The major factors driving the growth of the laser technology market include increasing demand from the healthcare sector and shift towards production of nano and micro devices, and enhanced performance over the traditional material processing techniques.
According to the new market research report on the "Laser Technology Market by Type (Solid, Liquid, & Gas), Application (Optical communication & laser processing), Vertical (Commercial, Telecom, Research, Defense, Medical, Automotive, Electronics, & Industrial), & Geography - Global Forecast to 2022", this market is expected to be valued at USD 10.38 Billion by 2022, at a CAGR of XX% between 2017 and 2022.
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The laser technology market for optical communication application is expected to grow at the highest rate during the forecast period. Laser technology is used in high-speed transmission of data in digital and analog fiber optic networks, which makes it suitable for the optical communication.This factor is expected to drive the growth of this market during 2017–2022.
Laser technology market for the commercial vertical is expected to grow at the highest rate during the forecast period
The laser technology market for the commercial vertical is expected to grow at the highest rate between 2017 and 2022. This high market growth rate can be attributed to the increasing use of laser technology in laser projectors, smart card, signage devices, printers, awards and gifts modeling, and barcode marking.
APAC expected to hold the largest share of the laser technology market during the forecast period
Asia Pacific (APAC) is expected to hold the largest share of the laser technology market during 2017–2022. This growth can be attributed to the increasing demand for cost-effective and fast processing laser machine tools from the semiconductor, industrial, telecommunication, and automotive vertical.
Cost advantages and initiatives by different countries in this region are expected to boost the domestic manufacturing and provide further impetus for the growth of the laser technology market.
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