The global market for laser systems, components, and materials was valued at $21.0 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% to reach $30.4 billion by the end of 2029.

The growth of industrial automation and smart manufacturing technologies is driving the adoption of laser technologies, which offer high precision, reduced wastage of materials, and enhanced efficiency of industrial processes. The rapid growth in electronics is spurring the laser technology market along as well, as lasers are required for annealing, dicing, and micro-drilling semiconductor wafers.