Rising Demand For Laser Processing In Aerospace Industry Drives Market Growth
The global laser processing market is estimated to expand briskly at a CAGR of 7.5%, rising from its current value of US$ 16 billion to reach US$ 33 billion by the end of 2032. The laser processing market involves the use of laser technology for various industrial applications such as cutting, drilling, welding, marking, and engraving. Laser processing technology provides high precision and accuracy, which is crucial in manufacturing processes. The market for laser processing is driven by several factors, including the growing demand for laser processing in the automotive industry, increasing adoption of laser technology in medical devices, and the rise of the aerospace industry. The need for miniaturization and the trend towards automation in manufacturing processes have also led to the growth of the laser processing market
The market is segmented based on the type of laser technology, application, and end-user industry. The major types of laser technologies used in the laser processing market include CO2 lasers, fiber lasers, solid-state lasers, and diode lasers. The applications of laser processing include cutting, drilling, welding, marking, and engraving. The major end-user industries include automotive, aerospace, medical, semiconductor, and electronics
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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.
- In January 2022, Jenoptik unveiled the Votan A+, a brand-new Votan laser processing system targeted for the automobile sector. For accurate laser airbag reduction, the Votan A+ offers a standard modular shape that complements the actual supply of personalised devices. Additionally, each hole of the transparent decrease line is accurately sliced into the material until the wall thickness is as thin as feasible by the speedily focused laser beam of a Votan A system.
- In October 2021, JENOPTIK purchased Berliner Glas, a division of ASML Holding Dutch Multinational Corporation.
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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
Regional Analysis For Laser Processing Market
The laser processing market has a significant presence in North America and Europe, owing to the well-established manufacturing industries in these regions. The presence of key players in these regions has also contributed to the growth of the market. In North America, the United States dominates the market due to the high adoption of laser processing technology in the automotive industry, which is a major end-user of laser processing. Additionally, the medical device industry in North America also contributes to the growth of the laser processing market, as laser technology is extensively used in medical devices such as surgical instruments.
The Asia-Pacific region is expected to witness significant growth in the laser processing market due to the presence of emerging economies such as China and India, which have a growing demand for laser processing technology. The automotive industry in Asia-Pacific is rapidly growing, which is expected to drive the demand for laser processing. Moreover, the increasing adoption of laser technology in the semiconductor and electronics industries is also expected to contribute to the growth of the laser processing market in the region
Key Segments in Industry Research
- By Type:
- Solid
- Liquid
- Gas
- Other Types
- By Vertical:
- Machine Tools
- Medical & Life Sciences
- Automotive
- Aerospace & Defense
- Architecture
- Other Verticals
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Key Questions Covered in the Laser Processing Market
- What is the current size of the laser processing market, and what is its expected growth rate during the forecast period?
- What are the key factors driving the growth of the laser processing market?
- What are the different types of laser processing technologies available in the market, and how are they being used across various industries?
- What are the major applications of laser processing, and which application is expected to hold the largest market share during the forecast period?
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