Laser Technology Market - Forecast(2024 - 2030)

 The Laser Technology Market size is estimated to reach $5240Million by 2030, growing at a CAGR of 14.42% during the forecast period 2024-2030. 

 

Laser stands for Light Amplification by Stimulated Emission of Radiation, which involves the emission of coherent, focused light beams with specific wavelengths and properties. Lasers are used in a wide range of fields, including manufacturing, healthcare, communications, entertainment, research, defense, and more. Laser technology plays a crucial role in medical diagnostics, treatments, and therapies across various specialties, including ophthalmology, dermatology, dentistry, oncology, and surgery. Over the course of the projected period, the market growth rate is anticipated to increase because of the growing demand for cosmetic and minimally invasive treatments.

The report “Global Lasers Market– Forecast (2024-2029)”, by IndustryARC, covers an in-depth analysis of the following segments of Global Lasers.

By Type: Solid state Lasers, Liquid Lasers, Gas Lasers, Fiber Lasers, Diode-Pumped Solid-State Lasers (DPSSL), Lamp-Pumped Solid-State Lasers (LPSSLs), Eye-safe Lasers, OPSLs, Thin-Disk Lasers, Pulsed Lasers

By Material Processing: Laser Cutting, Laser Drilling & Milling, Marking and Engraving, Welding and Soldering, Surface Treatment Processing, Laser Cladding and Coating, Laser Shot Peening, Laser Soldering, Laser Additive Manufacturing, Micro Materials Processing, Other

By Application: Medical, Printing, Photolithography, Data storage, Communications, Displays, Research and Development, Military, Metrological and Geophysical, Sensors, Others

By Geography:  North America, South America, Europe, APAC, RoW

• On September 2023, The University of Rochester was granted approximately $18 million over three years by the National Science Foundation (NSF) to develop and prototype critical technologies for EP-OPAL, a new facility specialized to the research of ultrahigh-intensity laser-matter interactions.

• The first-ever laser weapon, called "DragonFire," has undergone successful testing by the UK's Ministry of Defence (MoD) in January 2024. The powerful laser is intended to target and destroy drones, providing a possibly less expensive option to conventional missiles.

• With the increasing demand for high-speed communication networks, data centers, and optical data transmission technologies, there are opportunities for laser manufacturers to develop advanced laser communication systems.

Solid State Lasers occupied a major share of the global lasers market in 2023. Lasers have become necessities in many different sectors due to advancements in modern technology. Solid-state lasers are distinguished from other types of lasers by their special qualities and extensive range of applications. Solid-state lasers are extremely useful in many fields, including medical procedures, scientific research, manufacturing, communication, and military and defense, due to their adaptability.

Solid-state lasers are widely used in medical and healthcare applications, including dermatology, ophthalmology, dentistry, and surgery. Advancements in solid-state laser technology have led to the development of more precise and efficient medical devices, facilitating minimally invasive procedures and improving patient outcomes. For Instance, The world's first solid-state UVB laser device, called PALLAS, was released on October 29, 2020. It is made by the South Korean medical device manufacturer LASEROPTEK and comes in 308nm and 311nm variants. This Device is used for the phototherapy treatment of several dermatological conditions, including vitiligo, psoriasis, leukoderma, and atopic dermatitis.

Laser Cutting occupy a major share of the global laser market in 2023. Laser cutting is highly versatile and can be applied to a wide range of materials, including Ceramics, metals, Glass, and plastics. This versatility makes it attractive for various industries such as automotive, aerospace, electronics, and medical. Laser cutting offers exceptional precision and accuracy, allowing for intricate and complex designs with tight tolerances. This level of precision is essential for industries where quality and consistency are paramount, such as aerospace and electronics manufacturing.

Two manufacturing giants, Suresh Indu Laser of India and Microstep of Slovakia, announced a strategic alliance in Bangalore. The latest innovations in high-power laser cutting and welding, smart manufacturing, and specialized equipment are among the common areas of collaboration on January 20, 2024.

In 2023, Medical Applications held the majority of the global lasers market. Laser technologies are playing an increasingly important role in precision medicine, where treatments are tailored to individual patients based on their unique genetic makeup, lifestyle, and environmental factors. There's a growing trend towards minimally invasive surgical procedures, driven by the desire to reduce patient discomfort, shorten recovery times, and minimize scarring. Lasers are integral to various minimally invasive techniques such as laser eye surgery (e.g., LASIK). Advancements in laser technology have enabled surgeons to perform precise and targeted treatments with minimal tissue damage.

Cosmetic surgery operations have increased by 19%, according to the Plastic Surgery Statistics Report 2022: Comparing the 2022 Procedural Statistics to 2019. Body-focused treatments, including as liposuction, abdominoplasty (tummy tuck), and lifts of the arms and legs, accounted for a 25% increase and a total of 576,485 procedures in 2022. Laser technology plays a pivotal role in various aspects of cosmetic surgery, offering precise, minimally invasive, and efficient solutions.

The Asia Pacific region in the global lasers market is anticipated to hold a major share during the forecast period (2024-2029). The Asia Pacific region, particularly countries like China, Japan, South Korea, and Taiwan, has established itself as a global manufacturing hub for various industries including electronics, automotive, healthcare, and telecommunications. Laser technology finds extensive applications in these industries for cutting, welding, marking, and engraving, driving the demand for lasers. On June 6, 2022, Laser-directed energy deposition (L-DED) machines with hybrid and robotic configurations were made available for purchase for the first time in India by BFW.

The Asia Pacific region is home to several leading manufacturers and suppliers of laser systems, components, and related equipment. Companies like Han's Laser, TRUMPF (Germany with significant operations in Asia Pacific), and IPG Photonics (US with significant presence in Asia Pacific) have established strong footholds in the region, contributing to its dominance in the global laser market.

On September 8, 2022, Synspective, a company that develops and operates small SAR satellites, provides solutions through satellite data analysis and is building a high-speed optical laser communication network in space, along with WARPSPACE, have decided to move forward with technical verification by utilizing software to analyze data acquisition frequency and speed when using an optical laser communication network.

The significant year-to-date increase in laser vision correction (LVC) procedures indicates growing patient demand for vision correction alternatives to glasses and contact lenses. Consumers are increasingly seeking out laser-based solutions such as LASIK, SMILE, and PRK to address refractive errors and achieve clearer vision, supporting their evolving lifestyle and personal goals. Rising awareness, accessibility, and acceptance of laser vision correction contribute to the expansion of the laser market in the ophthalmic sector.

On January 11, 2023, Iridex Corporation launched the next-generation platform Iridex 532® and Iridex 577® Lasers. The introduction of next-generation laser platforms, such as the Iridex 532® and Iridex 577® Lasers, demonstrates ongoing advancements in laser technology. These systems offer multiple treatment modes, including continuous-wave and MicroPulse® Technology, along with intuitive touchscreen interfaces for enhanced clinical control and optimization of treatment outcomes. Technological innovations drive demand for laser systems across various medical specialties, including ophthalmology, dermatology, surgery, and aesthetics.

Laser-based medical systems enable minimally invasive treatment approaches for a wide range of eye diseases, including retinal disorders and glaucoma. The adoption of laser technology in ophthalmic procedures offers patients less invasive treatment options with reduced risks.

 

Laser display technologies offer several advantages over traditional display technologies, including brighter and more vibrant colors, higher contrast ratios, and sharper image quality. By leveraging laser technology, entertainment venues like cinemas and home entertainment systems can provide viewers with a truly immersive visual experience. For instance, On April 12, 2024, In a partnership with Miraj Entertainment Limited, an Indian theatre operator, IMAX Corporation will deploy three IMAX with Laser systems at theatre locations around India.

The adoption of laser display technologies is creating new market opportunities for both manufacturers and consumers. With the increasing demand for immersive entertainment experiences, there is a growing market for laser-based display solutions in various sectors, including cinemas, home theaters, gaming, events, theme parks, and digital signage. Manufacturers of laser projectors and display systems stand to benefit from the expanding market demand for advanced visual technologies that offer superior performance and immersive capabilities. For instance, On March 27, 2024, Hisense, a multinational company that specializes in appliances and consumer electronics, and Xbox announced a new collaboration that will use cutting-edge laser display technology to improve home entertainment and gaming. Hisense is bringing the future of displays to life as the leader in laser display technology. Through the collaboration between Xbox and Hisense Laser display devices, gamers will be able to enjoy a gaming experience never before possible owing to the introduction of a more than 100-inch screen that provides an immersive, true-to-life color and eye-friendly gaming environment at home.

The high cost associated with laser technology poses a significant challenge to the laser market, impacting various aspects of adoption, accessibility, competitiveness, and return on investment. One of the primary barriers to entry is the substantial upfront investment required for purchasing laser systems, equipment, and infrastructure.

For small and medium-sized enterprises and start-ups, the high initial capital expenditure may deter adoption, particularly in industries with tight budget constraints or uncertain return on investment. Moreover, the operational expenses associated with maintaining, servicing, and operating laser systems add to the total cost of ownership, including factors such as electricity consumption, maintenance contracts, consumables, and skilled labor. These operational costs can further strain budgets and impact profitability for businesses utilizing laser technology. Additionally, the high cost of laser technology limits market accessibility, especially in emerging markets and developing economies where affordability is a key consideration. Despite the potential benefits of laser technology in terms of precision, speed, versatility, and quality, the high upfront and operational costs may outweigh the perceived value proposition for some customers. 

Market Landscape

 

In 2024, the Major players in the global lasers market are TRUMPF GmbH + Co. KG,Coherent, Inc.,IPG Photonics Corporation,Jenoptik AG,Lumentum Operations LLC,

 

On October 10, 2022,  Lumentum Holdings Inc., announced that it has advanced research and development for specialty optical fibers, which are crucial components of many of Lumentum's products, in Škoflijica, Slovenia, and expanded its manufacturing operations. The production and R&D footprint of Lumentum in Slovenia has more than doubled as a result of this growth.In addition to products, the cutting-edge facility has a Centre of Excellence for advanced R&D to develop basic laser component technology.

 

On May 31, 2022, The optical receiver for use in laser communication terminals (LCTs) was developed by Mitsubishi Electric Corporation. It combines laser beams for space optical communication with the ability to detect the direction of beams received in the 1.5 μm band, a general-purpose band used for terrestrial optical fiber communications and other applications.

 

On July 1, 2022, With the effective completion of its acquisition of Coherent, Inc.  II-VI Incorporated became a global leader in networking, materials, and lasers.