Laser Processing Market Size, Share, Revenue, Development Strategy, Growth Potential, Analysis and Business Distribution
Research Reports
Feb 06, 2023
According to market research future insights analysis, the global Laser Processing Market is expected to register a CAGR of 9.20% from 2022 to 2030 and hold a value of over ~USD 45.3 Billion by 2030.
Due to the rising frequency of surgical procedures, the healthcare industry will increasingly demand Laser Processing technology, leading to an increase in market value. Long-term market growth will also be aided by rising demand for laser-based material processing and the shrinking of electronic gadgets. The Laser Processing Market will develop as a result of the many advantages that laser processing has over traditional laser processing techniques. Furthermore, the government regulations governing the use of lasers for marking and engraving, along with the expanding use of lasers in medical equipment and procedures, are expected to drive market expansion shortly. For instance, laser eye surgery employs LASIK & Refractive technologies to address refractive defects such as myopia, hyperopia, presbyopia, and astigmatism. However, growing environmental worries about the extraction of rare earth metals will be a significant obstacle to expanding the laser processing business. High initial investment costs will also serve as a market barrier.
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Laser Processing Market Key Players
Some of the key market players are
- Altec GmbH
- Alpha Nov laser
- Amada Co., Ltd.
- Bystronic Laser AG
- Epilog Laser, Inc.
- Eurolaser GmbH
- Han’s Laser Technology Industry Group Co., Ltd.
- IPG Photonics Corporation
- Newport Corporation (MKS Instruments, Inc.)
- LaserStar Technologies Corporation
- Coherent Inc.
- IPG Photonics Corporation
- Newport Corporation.
- Trumpf GmbH + Co. KG
- Universal Laser Systems, Inc.
- Xenetech Global Inc.
Report Scope:
|
Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 45.3 Billion |
|
Growth rate: |
CAGR of 9.20% from 2022 to 2030 |
|
Forecast Period |
2022-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Laser Processing Market Regional Analysis
Asia Pacific dominated the market for laser processing in 2021. As more OEMs are in this area, it is anticipated to increase significantly. Furthermore, it is projected that China will become the main market for industrial lasers and micro- and material processing systems. Due to several variables, including an increase in the number of OEMs and the growth of the automobile industry, countries like India, South Korea, Japan, and China are predicted to have substantial growth.
North America is expected to register lucrative growth in the market for laser processing. The adoption of laser processing technology is expected to increase across numerous regions due to government laws relating to permanent and visible markings on consumer items.
Laser Processing Market Segmentation
The global laser processing market has been segmented into product, process and application.
Based on product, the market has been segmented into gas, solid-state, fiber, and others. The gas segment accounted for the largest share of the market in 2021. Copper, nitrogen, carbon dioxide, carbon monoxide, argon-ion, and helium-neon lasers are all included in the gas sector. The solid-state section is further divided into Q-switched Nd: YAG lasers, tiny Nd: YAG or Nd: YVO4 lasers that are diode-pumped, and bigger lasers that are end- or side-pumped. On the other hand, the solid-state segment is anticipated to be the fastest-growing segment during the forecast period. This laser generates high-quality continuous and pulsed output while minimizing material waste in the active medium. Solid lasers have several uses, including boring holes in metal, military targeting, and endoscopy.
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Based on process, the market has been segmented into material processing, marking and engraving, and micro-processing. Material processing accounted for the laser processing market’s largest revenue share in 2021. This section covers all the key elements of laser and material processing, including hybrid processes, laser beam welding development and application, micro-drilling, surface modifications, cutting and machining, direct manufacturing and forming, micro deposition, and ablation of bulk material and coatings. Besides, the mmarking and engraving category were the fastest-growing segments. Laser processing is useful for mining and drilling operations, particularly for extracting crude oil.
Based on end-user, the market has been segmented into automotive, aerospace, machine tools, electronics and microelectronics, medical, and packaging. The machine tools segment accounted for the largest revenue share in 2021 in the market for laser processing. The machine tools application segment is anticipated to be driven by the growing use of lasers in the industrial sector for various material processing applications, including cutting, welding, drilling, and engraving. Besides, the medical category was the fastest-growing segment. Medical device manufacturing involves welding significantly. Pacemakers, implantable devices, and surgical tools are important medical applications that require ultra-fine wires and non-porous, sterile surfaces used in cardiac procedures.
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