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Edition: 7; Released: February 2023
Executive Pool: 628
Companies: 58 – Players covered include Global Laser Ltd.; Honeywell International, Inc.; Laser Safety Industries; Laservision USA; Phillips Safety Products; Univet Optical Technologies North America Inc. and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Healthcare, Manufacturing, Automotive, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Laser Protective Eyewear Market to Reach US$411.6 Million by the Year 2026
Laser protective eyewear represents goggles or glasses intended to offer effective protection to the eyes from the harmful impact of visible or invisible wavelengths in laser light used in diverse applications. The eyewear is categorized on the basis of optical density that indicates the ability of optical filter to attenuate beam power. Growth in the global is set to be driven by rising uptake of these products across industries and implementation of stringent regulations pertaining to worker safety. The damaging impact of laser radiation remains the prominent driver for the market. In the recent years, various countries have come up with stringent regulations mandating use of laser protective eyewear in industries like healthcare and manufacturing that are characterized by exposure to lasers. Workers frequently exposed to laser beams hold high risk of cataracts, corneal burn and even permanent loss of vision as wavelengths below 400nm and above 1,400nm can lead to eye injuries. These environments and associated risks are prompting a large number of employers to provide workers with advanced laser protective eyewear for enhanced safety. The global market is also buoyed by introduction of anti-fogging laser protective eyewear intended to protect the eyes from excessive exposure to harmful laser light.
Amid the COVID-19 crisis, the global market for Laser Protective Eyewear estimated at US$327.3 Million in the year 2023, is projected to reach a revised size of US$411.6 Million by 2026, growing at a CAGR of 5.3% over the analysis period. Healthcare, one of the segments analyzed in the report, is projected to grow at a 6.3% CAGR to reach US$159.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Manufacturing segment is readjusted to a revised 5.5% CAGR for the next 7-year period. This segment currently accounts for a 24.5% share of the global Laser Protective Eyewear market. The Healthcare segment is gaining from increasing healthcare expenditure and consumer attention on these products. In addition, rising proliferation of laser-based surgeries for the eye and other conditions is creating a perfect ground for broader uptake of the eyewear. The manufacturing sector, consisting of plants and facilities, is the largest end-use application market for protective eyewear. For employees working in these sectors, protective eyewear is mandatory.
The U.S. Market is Estimated at $100.6 Million in 2023, While China is Forecast to Reach $70.9 Million by 2026
The Laser Protective Eyewear market in the U.S. is estimated at US$100.6 Million in the year 2023. The country currently accounts for a 30.9% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$70.9 Million in the year 2026 trailing a CAGR of 7.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$38 Million by the end of the analysis period. North America region commands major share of the market owing to extensive uptake of these products across diverse industry verticals. While the regional market has attained saturation and is predicted to witness a slowing growth rate, stringent regulations mandating use of the eyewear by workers are bound to provide the required impetus over the coming years. In addition, laser protective eyewear is gaining notable adoption across large-sized organizations to ensure worker safety. Laser protective eyewear is also gaining notable uptake in Asia-Pacific (including China), the Middle East & Africa, especially among industries like manufacturing, automotive, military and medical that are characterized by frequent exposure of workers to laser equipment or environments.
Automotive Segment to Reach $81.8 Million by 2026
Automotive sector is one of the key consumers of safety glasses, worldwide. The market growth is poised to be bolstered by increasing availability of anti-fogging laser protective eyewear. In the global Automotive segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$51 Million will reach a projected size of US$69.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$7.3 Million by the year 2026. More
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