Newark, April 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 19.97 billion in 2022 laser processing market will reach USD 46.99 billion by 2032. The rising use of lasers in surgical applications and medical device manufacturing is attributed to the market expansion. Additionally, it is anticipated that the ongoing development of nanofabrication technology will help the global market expansion. A significant driver projected to propel the market is the manufacturing industry's rising usage of laser technology for material processing due to its many benefits over conventional methods.
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Key Insight of the Laser Processing Market
The Asia Pacific region has emerged as the market leader for laser processing, with a share of 39.05% and a projected value of USD 7.79 billion in 2022.
Asia Pacific emerged as the highest in the global laser processing market, with a share of 39.05% and valued at USD 7.79 billion in 2022. There will be significant growth in this market due to the rising number of OEMs in this area. China is anticipated to surpass other nations as the primary consumer of industrial lasers and micro- and material processing technologies. It is expected that several factors, including a rise in OEMs and the expansion of the auto industry, will contribute to the rapid growth of countries like India, South Korea, Japan, and China. The region's expanding use of laser systems in various industries is another factor projected to fuel market expansion. Government limits on permanent and visible markings on consumer goods are expected to increase the use of laser processing technologies across the region.
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The solid-state segment is anticipated to grow at the highest CAGR of 11.65% over the forecast period.
Over the projection period, the solid-state segment is expected to grow at the highest CAGR of 11.65%. In addition to producing high-quality continuous and pulsed output, this laser minimizes material waste in the active medium. Applications for solid lasers include drilling through metal, military targeting, and endoscopy in the medical field. The global market is expected to rise throughout the forecast period due to the expanding demand for these lasers across numerous industries, including automotive, aerospace, machine tools, medical, and packaging.
The material processing segment had the highest market share of 37.24% and was valued at USD 7.43 billion in 2022 in the laser processing market.
With a market value of USD 7.43 billion in 2022, the material processing segment had the highest market share of 37.24%. Mining and drilling operations, particularly those involving crude oil extraction, benefit from laser processing. For instance, Aerotech offers mechanical control and laser controls as its primary domains. They further support OEMs, system integrators, and end users during the processes of etching, marking, welding, and cutting systems. A smooth cutting surface and precise cuts boost process effectiveness and propel market expansion.
The machine tools segment had the highest market share of 19.85% and was valued at USD 3.96 billion in 2022 in the laser processing market.
With a market value of USD 3.96 billion in 2022, the machine tools segment had the highest market share of 19.85%. The market is expected to grow due to new applications in various industries and the rising demand for machine tools. Additionally, laser cutting for production enables high processing rates, improves the quality of cutting edges, and introduces little heat into the material. The increasing usage of lasers in the industrial sector for various material processing operations, such as cutting, welding, drilling, and engraving, is predicted to support the expansion of the machine tools segment. The market for laser processing is expected to rise due to the expanding demand for microelectronics.
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Market Dynamics
Driver: Innovative technologies
A rise in the usage of laser technology for disc storage is resulting in an improvement in audio and visual quality on HD DVDs and HD3D displays over ordinary discs, enhancing the industry's overall growth. Due to the rising usage of cutting-edge technologies like LiDAT, vertical-cavity and surface-emitting lasers, AR/VR techniques, and blue light in processing metals, there has been an increase in the need for laser processing in recent years. On the other hand, one factor promoting the expansion of the laser processing market is the development of ultra-short laser technology, which processes materials in the industrial sectors with the highest quality.
Restraint: High costs
The necessary use of laser technology is relatively expensive and complex to set up. Because it takes a lot of resources to process various applications, the market for laser processing isn't growing as quickly as it should. Traditional plasma-cutting equipment has yearly maintenance expenses of about 5000 USD, while laser processing and cutting devices have maintenance costs of about 10,000 USD. While the prices of the products processed with laser technology are getting cheaper, the technology is still somewhat costly.
Opportunity: Increasing usage in the consumer electronics industry
Demand for consumer electronics is increasing in many countries, leading to profitable market expansions. It is anticipated that consumer electronics will impact the market growth, provided that the consumer electronics sector uses the laser processing technique. The medical and marking sectors produce high-quality finished goods using laser technologies. The expanding demand for dental care, laser microchemistry, and optical disc data storage is accelerating the growth of the laser processing market.
Challenge: Lack of skilled workforce
Trained operators were required when the technology first entered the laser processing market. The lack of qualified people in the market is the main barrier to its overall progress. Increased ownership, operational and maintenance expenses, and various macroeconomic factors are all limiting the growth of the laser processing market.
Some of the major players operating in the laser processing market are:
• Alpha Nov laser
• Bystronic Laser AG
• Eurolaser GmbH
• Han's Laser Technology Industry Group Co., Ltd.
• Newport Corporation (MKS Instruments, Inc.)
• Coherent Inc.
• Universal Laser Systems, Inc.
• Altec GmbH
• Epilog Laser, Inc.
• LaserStar Technologies Corporation
• Trumpf GmbH + Co. KG
• Amada Co., Ltd.
• IPG Photonics Corporation
• Xenetech Global Inc.
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Key Segments cover in the market:
By Product:
• Solid-state
• Gas
• Fiber
• Others
By Process:
• Marking and Engraving
• Material Processing
• Micro-Processing
By Application:
• Aerospace
• Electronics and Microelectronics
• Packaging
• Automotive
• Medical
• Machine Tools
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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