Laser Technology Market Worth $16.9 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, December 14, 2018 /PRNewswire/ --

According to the new market research report "Laser Technology Market by Type (Carbon Dioxide Laser, Fiber Laser, and Solid State Laser), Revenue (Laser Revenue and System Revenue), Application (Laser Processing and Optical Communications), End User, Geography - Global Forecast to 2024", published by MarketsandMarkets, the overall Laser Technology Market is expected to grow from USD 12.9 billion in 2018 to USD 16.9 billion by 2024, at a CAGR of 4.65%. Huge demand from the healthcare vertical, enhanced performance over traditional material processing techniques, and shift toward production of nano and micro devices are the key factors driving the growth of this market.

     (Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg )

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=795

CO2 laser type expected to gain significant share of laser technology market by 2023 

CO2 laser type accounts for the largest share of the laser technology market. The leading position, in terms of market size, of CO2 laser can be attributed to its considerably compact sized for a sealed laser, suitability for a wide range of wavelengths, and utility in laser cutting, welding, structuring, perforating, drilling, and laser marking applications. A CO2 laser is a continuous wave laser of high power, which has a wide range of commercial, industrial, and military applications.

Laser technology market for "others" end-user category to grow at highest CAGR from 2018 to 2024 

The market for the "others" end-user category is expected to grow at the highest CAGR from 2018 to 2024. Oil & gas, iron & steel, tobacco, glass, wood, retail, and plastic end-user verticals are expected to contribute to the growth of the market for "others" end-user category. In the retail segment, laser technology is used for applications such as barcode scanning, barcode marking, advertising, and security systems; in the glass segment, laser technology prevents the risk of breakage and micro-cracks during production.