The global laser technology market is expected to reach 29.5 billion US dollars by 2029

Recently, Markets And Markets released a five-year assessment report on the global laser industry. According to the report, the global laser technology market is expected to reach $20 billion by 2024 and is projected to reach $29.5 billion by 2029, with a compound annual growth rate of 8.0% during the forecast period.

Global Laser Technology Market Forecast
The reasons for market growth include: the increasing demand for laser technology in the healthcare industry; Compared with traditional material processing methods, laser technology has better performance; Compared with traditional methods, more and more people tend to use lasers for material processing; Transitioning towards the production of nanodevices and microdevices; More and more people are adopting intelligent manufacturing technology.

Laser processing encompasses a wide range of applications of laser technology, utilizing the unique characteristics of lasers to accomplish various industrial tasks. Laser technology provides unparalleled precision, speed, and versatility in tasks such as cutting, welding, marking, engraving, and drilling various materials including metals, plastics, ceramics, and composite materials. Industries such as manufacturing, automotive, aerospace, electronics, healthcare, and consumer goods all heavily rely on laser processing technology because it can achieve high-quality processing results while minimizing material waste, reducing operating costs, and improving productivity.

From a regional perspective, the Asia Pacific region includes China, Japan, India, and South Korea. The region has the world's largest manufacturing centers, including China, Japan, and South Korea. These countries hold important positions in industries such as automobiles, electronics, semiconductors, and consumer goods, and are important users of laser technology in cutting, welding, marking, and engraving applications. The Asia Pacific region is experiencing rapid industrialization and urbanization, which is driving the demand for advanced manufacturing processes and technologies.

Source: Yangtze River Delta Laser Alliance