According to a report released by the US market research firm Markets and Markets, by 2022, the global laser technology market is expected to reach $ 15.38 billion, with a compound annual growth rate of 5.2% between 2017 and 2022. The main factors driving the growth of the laser technology market include the continued demand for the medical industry, the transition to nanosecond and microdevices and devices, and the performance advantages of laser technology compared to traditional materials processing technologies.

Solid-state lasers will reach the largest market size by 2022

In 2016, based on various types of solid-state lasers occupy the largest share of the laser technology market. This growth is due to the ability of the solid-state laser to prevent material waste in the active medium and to produce a continuous pulse output with higher efficiency. In addition, solid-state lasers can be used in metal drilling and endoscopes and other applications.

Optical communication applications are expected to achieve the highest growth rate during the forecast period

The laser technology market, which is closely related to optical communications applications, will grow at the highest rate during the forecast period. Laser technology for high-speed data transmission in digital and analog fiber networks, making it suitable for optical communications. The driver is expected to drive growth in the market between 2017 and 2022.

Vertical business areas of the laser technology market will achieve the highest growth rate

The vertical market for laser technology is expected to grow at the highest rate between 2017 and 2022. This high market growth rate is mainly due to the growing use of laser technology in many areas such as laser projectors, Laser pen application, smart cards, signage equipment, printing equipment, gift styling and bar code marking.

Asia Pacific's forecast period will occupy the largest share of the laser technology market

During the forecast period, the Asia-Pacific region (APAC) is expected to capture the largest share of the laser technology market. This segment of growth can be attributed to the growing demand for laser machines and tools that are cost-effective and flexible in the semiconductor, industrial, telecommunications and automotive industries. In addition, the cost advantages of different countries in the region and a series of corresponding initiatives will promote the development of domestic manufacturing, so as to add further impetus to the growth of the laser technology market.