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Lasers Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)
The Global Lasers Market was valued at USD 16,705. 2 million in 2020 and is expected to grow with a CAGR of ~13. 76% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020.
New York, June 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lasers Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06195691/?utm_source=GNW
Manufacturing of electrical & electronics, medical devices, automotive, and others, where lasers are used in significant quantity, witnessed a slowdown in 2020 owing to production restrictions in early 2020. Thus, the demand for laser systems witnessed a downfall in 2020. However, the resumption of production activities led to smoothen curve, and the demand for lasers is expected to grow in the coming years.
Key Highlights
Over the short term, the increasing demand for laser systems from the electronics industry is expected to drive the market’s growth.
However, the high capital investment and unfavorable conditions arising due to the impact of COVID-19 are likely to hinder the market’s growth.
The communication segment dominated the market. Moreover, medical and cosmetics segment is likely to grow at highest CAGR, during the forecast period.
Asia-Pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
Key Market Trends
Communications Segment to Dominate the Market
Communication is provided by laser systems through wireless technology, where the laser beam is used to transmit information through the atmosphere between two locations. The laser communication terminals (LCT) transmit and receive laser beams.
This communication can be established between planets also. The laser diode is generally used to create a laser signal and also for feedback. When fiber is not practically used, laser communication is then incorporated into fiber-optic networks.
Laser communication (LC) is a hundred times greater in bandwidth, has low power loss, and requires less power for transmission, smaller antenna, and is more secured than radiofrequency.
The major advantage of laser fiber optics in communication is that several fibers are wrapped inside one cable, and each fiber contains information of billion bits. Thus, multiple signals can be transferred with high quality, especially for long-distance communications.
This laser communication is used in airports throughout the runway, free-space optical communication, defense and other sensitive areas, higher altitude aircraft, space probes, and many more.
Additionally, communication through laser is essentially used by mortar defense, defense applications, and crucial aerospace applications. The lasers have been used for communication for several years and can also transfer information every day through CDs, DVDs, and bar code scanners.
For instance, Lunar Atmosphere and Dust Environment Explorer (LADEE) set a space communication in 2013 which transmitted data from Moon to Earth, i.e., over 385,000 km with a speed of 622 megabits per second (Mbps).
Moreover, these lasers have various advantages for setting up communication such as easy deployment, high bit rates, protocol transparency, low bit errors, used for powering devices, immune to electromagnetic interferences, and increased security when operating with narrow beams.
Although this has several disadvantages such as atmospheric adsorption, disturbance from rain, fog, snow, shadowing, smog, wind, and background light sources such as the Sun. However, the above-mentioned advantages and applications are expected to boost the demand for lasers in communication over the forecast period.
Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
Asia-Pacific to Dominate the Market
Asia-Pacific is projected to witness strong growth during the forecast period, owing to the booming manufacturing sector, primarily electrical and electronics products in the region.
China dominated the market with a significant share, followed by Japan and South Korea.
China is the biggest and rapidly growing market for lasers. Demand for industrial lasers and optical systems is increasing, presenting the photonics industry with a great deal of potential.
The Chinese laser market increased in 2017 and 2018, went down in 2019, and the pandemic came. Fortunately, China recovered relatively fast—and so did the Chinese laser market. According to LazerFocusWorld and BOS Photonics, with a total volume of USD 10.91 billion, it crossed the mark of USD 10 billion in 2020.
China is one of the largest telecommunications markets globally. In 2020, China had more than 989 million internet users, accounting for more than one-fifth of global internet users. China generated more than CNY 100 billion monthly revenue from the telecommunications sector.
Japan is one of the major electronics hubs globally and is known for its innovative technologies and the manufacturing of consumer electronics. However, production has been declining for the past few years due to the dominance of western companies in terms of technologies. Many companies that once were considered large manufacturers of general electronics shifted their focus to other industries, like the energy sector.
Japan is a global leader in producing video cameras, compact discs, computers, photocopiers, fax machines, cell phones, and various other key computer components. For insatance, Japan’s electronic components production value exhibited a growth of 14% in the first half of 2021, compared to the same period in 2020.
Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.
Competitive Landscape
The global lasers market is partially consolidated in nature, with the presence of ~200 companies all over the world, with China, alone having more than ~100 companies. Some of the key players in the market include TRUMPF, II-VI Incorporated, Han’s Laser Technology Industry Group Co. Ltd, Coherent Inc., and IPG Photonics Corporation, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06195691/?utm_source=GNW
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