COVID-19 had a major impact on global laser markets, yet revenue remained generally healthy
For reasons we can all easily recite, 2020 was a very hard year—one we hope never to repeat, from a devastating pandemic and economic recession, to political and social turmoil. And yet, for various reasons, many laser sectors did reasonably well and some prospered. Every segment was different and each had its own story.
The bottom line: Overall annual revenue growth is estimated to have risen 8.8% in 2020. It followed a revised estimate of a down year in 2019, when revenue fell 1.5%. Pending the final corporate quarterly reports on 2020 (due out in January/February 2021), we expect total laser market revenue in 2020 to be about $16 billion (see Fig. 1)
The good news: Our forecast for global laser revenues in 2021 sees a strong year—that is, with a 15.5% revenue growth rate.