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Solid State Lasers Market Predicted to Rise at a Lucrative CAGR throughout 2029

Laser or light amplification by stimulated emission of radiation is a device which emits electromagnetic radiation, in the form of light, by optically amplifying the same.A laser is generally composed of a gain medium, a pumping mechanism for energizing the gain medium and optical mirrors or similar instruments for providing an optical feedback. Lasers can vary, based on the gain medium used to generate light. Solid state lasers utilize a solid as the medium, rather than liquids or gases. When light passes through the solid gain medium, it amplifies and produces a sharp beam of light. The solid gain or active medium used are generally made of glass or crystals. A doped glass or crystal has been found to function better and also has higher application period. The most common solid gain medium is Neodymium doped Yttrium Aluminum Garnet (Nd:YAG). Other materials include Ytterbium doped glass, Neodymium doped glass and Erbium doped Yttrium Aluminum Garnet (Er:YAG) among other crystals. Nd:YAG crystals are mostly favored since they have a higher damage threshold and can withstand high temperatures, produced during the operation of the solid state laser. Laser diodes, arc lamps or flash lamps are generally utilized in a solid state laser, as an optical pump.
Solid state lasers market has quite low growth rate, owing to their high market penetration. The market for solid state lasers is primarily being driven by the growing demand for pulsed lasers for various healthcare applications. Various cosmetic procedures, such as skin resurfacing, melasma treatment and scar removal among others utilize Nd:YAG based solid state pulsed lasers. Heightening demand for such procedures, across the globe, has been driving the growth of solid state lasers market globally.  Additionally, the application of solid state lasers has been growing at a steady pace in the aerospace and defense sector. Solid state lasers have several applications in this sector, such as laser weapon systems. Such systems can be utilized for destruction of a target or for disabling the security systems of immobilizing the target. Owing to the advantages of such solid state laser based system, the growing application in aerospace and defense sector has also been positively impacting the growth of solid state lasers market. Furthermore, higher usage of solid state lasers for laser marking systems has also been driving the market forward. However, the saturated nature of the market and relatively higher price, compared to other type of lasers, has been restraining the growth of the market. With the widening of application areas and higher usage in healthcare industry, the growth opportunities for solid state lasers is also expected to widen, during the forecast period.
On the basis of type, the market for solid state lasers has been segmented into continuous wave lasers and pulsed solid state lasers. By light source, the market for solid state lasers has been segmented into laser diode, arc lamp and others. Laser diode was the largest segment by revenue, in 2016, owing to their higher efficiency and relatively lesser ownership cost.  By end-use industry, the market has been segmented into aerospace & defense, healthcare and others. On the basis of region, the global solid state lasers market has been segmented into North America, Europe, Asia Pacific (APAC), South America and Middle-East & Africa (MEA). Revenue wise, North America was the largest region in 2016, followed by Europe and Asia Pacific.
The major companies of the solid state lasers market globally are Coherent Inc. (The U.S.), Northrop Grumman Corporation (The U.S.) The Trumpf Group (Germany), ALLTEC (Subsidiary of Danaher Corporation) (Germany), Jenoptik AG (Germany), Photonics Industries International, Inc. (The U.S.), and Han’s Laser Technology (China) among various other companies. 

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