According to a new market research report titled “Laser Technology Market by Type (Solid-State, Liquid, Gas), Application (Laser Processing, Optical Communication), and End User (Telecommunications, Industrial, Semiconductor & Electronics, Automotive, Medical) — Global Forecasts to 2028 , published by Meticulous Research®, the laser technology market is expected to grow at a CAGR of 11.4% from 2021 to 2028 to reach $30.3 billion by 2028.
Laser technologies have gained considerable importance in diverse industries due to the rapid growth of laser applications and the reduced cost of laser systems. Among the applications of laser technology, in recent years, the laser cladding-based surface coating technique has received significant attention in diverse industries due to its unique features and capabilities. Laser technology is very important in the modern world because it is used in many fields. The laser technology uses include barcode scanners, laser printers, optical disk drives, cutting and welding materials, semiconducting chip manufacturing, law enforcement devices, and free-space optical communication. Lasers are also used in DNA sequencing instruments, surgery hair removal products, and skin treatments.
The growth of the overall laser technology market is backed by the growing adoption of laser technology in the electronics sector, rising applications of laser in healthcare, a shift towards nano and microdevices, and increasing preference for laser-based material processing over traditional processing. Moreover, the growing demand for laser technology in robotics and increasing use of lasers for optical communication provides significant growth opportunities for stakeholders in the market. However, high initial cost obstructs the growth of this market to some extent. Also, technical complexity in high-power lasers is a major challenge for the growth of the laser technology market.