Laser Measurement Products Market: Overview
Laser Laser is an abbreviation for light amplification by stimulated emission of radiation. A laser is a device that releases a beam of coherent light through an optical amplification process. There are many types of lasers including solid state lasers, gas lasers, fiber lasers, dye lasers and diode lasers. A laser beam is created when the electrons in atoms in special crystals, glasses or gases absorb energy from an electrical current and become active. Laser light is different from normal light as laser light contains only one specific color. The particular color or wavelength of light is determined by the amount of energy released when the stimulated electron drops to a lower orbit. Laser light is directional and it generates a very tight beam. The laser measurement products are devices that accurately measure the level, distance and position over short and long ranges. The devices have gained wider possibilities of being utilized in almost all areas of industrial production. The laser measurement products have become popular among various industry vertical due to the simplicity of its use.
Laser Measurement Products Market: Drivers and Restraints
The main factors contributing to the growth of laser measurement products market are, production of small or micro devices, stability of laser prices and increasing demand from the mining and oil and gas industry sector. Improved performance of laser over the traditional measurement techniques is also a prominent factor driving the growth of laser measurement products market. High accuracy along with greater productivity and minimal environmental effects are some of the key advantages of laser measurement solutions. Laser measurement products are suitable for the optical communication, since it uses high-speed transmission of data in digital and analog fiber optic networks. Growth in laser measurement products can also be attributed to its demand in various industry vertical including healthcare and pharmaceutical. The key issue for the growth of laser measurement products market could be higher power consumption, burning and difficulty in cutting certain materials in the material processing market can prove to be detrimental.
The laser measurement products market is segmented on the basis of application, vertical and geography.
Laser Measurement Products Market: Key Segments
The laser measurement products market is divided based on application into inventory monitoring, process control and others. For inventory monitoring purpose, the laser measurement products and tools can be used to know how much material is available in the inventory and thereby manage the usage and procurement effectively. In process control, the laser measurement products can provide the automation for filling and emptying. By industry verticals the laser measurement products market is again subdivided into chemical, oil and gas, mining, water and waste water management, food and beverage and other related industry. Geographically, Laser Measurement Products market is distributed over North America, Europe, South America, Asia Pacific and Middle East & Africa. Asia Pacific is expected to dominate the Laser Measurement Products market due to the increasing demand for cost-effective and fast processing laser machine tools from the semiconductor, industrial, telecommunication, and automotive vertical.
Laser Measurement Products Market: Key Players
Major players in the laser measurement products market are ABB Ltd. (Switzerland), IPG Photonics Corp. (US), Coherent, Inc. (US) Trumpf Group (Germany), Jeanoptik AG (Germany), Quantel Group (UK), LasaerStar Technologies Corp. (US), Novanta Inc (US), Lumentum Holdings Inc. (US), Epilog Laser (US), Han's Laser Measurement Products Industry Group,MKS Instruments (US) and GSI Group Inc. and so on. Further, to gain a competitive advantage, these players are actively involved in organic and inorganic growth strategies. Collaborations, partnerships, agreements, and new product launches are some of the important strategies followed by them.
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