Solid State Lasers Market is poised for robust growth driven by expanding applications and global demand.
NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) — The global solid state lasers market value will reach US$ 1.7 billion in 2023. In the forecast period, global sales of solid-state lasers will likely rise at 3.2% CAGR, taking the total market valuation to US$ 2.3 billion by 2033.
Demand for solid state lasers is predicted to remain high in communication applications. This is attributable to the rising usage of solid state lasers in optical communication systems due to their high efficiency and long reach. The target segment is set to progress at 3.0% CAGR through 2033.
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The worldwide solid state lasers industry will thrive steadily during the forecast period. This is due to the rising usage of solid state lasers in communication, medical, materials processing, and military applications.
Solid state lasers use solids as a laser medium to generate laser light. They find application in diverse fields, including manufacturing, research, and telecommunication, owing to their advantages, such as high efficiency, good beam quality, and high power.
Increasing popularity of solid state lasers in the healthcare and medical device industries is expected to boost the market. Solid state lasers are widely used in laser surgery, dermatology, dentistry, and other medical applications.
Growing usage of laser technology manufacturing, automotive, and other industries is likely to fuel solid state sales through 2033. Solid state lasers are widely used in material processing applications like cutting, drilling, welding, and marking across these industries.
Rising demand for high-precision laser systems is another key factor expected to spur growth in the solid state lasers industry. This is because solid state lasers offer high precision and accuracy.
Leading solid state laser manufacturers are innovating to develop more efficient, powerful, and cost-effective lasers. This will bode well for the target market. The target market is forecast to expand 1.4X through 2033 with these dynamics.
Key Takeaways from the Solid-state Lasers Market Report:
- The global solid state lasers industry is forecast to total US$ 2.3 billion by 2033.
- By application, the communication segment is expected to thrive at 3.0% CAGR through 2033.
- The United States market value is anticipated to reach US$ 437.8 million by 2033.
- Sales revenue in Japan is projected to reach US$ 261.5 million by 2033.
- China market is expected to total US$ 297.1 million by 2033.
- The United Kingdom industry is predicted to expand at 3.8% CAGR.
- Demand in the South Korean market is poised to grow at 5.7% CAGR through 2033.
“Advancements in solid state lasers are widening the application area of these lasers across several industries. This is expected to boost revenue in the global solid state lasers market through 2033. To gain maximum benefits, key players are expected to develop new compact and powerful solid state lasers.”.” – opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
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Who is Winning?
Following are few of the leading solid state laser manufacturers profiled in the report.
- JK Lasers
- EKSPLA
- Coherent Inc.
- Photonics Industries International Inc
- JENOPTIK Laser GmbH
- JDS Uniphase Corp
- Laserglow Technologies
- Lee Laser Inc
- Photonic Solutions
- Quanta System SP
Top players are continuously upgrading their portfolios by introducing new laser solutions for different applications. They are leveraging strategies such as acquisitions, partnerships, agreements, mergers, and collaborations to expand their global footprint.
Recent Solid State Lasers Market Developments:
- In June 2023, the new next-generation pump laser diode with 65 W power was introduced by Coherent Corp., a leading player in high power semiconductor lasers.
- In July 2020, TRIOPTICS, a leading photonics company, was acquired by Jenoptik AG to accelerate its profitable growth.
Restraints:
While the market shows promising growth, challenges exist, including competitive pricing pressures and the need for continuous innovation to meet evolving industry demands.
Region-wise Insights:
- North America: Leading adoption in the United States, driven by aerospace and healthcare sectors.
- Europe: Growing demand for industrial applications, particularly in Germany and the United Kingdom.
- Asia-Pacific: Emerging opportunities, with China at the forefront of market expansion.
Category-wise Insights:
- Communication: Expected to grow significantly due to increased demand for solid-state lasers.
- Industrial: Strong adoption in material processing and 3D printing applications.
- Healthcare: A growing market driven by advancements in medical technology.
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Solid State Lasers Market Segmentation
By Application:
- Communication
- Medical
- Materials Processing
- Automotive
- Other Applications
By Region:
- North America
- Latin America
- Western Global Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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