MarketsandMarkets’ research report – “Laser Technology Market by Type, Revenue, Application, End User, Geography - Global Forecast to 2024” - sees the overall laser technology market growing from $12.9 billion in 2018 to $16.9 billion by 2024, at a CAGR of 4.65%. Demand from the healthcare vertical, enhanced performance over traditional material processing techniques, and shift toward production of nano and micro devices are factors driving market growth.
- CO2 laser type expected to gain significant share of laser technology market by 2023
- Laser technology market for “others" end-user category to grow at highest CAGR from 2018 to 2024
- Laser technology market in APAC to grow at highest CAGR during forecast period
- Key players in the market include Coherent (US), IPG Photonics (US), Trumpf (Germany), Lumentum (US), Jenoptik (US), Novanta (US), Lumibird (France), LaserStar (US), Epilog Laser (US), and MKS Instruments (US). These players are increasingly undertaking product launches and mergers and acquisitions to increase their market shares.
For more insights, peruse the “Laser Technology Market” report.