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Market Leadership-Laser Technology Market
According to the MarketsandMarkets forecast, the laser technology market size is expected to grow from USD 10.09 Billion in 2015 to USD 14.67 Billion by 2022, at a CAGR of 5.33% between 2016 and 2022. Growing focus of manufacturers and industrialists on implementing laser technology in the manufacturing processes and industrial shift toward nano and micro technologies are some of the major driving factors for this market.
The key players in the laser technology market include Coherent, Inc. (U.S.), Trumpf Group (Germany), IPG Photonics Corp. (U.S.), ROFIN-SINAR Technologies, Inc. (U.S.), Newport Corp. (U.S.), Jenoptik AG (Germany), Lumentum Holdings, Inc. (U.S.), GSI Group, Inc. (U.S.), Hans Laser Technology Industry Group Co., Ltd. (China), and Epilog Laser (U.S.) among others.
The laser technology market witnessed many acquisitions, agreements, and joint ventures by key players between 2014 and 2016. Newport Corp. (U.S.) acquired FEMTOLASERS Produktions GmbH and its subsidiary (FEMTOLASERS) which is a developer and manufacturer of high-precision ultrafast laser systems used in scientific and biomedical research. The acquisition helped the company expand its product portfolio of ultrafast laser products and enhanced the expertise in this area. Additionally, Trump Inc. (U.S.), a wholly owned subsidiary of the Trumpf Group, entered into a joint venture with laser manufacturer—Sisma S.p.A. of Vicenza, (Italy)—to create robust additive machines for mass production and co-develop a 3D printing machine for metal components.
The key players also adopted the strategy of expansions to expand their geographic presence as well as their product portfolio to reach untapped markets. Trumpf Group (Germany) opened a new subsidiary in Berlin, with an aim of expanding its market and technological lead in the diode laser sector. In 2014, Jenoptik AG (Germany) delivered laser machines to automotive suppliers in Asia and North America and announced the expansion of its laser machine business in these regions.
The major players also launched new products to strengthen their product portfolio and to expand their offerings to newer clients. In 2016, Coherent, Inc. (U.S.) extended its AVIVA family of lasers with the introduction of new AVIA NX products. These are solid-state lasers and are ideal for precision processing tasks in solar cell and microelectronics manufacturing. In 2016, Newport Corp. (U.S.) also broadened its portfolio with the introduction of two new products: Talon 355-30 and Talon 532-40 to its Q-switched diode-pumped solid-state lasers family. These products are well suited for applications in various industries. For instance, in mobile device industry, it is ideal for high-throughput laser manufacturing of electronic components, PC boards, and semiconductors among others.
Laser Technology Market by Type (Solid, Liquid, Gas), Application (Optical Communication, Laser Processing), and Vertical and Geography - Analysis & Forecast to 2022
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