The global light amplification by simulated emission of radiation Laser technology market is expected to experience considerable growth during the forecast period due to its increasing demand from various sectors. The factors such as advancements in technology, government regulations pertaining the application of laser in engraving, increasing demand for laser technology in medical, oil & gas and industrial applications, and growth of emerging economies are expected to boost the market growth during the forecast period.
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Nowadays, lasers are becoming increasingly important in our high-tech environment. They have become robust, compact and versatile with technological developments. Laser technology can be termed as the study of lasers and their uses. Laser has turned into one of the most important tool for researchers within physics, chemistry, biology and medicine throughout the world. Lasers are source of light with unique properties which makes their applications area wide. Laser technology is extensively used in defense and security fields. This technology allows research into the laser based weapon systems used by a number of defensive structures and ships. This technology is also a necessity for expansion of energy into ion and plasma based weapon systems. The growing focus of manufacturers and industrialists on implementing laser technology in the manufacturing processes, application of laser in optical communication, and industrial shift toward nano and micro technologies are the major driving factors for this market. The increasing use of lasers in defense, growing adoption in scientific research, and up surging use of ultra short pulse laser are the emerging trends of the laser technology market.
The ability of this technology to offer significantly high precision, flexibility, and productivity in the material processing application, than other traditional approaches, is leading to their growing utility in laser technology-based material processing. The major challenges restraining the growth of the market are high initial cost of installation, several environment and health related issues associated with laser uses and limited number of suppliers in the market.
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The key players in the global laser technology market are Coherent Inc., TRUMPF Group, IPG Photonics Corporation, ROFIN-SINAR Technologies Inc., Newport Corporation, Jenoptik AG, Lumentum Holdings Inc., GSI Group, Inc., Hans Laser Technology Industry Group Co. Ltd., and Epilog Laser.
Global Laser Technology Market Segmentation:
By Laser Type:
- Solid Lasers
- Yttrium Aluminum Garnet (YAG)
- Thin Disk
- Liquid Lasers
- Gas Lasers
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