The global lasers market is estimated at US$12.357 billion in 2024 and is anticipated to grow at a CAGR of 3.43% during the forecast period and reach US$14.63 billion in 2029.
The market for lasers is expected to be driven by their growth in various applications such as military and defense, material processing, research and development, healthcare, and other industrial operations. Major companies have been investing significant capital in enhancing laser technology for different applications. The major advantage of the laser is that it provides precision and higher quality and can work with any sort of material.
R&D is expected to be one of the prime growth contributors to the overall market. Military expenditure by the developed countries that comprise the United States is also likely to contribute towards steady growth during the forecast period. For instance, according to the Peter G. Peterson Foundation, defense expenditures by the United States represented a complete total of 40% of military spending in 2023. According to the Stockholm International Peace Research Institute, defense spending in 2023 increased by US$55 billion from 2022. Therefore, the increasing defense spending will likely boost the demand for lasers during the forecast period.
The Asia Pacific region is also anticipated to grow with the fastest CAGR in the forecasted period, owing to the increasing expenditure on research and development for new technologies. Additionally, the developing healthcare expenditure and growing penetration of laser technologies in countries such as China are anticipated to propel this market in this region. The presence of countries such as South Korea and Japan, where cosmetic surgical procedures are common, positively impacts the market. For instance, according to the ranking by ISAPS, on a per capita basis, Korea topped in the number of cosmetic procedures, which is 13.5 for every 1,000 people.
The market for lasers is expected to be driven by their growth in various applications such as military and defense, material processing, research and development, healthcare, and other industrial operations. Major companies have been investing significant capital in enhancing laser technology for different applications. The major advantage of the laser is that it provides precision and higher quality and can work with any sort of material.
R&D is expected to be one of the prime growth contributors to the overall market. Military expenditure by the developed countries that comprise the United States is also likely to contribute towards steady growth during the forecast period. For instance, according to the Peter G. Peterson Foundation, defense expenditures by the United States represented a complete total of 40% of military spending in 2023. According to the Stockholm International Peace Research Institute, defense spending in 2023 increased by US$55 billion from 2022. Therefore, the increasing defense spending will likely boost the demand for lasers during the forecast period.
GLOBAL LASERS MARKET DRIVERS:
- There has been a surge in military and defense spending globally, as major countries have been investing a substantial sum of capital into the defense budget to combat and fight insurgencies, terrorism, and other related issues. For instance, according to the European Defense Agency, the total defense spending in the EU was €269 billion in 2014, which increased to €316 billion in 2022. Hence, the increasing spending in the defense sector is expected to boost the market for lasers in the projected period.
GLOBAL LASERS MARKET GEOGRAPHICAL OUTLOOK:
- The North American region is anticipated to hold a significant share in the coming years.
The Asia Pacific region is also anticipated to grow with the fastest CAGR in the forecasted period, owing to the increasing expenditure on research and development for new technologies. Additionally, the developing healthcare expenditure and growing penetration of laser technologies in countries such as China are anticipated to propel this market in this region. The presence of countries such as South Korea and Japan, where cosmetic surgical procedures are common, positively impacts the market. For instance, according to the ranking by ISAPS, on a per capita basis, Korea topped in the number of cosmetic procedures, which is 13.5 for every 1,000 people.
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- Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
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- Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The global lasers market is segmented and analyzed as follows:
- By Type:
- Solid State Lasers
- Fiber Lasers
- CO2 Lasers
- Diode Lasers
- Others
- By Application:
- Medical and Cosmetics
- Instrumentation and Sensors
- R&D, Military and Defense
- Material Processing
- Lithography
- Others
- By Geography:
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL LASERS MARKET BY TYPE
6. GLOBAL LASERS MARKET BY APPLICATION
7. GLOBAL LASERS MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Global Lasers Market report include:- IPG Photonics Corporation
- Han’s Laser Technology Industry Group Co. Ltd
- Coherent Inc.
- Novanta Photonics
- TRUMPF
- Keyence Corporation
- JENOPTIK AG
- Lumentum Operations LLC
- eurolaser GmbH
- Arima Lasers Corp.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | September 2024 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 12.36 billion |
| Forecasted Market Value ( USD | $ 14.63 billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
