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October 9, 2023 : The global solid-state lasers market is expected to reach US$ 2.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 3.2% from 2023 to 2033, according to a recent report by Future Market Insights (FMI).
The growth of the solid-state lasers market is attributed to a number of factors, including the rising usage of solid-state lasers in the medical and telecommunication sectors. Solid-state lasers are used in various medical applications, such as laser surgery, hair removal, and tattoo removal. Solid-state lasers are also used in telecommunication applications, such as optical amplifiers and switches.
In addition to the medical and telecommunication sectors, solid-state lasers are used in various other industries, such as manufacturing, industrial processing, and defense. Solid-state lasers are used in manufacturing to cut, engrave, and weld materials. Solid-state lasers are used in industrial processing to measure and inspect materials. Solid-state lasers are used in defense for applications such as rangefinding and targeting.
The Asia Pacific region is expected to be the fastest-growing market for solid-state lasers during the forecast period. This is due to the increasing demand for solid-state lasers in the medical and telecommunication sectors in the region.
Some of the key players in the global solid-state lasers market include Coherent, Inc., Newport Corporation, Northrop Grumman Corporation, and Raytheon Technologies Corporation. These companies invest heavily in research and development to develop new, innovative solid-state laser products.
The solid-state lasers market is expected to grow significantly in the coming years, driven by the rising usage of solid-state lasers in the medical and telecommunication sectors. The Asia Pacific region is expected to be the fastest-growing market for solid-state lasers during the forecast period.
