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Global Laser Technology Market to Reach $14.6 Billion by 2022 - By Type, Usage, End Use & Region - Research and Markets

[September 08, 2017]

Global Laser Technology Market to Reach $14.6 Billion by 2022 - By Type, Usage, End Use & Region - Research and Markets

The "Global Laser Technology Market - By Type, Usage, End Use, Region - Market Size, Demand Forecasts, Industry Trends and Updates(2016-2022)" report has been added to Research and Markets' offering.

The global laser technology market was USD 10.45 Billion in 2016 and is expected to grow at CAGR of 5.3% to reach USD 14.68 Billion by 2022. Though North America led the segment in 2016, the APAC region is expected to have the largest market share with the maximum growth rate. This has been attributed to the increasing usage of technology products in the manufacturing industries of China and Japan.

High accuracy along with greater productivity are some of the key advantages of laser solutions in the material processing applications over the traditional approaches. This has been one of the greatest drivers of this market. Also with the enlarging scope of lasers in industries such as medical, aerospace, semiconductors, telecommunications nd defence is further driving the market into the future.

The usage of lasers in the medical industry is expected to be the maximum due to an increase in the adoption of lasers for eye treatments, MRIs, dermatology, optogenetics and confocal microscopy. Laser technology is also being used to manufacture medical equipment as the technology offers high quality products and clean surfaces with minimal material residue. However, higher power consumption, burning and difficulty in cutting certain materials in the material processing market can prove to be detrimental.

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