The global laser technology market size was USD 11.30 billion in 2019 and is projected to reach USD 15.99 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period. North America dominated the global market with a share of 23.63% in 2019. The laser technology offers significantly high flexibility, productivity, and precision in various industrial processing applications such as manufacturing, chemicals, and others, which is expected to propel its demand.

The increasing adoption of various technologies emerging from laser-based applications such as AR/VR, vertical-cavity surface-emitting laser (VCSEL), and light detection and ranging (LiDAR) is likely to drive the growth of the market. This, in turn, is fueling demand in various industry verticals such as healthcare, automotive, manufacturing, and others.