Overview:

The global study on the Laser Technology Market reveals a possibility of surpassing USD 18 billion valuation by 2023 with a CAGR of 6% for the forecast period covering 2018 to 2023. Market Research Future (MRFR) has identified factors that are impacting the laser technology market size. Among them, the rising incorporation of the technology in the aerospace & defense sector, the inclusion of it in the automotive industry, investment to boost its percolation in the healthcare sector, growing demand from the packaging industry, and others are expected to bolster the market growth.

Segmentation:

The global laser technology industry has been studied on the basis of segments like type, application, and verticals. These segments have data backed by scientific methods and established parameters, that can help in making moves for the market.

By type, the global market report on the laser technology market reveals segments like a liquid laser, solid laser, gas laser, and others.

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By applications, the report on the laser technology market includes segments like laser gyroscopes, laser printers, laser processing, laser rangefinders, laser scanners, laser security systems, optical communication, laser headlights, and others. The laser processing includes a study of microprocessing, macro processing, advanced processing, and others.

By verticals, the global market report includes a study of aerospace & defense, IT & telecommunication, automotive, healthcare, and others.

Regional Analysis:

A hike in the adoption of consumer electronics is expected to improve the laser technology market segment in North America. The region has the lion’s share in the market as major companies are operating from the region and end users are generating strong demand.

Competitive Landscape:

IPG Photonics Corp. (U.S.), Coherent, Inc. (U.S.), Corning Incorporated (U.S.), Laser Technology, Inc. (U.S.), Micron Laser Technology (U.S.), Trumpf Group (Germany), Jeanoptik AG (Germany), Lumentum Holdings Inc. (U.S.), Haas Laser Technologies Inc. (U.S.), LasaerStar Technologies Corp. (U.S.), Novanta Inc. (U.S.), Quantel Group (U.K), Epilog Laser (U.S.), Han's Laser Technology Co., Ltd (China), NeoPhotonics Corporation (U.S.), ALT Advanced Lazer Technologies (U.K), Applied Laser Technology, Inc. (U.S.), MKS Instruments (U.S.), and others are known names in the laser technology market.

Industry News:

In August 2020, Dover Corporation DOV announced the acquisition of Solaris Laser S.A. ("Solaris"). This was an effort to stretch out its laser technology offerings that mostly aim to mark and coding solutions business. Solaris, a company from Europe, is known for its ultraviolet, advanced fiber, and CO2 laser systems that get traction from several industrial and packaging applications.

Solaris will now work as a part of Dover’s Markem-Imaje business unit, which has made a name for being a producer of product identification and traceability solutions. This buyout will boost Markem-Imaje's laser technology product offerings and ensures a proper position in the market. This expansion in product line would also help Markem-Imaje fulfill the growing demand from customers for the laser coding technologies.

In August 2020, Tasmanian Oyster Co. announced that it had developed a new CO2-based laser technology that would help in identifying the origins of oysters. This project received financial support from the Federal Government’s Advanced Manufacturing Growth Centre, and it will assist in the tracing of products across the globe. Now it would be easier to identify Pacific oysters. The technology will provide a kind of logo to brand oysters and it will reach producers across the country soon.

The manufacturing sector witnessed a drop in revenues during the COVID-19 period, which might have affected the outcome of the laser technology market.

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