Laser technology market to double by 2032

The sector is expected to grow at a CAGR of 7.96%.

The laser technology market, valued at $18.76b in 2023, is projected to reach $37.26b by 2032, according to an SNS Insider report.

The market is expected to expand at a compound annual growth rate of 7.96% during the forecast period from 2024 to 2032.

The sector’s growth is attributed to the increasing adoption of laser systems in manufacturing processes, as industries focus on improving production efficiency and capacity utilisation.

“Moreover, the technology is branching into new areas like quantum computing, biomedical diagnostics, and environmental monitoring,” the report said.