Laser devices emit light through optical amplification. This amplification is based on stimulated emission of the electromagnetic radiation. It differs from the other sources of light because of the way of coherent light emission. Laser technology has numerous important applications, which make it an industrially essential technology. Increasing applications and evolving technology are some of the major drivers for the global laser technology market. Increasing rate of adoption is expected to drive the global industry at healthy growth rate. Rising deployment and scientific research in this field are also expected to have major influence on the overall conditions of this market.
Global Laser Technology Industry – An Overview
The global laser technology market is segmented on the basis of the types of laser, products, their applications, and geographic regions. Different types of lasers are available on the market, which have different applications and proceedings. The most common types include solid-state laser, excimer laser, CO2 laser, dye laser, diode laser, and fiber laser. All these types have different industrial, commercial, and industrial applications. Based on the types of applications, solid-state, CO2, and fiber lasers are considered to be industrially most viable product types in the market. CO2, entering the market as the first dental laser, is majorly used in various industrial applications, including welding and cutting.
The industry also provides products for the major communication and industrial applications, like electronic transmission, telephone usage, space communication, television signals, and such other innovative and vital applications. On the basis of the geographic regions, the global laser technology market is segmented into Europe, North America, Asia, and rest of the world. The rest of the world region mostly consists of the regions like Latin America, Middle East and Africa. Innovative applications of laser technology are expected to be a crucial factor for this industry aiming at futuristic expansions across different developing markets of the world.
In-depth analysis of all the aforementioned segments of the industry provide vital details about the current market trends, future growth opportunities, restrains, challenges, and competition within the industry. It also assesses the key market players, their current position, and future expansion plans for the leading companies in different parts of the world. Based on this analysis, the global laser technology market is expected to grow at an estimated CAGR of over 19% from 2012 to 2017. During the forecasting period, the market is estimated to be dominated by the products like CO2 lasers, which are currently dominating the industry. At the estimated CAGR, the industry is expected to reach $19.88 billion by 2017.
Communication sector is expected to be the most dominating sector within the applications segment. Evolving applications of laser technology is a vital parameter helping the communication region to gain maximum market shares.