Industrial Laser System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global industrial lasers market (henceforth referred to as the market studied) was valued at USD 17.29 billion in 2020, and it is expected to reach USD 27.58 billion by 2026, registering a CAGR of 7.26%, during the period of 2021-2026 (henceforth, referred to as the forecast period).
Key HighlightsThe Industrial Laser Systems market is highly competitive, owing to the presence of multiple vendors. The market appears to be moderately concentrated. The market is home to some of the largest vendors as well as various regional smaller vendors operating and catering to their markets. Vendors in the market are prioritizing research, innovation, and product development as their growth strategy. Such developments enabled the companies to increase their presence in the space.
Being a highly capital-intensive market, the smaller revenue companies are subjected to higher barriers to exit, and in most cases get acquired by high revenue companies. Moderate firm concentration and consolidated state of the market further intensify the competitive rivalry.
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