Lasers are widely used in a large number of products which we use daily. The Blu-Ray discs which is used to store video in high definition, and DVD players are based on laser technology. Bar code scanners which are used for inventory control and POS applications also depend on lasers for information processing. Moreover, in the medical field too lasers play a major role in many surgical procedures. Holographic imaging, laser spectroscopy, laser material processing are a few other major applications of laser technology.
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LASER TECHNOLOGY MARKET DYNAMICS
Booming healthcare industry, high demand in various fields of ophthalmology, dermatology and dentistry, growing number of laser applications, growing adoption of mobile POS terminals by small businesses are various factors driving the growth of the market. However, high power consumption and government regulations is expected to restrain the growth of the market.
COVID 19 IMPACT ON LASER TECHNOLOGY MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. China who plays a major role in the world’s supply chain was severely affected. There were disruptions to the availability of goods supplied from China. Supply of both finished and unfinished goods reduced. Day by day as the situation worsened, quarantines, social distance practices were imposed and nations begun instituting lockdowns. Following this the supply chains experienced demand shocks. The shutdown of economic activities affected all the sectors.
LASER TECHNOLOGY MARKET SEGMENTAL OVERVIEW
The report analyses the Laser Technology market based on type, vertical and geography.
LASER TECHNOLOGY MARKET BY TYPE
Fiber lasers, CO2 lasers, manual welding lasers, solid-state lasers, diode lasers are the types of lasers covered in the market study. Solid state lasers is expected to dominate the market. These lasers use solid as a gain medium. They are widely used in metal processing, in environmental monitoring instruments, such as tunable diode laser analysers, medical applications, such as eye surgery. Moreover, solid lasers are also suitable for printers and projectors, and optical transmission systems, and nuclear-fusion applications.
LASER TECHNOLOGY MARKET BY VERTICAL
Laser technology has a wide range of applications in the telecom, automotive, military & defence, aerospace, semiconductor & electronics, healthcare and other industries. The teecom sector accounted for the largest share of the market. Growing penetration of optical communication significantly drives the growth of laser diode technology. Diode lasers are the major components of any broadband communication systems.
LASER TECHNOLOGY MARKET BY GEOGRAPHY
Based on geography, the global Laser Technology market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America comprises U.S., Canada and Mexico whereas Europe covers Germany, France, Italy, UK, Spain and Rest of Europe. The key countries included under Asia Pacific regions are China, India, Japan and Rest of Asia Pacific. Rest of the World includes Latin America and Middle East & Africa. Asia Pacific led the laser technology market in 2020 with a significant market share and is anticipated to continue its dominance in the coming years. The presence of emerging economies of China, India and Japan, expanding manufacturing sector, growing investments in R&D activities and high focus on industrial development are the major factors responsible for the growth of laser technology market in this region.
LASER TECHNOLOGY MARKET KEY PLAYERS
Some of the vital players operating in this market include Laserstar Technologies Corp., Alltec GmbH., Prima Industrie S.p.A., Bystronic Laser AG, Toptica Photonics AG, Corning Inc., Universal Laser Systems Inc., Ams Technology, Ushio Opto Semiconductors Inc., Han's Laser Technology Industry Group Co. Ltd., Photonics Industries International. Inc., and Focuslight Technologies Inc.
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