Laser Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Laser Technology Market is segmented by Type (Fiber Lasers, Diode Lasers, CO/CO2 Lasers, Solid State Lasers, and Other Types), Application (Communications, Materials Processing, Medical and Cosmetics, Lithography, Research and Development, Military and Defense, Sensors, Displays, and Other Applications), and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers market size and forecasts for lasers in revenue (USD million) for the abovementioned segments.

Laser Market Size

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Lasers Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 13.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Lasers Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Laser Market Analysis

The lasers market is expected to register a CAGR of over 13% during the forecast period.

In 2020, the lasers market was moderately affected due to the COVID-19 pandemic and the temporary shutdown of various industries. However, the increased manufacturing of electrical and electronics, medical devices, and automotive, where lasers are used in significant quantities, propelled the demand for lasers in 2021.

  • Over the short term, the increasing demand for laser systems from the electronics industry is expected to drive market growth.
  • Conversely, the high capital investment may hinder the laser market in the coming years.
  • LiDAR technology is expected to offer new avenues to industry growth during the forecast period.
  • Asia-Pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period. This growth is attributed to an upsurge in demand for lasers in the communications industry.

Laser Market Trends

This section covers the major market trends shaping the Lasers Market according to our research experts:

Communication Segment to Dominate the Market

  • Laser systems provide communication through wireless technology, where the laser beam is used to transmit information through the atmosphere between two locations. Laser communication terminals (LCT) transmit and receive laser beams.
  • This communication can be established between planets also. The laser diode is generally used to create a laser signal and for feedback. Laser communication is incorporated into fiber-optic networks when fiber is not practically used.
  • Laser communication (LC) is a hundred times greater in bandwidth, has low power loss, a smaller antenna, requires less power for transmission, and is more secure than radiofrequency.
  • The major advantage of laser fiber optics in communication is that several fibers are wrapped inside one cable, and each fiber contains information of billion bits. Thus, multiple signals can be transferred with high quality, especially for long-distance communications.
  • Currently, India is the world's second-largest telecommunications market with a subscriber base of 1.16 billion and has registered strong growth in the last decade. In 2021, with growing mobile penetration, the telecom industry was valued at USD 37.36 billion.
  • Additionally, with a daily increasing subscriber base, there have been a lot of investments and development in the sector. In January 2022, Google made an investment of USD 1 billion in Airtel through the India Digitization Fund.
  • The abovementioned growth factors are expected to boost demand for lasers in communication over the forecast period.
Lasers Market: Telecommunication Industry, in USD Billion, India, 2017-2021

Asia-Pacific to Dominate the Market

  • China is the biggest and most rapidly growing market for lasers. Demand for industrial lasers and optical systems is increasing, presenting the photonics industry with great potential.
  • The telecommunications industry in China experienced several waves of reforms in the last three decades toward liberalization and privatization. China is one of the largest telecommunications markets globally.
  • Lasers are significantly used in the military and defense sectors. According to the Stockholm International Peace Research Institute (SIPRI), China, the world's second-largest spender, allocated around USD 293 billion to its military in 2021, witnessing a growth rate of 4.7% compared to 2020.
  • According to the Indian Brand Equity Foundation (IBEF), Apple Inc., in 2021, manufactured 70% of mobile phones sold in India, a sharp increase from 30% recorded two years ago. This is a significant push toward the Make in India initiative, following the government's production-linked incentive (PLI) plan, which began in FY21.
  • As of August 2021, the Tata Group announced plans to enter the semiconductor manufacturing business seeking a proportion of the USD 1 trillion high-tech electronics manufacturing sector.
  • According to the Stockholm International Peace Research Institute (SIPRI), India's military spending ranked third highest in the world. In 2021, the country's military expenditure accounted for USD 76.6 billion, registering a growth rate of 0.9%, compared to 2020.
  • All such factors portray that the laser market may boom in the Asia Pacific region with a handsome growth rate during the forecast period.
Lasers Market- Growth Rate by Region, 2022-2027

Laser Industry Overview

The lasers market is partially consolidated in nature. Some of the key players (not in any particular order) in the market include TRUMPF, Coherent Corp., Han's Laser Technology Industry Group Co. Ltd, Lumentum Operations LLC, and IPG Photonics Corporation.

Laser Market Leaders

  1. IPG Photonics Corporation

  2. TRUMPF

  3. Han's Laser Technology Industry Group Co., Ltd.

  4. Coherent Corp.

  5. Lumentum Operations LLC

*Disclaimer: Major Players sorted in no particular order

Lasers Market Concentration
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Laser Market News

  • In October 2022, Lumentum Holdings Inc expanded its operations and advanced research and development in Slovenia for specialty optical fibers and related products. The facility includes a Center of Excellence for advanced research and development to devise fundamental laser component technology and products.
  • In July 2022, IIVI Incorporated announced the acquisition of Coherent, Inc., forming a global leader in materials, networking, and lasers. The combined company will serve four markets, i.e., industrial, communications, electronics, and instrumentation.

Laser Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Laser Systems from the Electronics Industry

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 High Capital Investment

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Fiber Lasers

      2. 5.1.2 Diode Lasers

      3. 5.1.3 CO/CO2 Lasers

      4. 5.1.4 Solid State Lasers

      5. 5.1.5 Other Types

    2. 5.2 Application

      1. 5.2.1 Communications

      2. 5.2.2 Materials Processing

      3. 5.2.3 Medical and Cosmetics

      4. 5.2.4 Lithography

      5. 5.2.5 Research and Development

      6. 5.2.6 Military and Defense

      7. 5.2.7 Sensors

      8. 5.2.8 Displays

      9. 5.2.9 Other Applications (Marking, Optical Storage, Printing)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Coherent Corp.

      2. 6.4.2 EKSPLA

      3. 6.4.3 Han's Laser Technology Industry Group Co. Ltd

      4. 6.4.4 IPG Photonics Corporation

      5. 6.4.5 Jenoptik AG

      6. 6.4.6 Keyence Corporation

      7. 6.4.7 Lumentum Operations LLC

      8. 6.4.8 LUMIBIRD

      9. 6.4.9 Maxphotonics Co. Ltd

      10. 6.4.10 nLIGHT Inc.

      11. 6.4.11 Novanta Inc.

      12. 6.4.12 TRUMPF

      13. 6.4.13 Wuhan Raycus Fiber Laser Technologies Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 LiDAR Technology

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Laser Industry Segmentation

Laser stands for light amplification by stimulated emission of radiation. It is a single-wavelength light source that possesses high energy and can be accurately focused on transmitting that light onto a very small area. Laser finds its major application in material processing, cosmetics surgery, and defense. The laser market is segmented by type, application, and geography. By type, the market is segmented into fiber lasers, diode lasers, CO/CO2 lasers, solid-state lasers, and other types. By application, the market is segmented into communications, materials processing, medical and cosmetics, lithography, research and development, military and defense, sensors, displays, and other applications. The report also covers the market size and forecasts for the lasers market in 12 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Type
Fiber Lasers
Diode Lasers
CO/CO2 Lasers
Solid State Lasers
Other Types
Application
Communications
Materials Processing
Medical and Cosmetics
Lithography
Research and Development
Military and Defense
Sensors
Displays
Other Applications (Marking, Optical Storage, Printing)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Rest of the World
South America
Middle East and Africa
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Laser Market Research FAQs

The Lasers Market is projected to register a CAGR of greater than 13% during the forecast period (2024-2029)

IPG Photonics Corporation, TRUMPF, Han's Laser Technology Industry Group Co., Ltd., Coherent Corp. and Lumentum Operations LLC are the major companies operating in the Lasers Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Lasers Market.

The report covers the Lasers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Lasers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Laser Industry Report

Statistics for the 2024 Laser market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Laser analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Laser Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)