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A new research report has stated that the Laser Technology Market market is expected to be valued at USD 15.38 Billion by 2022, at a CAGR of 5.2% between 2017 and 2022. The new report as published by MarketsandMarkets, is a market research on the grwoing Laser technology market by Type (Solid, Liquid, & Gas), Application (Optical communication & laser processing), Vertical (Commercial, Telecom, Research, Defense, Medical, Automotive, Electronics, & Industrial), & Geography accounting till 2020.

According to the report, Solid lasers accounted for the largest share of the laser technology market based on type segment in 2016. This growth can be attributed to the ability of solid laser to prevent material wastage when in the active medium and produce both continuous and pulsed output at a higher efficiency. Moreover, solid laser can be used in applications such as drilling holes in metals and endoscopy.

The laser technology market for optical communication application is also expected to grow at the highest rate during the forecast period. Since Laser technology is used in high-speed transmission of data in digital and analog fiber optic networks making it suitable for the optical communication, it is expected to drive the growth of this market during 2017-2022 rapidly.

The report also states that 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 is being attributed to the increasing use of laser technology in laser projectors, smart card, signage devices, printers, awards and gifts modeling, and barcode marking.

In terms of regional superiority, the Asia Pacific (APAC) is expected to hold the largest share of the laser technology market during 2017-2022. The increasing demand for cost-effective and fast processing laser machine tools from the semiconductor, industrial, telecommunication, and automotive vertical being one of the major reasons. 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.