Laser Safety Glasses Market Will hit at a CAGR 8.2% from 2015 to 2025
Future Market Insights has announced the addition of the “Laser Safety Glasses Market: Global Industry Analysis and Opportunity Assessment, 2015–2025"report to their offering.
Laser safety glasses are used across various industries to protect eyes from harmful laser radiation or laser beams. Use of laser and laser related machines is growing, resulting in increased demand for laser safety glasses. American National Standard Institute (ANSI) classifies laser into the following five classes on the basis of their impact on naked eyes:Laser class 1 Laser class 2 Laser class 3A Laser Class 3B Laser Class 4
Use of laser safety glasses for class 3b and laser class 4 is compulsory
Drivers, Restraints & Trends
Laser safety glasses market is anticipated to be valued at US$ 613.3 Mn by 2025 end, increasing at a CAGR of 8.2% over the forecast period (2015–2025). This can mainly be attributed to technological advancements driving increasing applications of lasers, stringent government regulations for usage of laser safety glasses and increasing number of laser strike incidences in aviation sector, among others.
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Occupational Safety and Health Administration (OSHA) is a regulatory body that sets standards for usage of personal protective equipment across various sectors and industries. As per law, employers are required to ensure safety at the workplace. Workers may file a complaint to have OSHA inspect their workplace if they believe that OSHA standards are not being followed at the workplace. Increasing options with regards to comfort and design of laser safety glasses has also increased usage of laser safety glasses worldwide.
Analysis, by Geography
Geographically, the global laser safety glasses market is segmented into seven regions: North America, Western Europe, Asia Pacific Excluding Japan, Japan, Latin America, the Middle East and Africa and Latin America. Of these, the most prominent regional markets are North America and Western Europe, which have been estimated to collectively account for over 50% of the global laser safety glasses market volume in 2015. North America is expected to remain the most dominant market for laser safety glasses throughout the forecast period. The region is anticipated to account for major share of laser safety glasses market, owing to its usage in medical applications such as dentistry and dermatology, and military & defence sectors. The U.S has been estimated to account for over 80% share of the North America laser safety glasses market in 2015, in terms of value.
However, in terms of growth, APEJ is anticipated to grow faster than other regions, registering a double digit CAGR of during the forecast period in the global laser safety glasses market. Latin America and Eastern Europe markets are also anticipated to witness significant CAGRs during the forecast period.
Analysis, by Segment:
On the basis of application, the laser safety glasses market is segmented into automotive manufacturing, medical, chemicals, military & defense and others (includes welding, oil & gas, mining applications and industrial manufacturing). Among these, revenue contribution of the military and defense segment is anticipated to increase at a healthy CAGR of 8.8% during the forecast period. The medical segment has been estimated to account for over 40.0% share of the global laser safety glasses market revenue in 2015.
In terms of technology, laser safety market is segmented into glass laser safety eyewear, polycarbonate laser safety glasses, thin film glasses, laser protective glasses, and intense pulse light (IPL) safety glasses. Among these, glass laser safety eyewear segment has been estimated to account for over 30% of the laser safety glasses market revenue and is anticipated to increase at a healthy CAGR of 7.6% during the forecast period. Laser protective face shields segment is expected to exhibit highest CAGR of CAGR of 9.0% in terms of value, during the forecast period.
Key market players covered in the report include Honeywell International Inc., uvex group, Phillips Safety Products, Inc., Thorlabs, Inc., Univent Optical Technologies, Kentek Corporation, Laser Safety Industries, NoIR Laser Company LLC, Global Laser Ltd. And VS Eyewear. Major players are focus on driving inorganic growth through merger and acquisitions and expanding their product portfolio.
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Jan 25, 2017