The laser industry is experiencing significant growth and innovation in various fields. The global laser technology market is expected to reach approximately US$20 billion by 2024, driven by growing demand in sectors such as healthcare, manufacturing and telecommunications.
In the industrial sector, the laser market is expected to grow at a compound annual growth rate (CAGR) of 7.58% from 2023 to 2028, increasing the market value by approximately US$2.89 billion. This growth is driven by the growing popularity of laser 3D printing, also known as additive manufacturing, which offers high precision and material efficiency to industries such as aerospace, automotive and healthcare (Technavio).
Key trends in laser technology include advances in high-power diodes, laser communications, and quantum lasers. High-power diodes are enhancing applications from industrial cutting and welding to medical procedures, while laser communications are improving data transmission in space exploration and military operations (StartUs Insights). Innovative technologies such as laser 3D printing and laser-guided machining are changing manufacturing processes, enabling the production of complex geometries with less waste (StartUs Insights).
Regionally, Asia Pacific is expected to dominate the laser technology market owing to significant investments in industrial and medical applications. Companies like Coherent, Trumpf and IPG Photonics lead the market through continuous innovation and strategic collaboration (MarketsandMarkets) (Mordor Insights™).
Overall, the laser industry is characterized by rapid technological advancement and expanding applications in various fields, driving strong market growth and providing numerous opportunities for innovation and investment (StartUs Insights, Technavio, MarketsandMarkets).