Global Lasers Market - Forecasts from 2024 to 2029

Global Lasers Market - Forecasts from 2024 to 2029

The global lasers market is estimated at US$12.357 billion in 2024 and is anticipated to grow at a CAGR of 3.43% during the forecast period and reach US$14.63 billion in 2029.

The market for lasers is expected to be driven by their growth in various applications such as military and defense, material processing, research and development, healthcare, and other industrial operations. Major companies have been investing significant capital in enhancing laser technology for different applications. The major advantage of the laser is that it provides precision and higher quality and can work with any sort of material.

R&D is expected to be one of the prime growth contributors to the overall market. Military expenditure by the developed countries that comprise the United States is also likely to contribute towards steady growth during the forecast period. For instance, according to the Peter G. Peterson Foundation, defense expenditures by the United States represented a complete total of 40% of military spending in 2023. According to the Stockholm International Peace Research Institute, defense spending in 2023 increased by US$55 billion from 2022. Therefore, the increasing defense spending will likely boost the demand for lasers during the forecast period.

GLOBAL LASERS MARKET DRIVERS:

There has been a surge in military and defense spending globally, as major countries have been investing a substantial sum of capital into the defense budget to combat and fight insurgencies, terrorism, and other related issues. For instance, according to the European Defense Agency, the total defense spending in the EU was €269 billion in 2014, which increased to €316 billion in 2022. Hence, the increasing spending in the defense sector is expected to boost the market for lasers in the projected period.

GLOBAL LASERS MARKET GEOGRAPHICAL OUTLOOK:

The North American region is anticipated to hold a significant share in the coming years.

The North American region is anticipated to hold a significant share in the projected period, owing to the increasing application of lasers in defense and cosmetic procedures. The region is thriving with healthcare expenditures, increasing cosmetic surgeries, and growing adoption of new and advanced technologies.

The Asia Pacific region is also anticipated to grow with the fastest CAGR in the forecasted period, owing to the increasing expenditure on research and development for new technologies. Additionally, the developing healthcare expenditure and growing penetration of laser technologies in countries such as China are anticipated to propel this market in this region. The presence of countries such as South Korea and Japan, where cosmetic surgical procedures are common, positively impacts the market. For instance, according to the ranking by ISAPS, on a per capita basis, Korea topped in the number of cosmetic procedures, which is 13.5 for every 1,000 people.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The global lasers market is segmented and analyzed as follows:

By Type:

Solid State Lasers
Fiber Lasers
CO2 Lasers
Diode Lasers
Others

By Application:

Medical and Cosmetics
Instrumentation and Sensors
R&D, Military and Defense
Material Processing
Lithography
Others

By Geography:

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others