The global
light amplification by simulated emission of radiation (Laser) technology
market is expected to experience considerable growth during the forecast period
due to its increasing demand from various sectors. The factors such as
advancements in technology, government regulations pertaining the application
of laser in engraving, increasing demand for laser technology in medical, oil
& gas and industrial applications, and growth of emerging economies
are expected to boost the market growth during the forecast period.
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The
growing focus of manufacturers and industrialists on implementing laser
technology in the manufacturing processes, application of laser in optical
communication, and industrial shift toward nano and micro technologies are
the major driving factors for this market. The increasing use of lasers in
defense, growing adoption in scientific research and up surging use of ultra
short pulse laser are the emerging trends of the laser technology market.
The ability of
this technology to offer significantly high precision, flexibility, and
productivity in the material processing application, than other traditional
approaches, is leading to their growing utility in laser technology-based
material processing. The major challenges restraining the growth of the market
are high initial cost of installation, several environment and health
related issues associated with laser uses and limited number of suppliers in
the market.
Geographically,
North America is the largest market for laser technology, whereas Asia-Pacific
is expected to hold the largest share in the coming years as it is expected to
become a centre for the trade of consumer electronics products in the near
term. The growth in North America market is due to the advancements in medical
laser technologies, growing elderly population, increasing prevalence of eye
diseases and chronic diseases, and improved health care infrastructure. During
the forecast period, the laser technology is expected to witness the highest
growth in Asia-Pacific.
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The key
players in the global laser technology market are Coherent Inc., TRUMPF Group,
IPG Photonics Corporation, ROFIN-SINAR Technologies Inc., Newport Corporation,
Jenoptik AG, Lumentum Holdings Inc., GSI Group, Inc., Hans Laser Technology
Industry Group Co. Ltd., and Epilog Laser.
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