Laser Processing Market Outlook
Laser processing refers to a non-contact processing technique that offers the manufacturer high-quality, smooth, and dimensionally accurate cuts. It also enhances the damage resistance of materials and provides composites with no microcracks, making it more popular than conventional processing techniques.
The global laser processing market size reached US$ 4.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2027, exhibiting a growth rate (CAGR) of 7.58% during 2022-2027.
Laser processing aids in laser welding, laser cutting, surface modification, laser drilling, micro-processing, etc. It utilizes projected beams that can be fixed, moving, or hybrid, for etching, engraving, material processing, etc. Presently, this technology is extensively used across numerous industries, including automotive, aerospace, defense, packaging, architecture, etc., for punching, scribing, cutting, welding, heat treatments, etc.
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Laser Processing Market Trends:
The growing consumer preferences towards numerous benefits of laser processing technique over traditional material processing technologies are primarily driving the global market. These advantages mainly include providing a permanent, accurate, and faster way of marking and engraving in addition to offering superior beam quality, high efficiency, reliability, etc.
Furthermore, the rising trend of device miniaturization is also fueling the demand for laser processing. Besides this, the growing adoption of laser processing technology in the manufacturing of medical devices, such as surgical tools, pacemakers, implantable devices, etc., is acting as another growth-inducing factor. Moreover, the escalating utilization of expensive laser-drilling techniques in oil and gas exploration activities to reduce drilling costs and increase the feasibility of uneconomic oil deposits is expected to catalyze the laser processing market over the forecasted period.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Bystronic Laser Ag
- Coherent Inc.
- Epilog Laser
- Eurolaser GmbH
- Han's Laser Technology Industry Group Co. Ltd.
- IPG Photonics Corporation
- Jenoptik AG
- LaserStar Technologies Corporation
- Newport Corporation (MKS Instruments Inc.)
- Prima Industrie S.p.A.
- Trumpf GmbH + Co. KG
- Universal Laser Systems Inc
Key Market Segmentation:
The report has categorized the market based on process, product and application.
Breakup by Process:
- Material Processing
- Marking and Engraving
- Micro-Processing
Breakup by Product:
- Gas
- Solid-State
- Fiber
- Others
Breakup by Application:
- Automotive
- Aerospace
- Machine Tools
- Electronics and Microelectronics
- Medical
- Packaging
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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