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(India.CityRegions.Com, October 25, 2016 ) The laser technology market is expected to reach USD 14.67 Billion by 2022, at a CAGR of 5.33% between 2016 and 2022. The ability of this technology to offer significantly high precision, flexibility, and productivity in the material processing application than other traditional approaches is leading to growing preference for laser technology-based material processing. This is one of the major drivers for the laser technology market. Moreover, the widening scope of laser technology in various verticals including medical, aerospace & defense, research, semiconductor & electronics, and telecommunications among others is further driving the growth of the above said market.
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The scope of this report covers the laser technology market on the basis of laser type, application, vertical, and geography. Solid lasers are leading in the market. The growth of the market is attributed to the ability of solid lasers to prevent material wastage when in the active medium and produce both continuous and pulsed output with greater efficiency. The major solid lasers include YAG lasers, fiber lasers, thin disk lasers, semiconductor lasers, and ruby lasers. Out of these lasers, fiber lasers and semiconductor lasers are major drivers for the growth of the solid lasers market. The market for semiconductor lasers is expected to grow at the highest rate during the forecast period. This growth is attributed to the small size and appearance of semiconductor lasers, which make them applicable in various areas such as communication wherein they are used as an interface in fiber optic cables.
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The APAC region is expected to play a key role in the laser technology market and grow at the highest rate during the forecast period. This growth can be credited to the high adoption of this technology in this region, especially in China and Japan. China and Japan have a wide scope for automotive, commercial, and medical industries. Laser technology, being widely used in equipment and systems under these industries, the overall adoption rate of laser technology in China and Japan is projected to be high. Besides this, rapid modernization in this region has accelerated the growth, especially of the semiconductor & electronics vertical which has ultimately led to the growth of the market in this region.
One of the key restraining factors in the laser technology market is high cost of laser technology-based equipment. However, it is expected that companies would achieve economy of scale during the forecast period to lower the prices. The major players in the market include Coherent, Inc. (U.S.), Trumpf Group (Germany), IPG Photonics Corp. (U.S.), ROFIN-SINAR Technologies, Inc. (U.S.), Newport Corp. (U.S.), Jenoptik AG (Germany), Lumentum Holdings, Inc. (U.S.), GSI Group, Inc. (U.S.), Han's Laser Technology Industry Group Co., Ltd. (China), and Epilog Laser (U.S.) among others. These players adopted various strategies such as new product developments, acquisitions, agreements, collaborations, and business expansion to cater to the needs of the market.
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The growth of this market is being propelled by the increasing adoption of laser technology in biology, scientific research, and medical sectors as well as growing focus of manufacturers and industrialists on implementing laser technology in the manufacturing processes due to its benefits such as high precision, flexibility, and productivity.of the product portfolio of each company.
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