Laser Processing Market Sees Strong Growth Prospects Due to Rising Demand for Efficient and Precise Manufacturing Solution
The market for laser processing is expected to grow rapidly, from its current value of US$ 16 billion to US$ 33 billion by the end of 2032, at a CAGR of 7.5%. Laser processing refers to a technology that uses lasers for cutting, drilling, welding, marking, and other applications in various industries, including automotive, aerospace, healthcare, and electronics. The laser processing market includes various products, such as CO2 lasers, fiber lasers, and solid-state lasers
The growth of the market can be attributed to several factors, including the increasing adoption of laser processing technology in various industries, rising demand for high-quality and precise machining solutions, and advancements in laser technology. Commercial and industrial applications use LASER, also known as light amplification by stimulated emission of radiation. Examples of industrial processes include engraving, marking, material processing, and other micro processing. Additionally, it is employed in welding, cutting, and drilling operations. Additionally, lasers are used to engrave or mark consumer goods, industrial machinery, and electronic components. Numerous end-use industries, including aerospace, automotive, electronics, packaging, and medical, frequently use this technique.
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Key Takeaways from Market Study
- The global laser processing market is valued at US$ 16 billion in 2022.
- The market for laser processing is predicted to grow at a CAGR of 7.5% from 2022 to 2032.
- Global demand for laser processing is likely to touch US$ 33 billion by 2032.
- Asia Pacific held 40% share of the global laser processing market in 2021.
- The solid segment accounted for 55% of the global market in 2021.
Winning Strategy
Major market players are actively pursuing growth strategies such as investments, new product introduction, collaborations, R&D activities, technological developments, and acquisitions to extend their overseas footprint.
- Jenoptik introduced the Votan A+, a new Votan laser processing system geared at the automotive industry, in January 2022. The Votan A+ provides a standard modular form that supplements the real offering of personalized devices for precise laser airbag reduction. Furthermore, the swiftly directed laser beam of a Votan A system precisely cuts each hole of the transparent decline line into the material until the wall thickness is as thin as possible.
- JENOPTIK acquired Berliner Glas, an ASML Holding Dutch Multinational Corporation subsidiary, in October 2021.
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Key Companies Profiled
- Amada Co, Ltd
- Spectra Physics, Inc
- Epilog Laser
- LaserStar Technologies Corporation
- Lumentum Operations LLC
- Han’s Laser Technology Industry Group Co., Ltd
- Wuhan HGLaser Engineering Co., Ltd
- IPG Photonics Corporation
- Jenoptik AG
- Coherent, Inc
- Trumpf Group
- Wuhan Raycus Fiber Laser Technologies Co., Ltd
Why Does the United States Dominate the North American Market for Laser Processing?
During the forecast period, there is expected to be an increase in demand for laser processing in the US. In the US, a rise in cosmetic procedures and a high rate of adoption of advanced technology are expected to fuel market expansion.
In addition, a number of significant market participants have their headquarters in the country, including Corning Incorporated, IPG Photonics Corporation, and Coherent, Inc. These companies are introducing cutting-edge laser-based technologies to diversify their product lines.
- A multi-kilowatt industrial diode laser, for instance, was created by Coherent in April 2021. The brand-new HighLight DL HPSi from Coherent is a compact, self-contained module housing a high-power diode laser. It is perfect for technology suppliers and end users who conduct metal cladding, welding, soldering, and thermal treatment.
Key Questions Covered in the Laser Processing Market
- What is the current market size of the laser processing market? What is the expected market size in the next few years?
- What are the key drivers, challenges, and opportunities for the laser processing market? What impact are they expected to have on the market?
- What are the major trends in the laser processing market? Which trends are likely to drive market growth in the future?
- What are the major types of laser processing systems? What are their key features, advantages, and disadvantages?
- What are the major applications of laser processing systems? Which applications are likely to drive market growth in the future?
- What are the major end-user industries for laser processing systems? Which industries are likely to drive market growth in the future?
- What are the major geographies for the laser processing market? Which geographies are likely to drive market growth in the future?
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global laser processing market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (solid, liquid, gas, other types) and vertical (machine tools, medical & life sciences, automotive, aerospace & defense, architecture, other verticals), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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