Laser Technology Market

Coherent, Inc. (US) and IPG Photonics Corp. (US) are the Key Players in the Laser Technology Market

The overall laser technology market is expected to grow from USD 12.9 billion in 2018 to USD 16.9 billion by 2024, at a CAGR of 4.65%. Huge demand from the healthcare vertical, enhanced performance over traditional material processing techniques, and shift toward production of nano and micro devices are the key factors driving the growth of this market.

Key players in the laser technology market comprise companies operating at different stages of the market’s value chain. These include: Coherent (US), IPG Photonics (US), Trumpf (Germany), Lumentum (US), Jenoptik (US), Novanta (US), Lumibird (France), LaserStar (US), Epilog Laser (US), and MKS Instruments (US). Organic growth strategies, such as product launches, is a focus of many of the above.

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Top 2 Players in Laser Technology Market:

In 2017, Coherent ranked first in the global laser technology market, primarily based on its product portfolio, R&D investments, market penetration, and geographic reach. The company is fostering its growth through acquiring new technologies, enhancing its technology portfolio, and launching products in new markets. The company has a presence in the Americas, Europe, the Middle East & Africa, and Asia Pacific (APAC). Some of its subsidiaries are: Coherent GmbH (Germany), Coherent Ltd. (UK), Coherent Japan KK (Japan), Lambda Physik USA, Inc. (US), and Coherent Commercial Company Ltd. (China). Coherent has been investing in R&D to develop and acquire new technologies and additional market share by streamlining its manufacturing structure and improving the cost structure. The company is focused on developing innovative and proprietary laser and optical products and solutions. For instance, in November 2017, the company launched the Total Power Control, a laser having application in multiphoton excitation (MPE) microscopy. Based on acousto-optic (AO) technology, this laser enables high-power output and modulation on tunable femtosecond output.

IPG Photonics ranked second in the global laser technology market. The company is fostering its growth by strengthening its product portfolio and minimizing manufacturing costs. It is investing in fiber laser in deposition technology, additive manufacturing, micro processing, scribing, marking, and joining process, including laser welding and brazing. IPG Photonics invests heavily in developing laser materials and innovating in laser technology; in 2017, its R&D expenditure was USD 101.4 million. The company focuses on retaining its leading market position by strengthening its product line, enhancing customer service, delivering quality products, and improving overall productivity. However, inorganic strategies too are important components of its growth roadmap. The company has done some significant acquisitions to enhance its product portfolio and diversify its geographical presence. For instance, in December 2017, it acquired Laser Depth Dynamics, a Canadian laser technology solutions provider, buttressing its laser product portfolio for welding applications. Earlier, in June 2017, it acquired Innovative Laser Technologies (ILT), a US-based laser systems provider, for USD 40 million. This helped IPG Photonics to push turnkey laser systems into the medical device industry.

Related Reports:

Laser Technology Market by Type (Carbon Dioxide Laser, Fiber Laser, and Solid State Laser), Revenue (Laser Revenue and System Revenue), Application (Laser Processing and Optical Communications), End User, Geography – Global Forecast to 2024

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Report Code
SE 2726
Published ON
Dec, 2018
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