, Inc. 17.4. Epilog Laser 17.5. Euro Laser 17.6. Gravotech 17.7. Han's Co., Ltd. 17.8. IPG Photonics 17.9. Jenoptik 17.10. LaserStar 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Technology Insights
View Reports
Laser Technology Market
