Demand for lower cost and power consumption, higher wall plug efficiency, and smaller size will be a key driving force in the laser technology market growth towards 2020, according to a report from Markets and Markets. The report also lists the fibre laser technology market as having the largest potential for growth in the next five years.
The report predicts the laser technology market is expected to grow to $17.06 billion by 2020, at an estimated CAGR of 7.58 per cent from 2013 to 2020. There has been a significant growth in the demand for lasers with drastically reduced laser size, high wall plug efficiency, low power consumption, and low cost. With improvements in the semiconductor laser materials and mounting technologies, it is anticipated that the diode lasers market would continue to expand in the laser technology market. Fibre and disk lasers would continue to play a role in the energy storage for pulsed systems. Furthermore, the emerging new optical combination schemes are expected to provide an impetus to the growth of the market.
The fibre laser technology market has the highest growth potential in the coming five years; wherein IPG Photonics is the major player offering high power fibre lasers and fibre amplifiers. IPG Photonics Corporation specialises in optical fibre-based lasers, amplifiers, and diode lasers, and serves its products to OEMs, system integrators, and users for various medical and biomedical applications.
The report lists the key players in the laser technology market as: Trumpf (US); JDS Uniphase Corporation (US); Coherent (US); Rofin-Sinar (Germany); Cymer (US); Newport Corporation (US); and IPG Photonics Corporation (US).