According to a new report published by Allied Market Research, titled,"Construction Lasers Market by Product and Range: Global Opportunity Analysis and Industry Forecast, 2018 - 2025",the global construction lasers market is expected to reach $3,363.0 million by 2025, from $2,394.6 million in 2017, growing at a CAGR of 4.4% from 2018 to 2025. In 2017, the Asia-Pacific dominated the global market, in terms of revenue, accounting for more than 36.8% share, followed by Europe.
LASER is an acronym for Light Amplification by Stimulated Emission of Radiation. Construction lasers are used in the construction industry for levelling, surveying, measuring, and aligning activities. The construction laser is a tool that consists of a laser projector, which emits laser beams toward a specific object. This laser beam is used to calculate numerous civil measurements such as distance, angle, elevation, and grade. Construction lasers provide quick and accurate construction activities as compared to traditional methods.
In modern cities, land shortage is a common situation, which has led to the construction of complex buildings with unusual alignments that require precision during construction. Such complex measurements are done accurately using construction lasers.
Growth in the construction industry creates a huge demand for construction activities around the world. R&D teams have come up with better performing products, which cut down the manufacturing cost of these construction lasers. These advancements in technology meet consumer expectations for premium quality and high precision products. Thus, these factors are anticipated to provide potential opportunities for the key players operating in the market. However, construction laser beams are harmful for workers. Long-time exposure causes skin burns. Direct exposure to these beams damages the eyes causing permanent visual blindness. These factors restrict the growth of the global construction lasers market.
The construction lasers of the 1ft to 100ft segment contributed the highest share of 52.1% in the construction lasers market in 2017, and is expected to grow at a CAGR of 4.2% during the forecast period. In terms of product, the line laser level segment is expected to contribute the highest market share throughout the forecast period. The line lasers are extensively used in different indoor applications, which boosts their demand in the market. The rotatory laser level segment is expected to witness the highest CAGR of 5.2% during the forecast period.
The Asia-Pacific is anticipated to dominate the construction lasers market during the forecast period, owing to the presence of key companies and increase in construction activities in the Asian countries. Moreover, Europe and North America are expected to witness moderate growth during the forecast period.
Key Findings of the Construction Lasers Market
- In 2017, the line laser level segment dominated the global construction lasers market, in terms of revenue, and is projected to grow at a CAGR of 3.4% during the forecast period.
- The 201ft and above segment is anticipated to grow at a CAGR of 4.6% during the forecast period.
The Asia-Pacific is estimated to exhibit the highest CAGR during the forecast period. Countries, such as China, Japan, South Korea, India, and Taiwan, are expected to drive the construction lasers market during the forecast period.
The major players, such as AdirPro, Stanley Black & Decker, Inc., Hilti Corporation, Johnson Level & Tool Mfg. Co., Inc., Kapro Industries Ltd., Pacific Laser Systems (Fortive Corporation), Robert Bosch GmbH, STABILA Messgerte Gustav Ullrich GmbH, Trimble, Inc. (Spectra Precision), and Topcon Corporation (Topcon Positioning Systems, Inc.), have adopted new product launch as their key strategy to expand their market foothold.