If you’ve been following our blog, you know that laser technology has had a profound influence on a variety of industries in recent years.
- From advanced computing to aerospace and telecommunications, new innovative applications for lasers are being discovered every day.
What was once the stuff of science fiction is now remarkably practical, useful and increasingly profitable.
According to a new report released by research firm Markets and Markets, the laser technology market is expected to be worth $14.67 by 2022. Currently, the market is estimated to be worth just over $10 billion. That equates to a compound annual growth rate of 5.3 percent for the next six years.
So what sectors are driving this impressive growth?
Solid-state lasers are expected to account for the bulk of the market growth during the forecast period.
These lasers are used in super-fast semiconductor chips and fiber-optic communication systems.
- Both of these technologies are expected to gain significant momentum in the near future.
Medical science is likely to be a key driver of laser industry innovation as well.
- New therapies such as laser vision correction and optogenetics have made lasers common features of many healthcare facilities.
Lasers are also being used to manufacture medical tools that require a high degree of precision and cleanliness.
The Asia Pacific region is expected to hold the greatest laser market share during the forecast period, due in part to the fact that countries such as Japan and South Korea already have widely established infrastructures for manufacturing laser-based electronic.
The market is expected to grow throughout Europe and North America during the forecast period as well.
Stay tuned for more updates on everything laser from Seiffert Industrial.