New York, United States , April 12, 2024 (GLOBE NEWSWIRE) -- The Global Laser Processing Equipment Market Size is to Grow from USD 22.10 Billion in 2023 to USD 58.35 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.2% during projected period.
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Laser processing is a sophisticated method of product manufacturing that uses primary laser processing machines to perform complex operations such as metal cutting, welding, marking and engraving, punching, and so on. Additionally, this technology is in high demand because it streamlines operations and reduces production downtime. Furthermore, the widespread use of modern fiber lasers in manufacturing operations will propel market growth during the forecast period. Laser processing equipment capable of performing micro-processing and precision machining tasks is in high demand, driven by the need for miniaturization in electronics manufacturing, medical device fabrication, and other industries that require high-precision components. Growing industrial applications and demand for precision engineering will drive the global laser processing equipment market forward. Industrialization has spread across the globe, with increased investments in manufacturing, fabrication, and automotive production lines. Furthermore, global market participants have reported a strong demand for precision engineering equipment to operate highly efficient feed-automated systems. These systems increase efficiency during precision engineering operations by offsetting the optimal laser position. However, laser processing equipment requires a substantial initial investment, which includes installation, personnel training, and equipment costs. This high initial investment may be prohibitively expensive for small and medium-sized enterprises (SMEs) or businesses with limited capital resources, limiting laser technology adoption.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Laser Processing Equipment Market Size, Share, and COVID-19 Impact Analysis, By Technology Type (Fiber Lasers, CO2, Solid State, Yag, Others), By Process Type (Cutting & Drilling, Welding, Marking & Engraving, Punching & Micro Machining, Heat Treatment, Others), By Function Type (Semi-Automatic, Robotic), By End Users (Automotive, Metal & Fabrication, Electronics, Energy & Power, Medical, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The fiber lasers segment is expected to hold the largest share of the global laser processing equipment market during the forecast period.
Based on the technology type, the global laser processing equipment market is categorized into yag, CO2, solid state, fiber lasers and others. Among these, the fiber lasers segment is expected to hold the largest share of the global laser processing equipment market during the forecast period. This technology is increasingly being used to produce implantable devices and surgical tools that require high precision engineering and minimal rust exposure. These features will drive up demand for these lasers.
The welding segment is expected to hold a significant share of the laser processing equipment market during the forecast period.
Based on the process type, the global laser processing equipment market is categorized into cutting & drilling, welding, marking & engraving, punching & micro machining, heat treatment, and others. Among these, the welding segment is expected to hold a significant share the global laser processing equipment market during the forecast period owing to increased global investment in infrastructure projects such as heavy structure and metal fabrication. These projects necessitate precise welding and high strength to protect structures from environmental damage, thereby contributing to segmental growth.
The robotic segment is expected to grow at fastest CAGR of the laser processing equipment market during the forecast period.
Based on the function type, the global laser processing equipment market is categorized into semi-automatic and robotic. Among these, the robotic segment is expected to grow at fastest CAGR of the global laser processing equipment market during the forecast period. Its ultra-precision finishing and minimal human intervention, which improve operational efficiency, the robotic segment is expected to grow during the forecast period.
The automotive segment is expected to grow at substantial growth of the laser processing equipment market during the forecast period.
Based on the end-user, the global laser processing equipment market is categorized into automotive, metal & fabrication, electronics, energy & power, medical, and others. Among these, the automotive segment is expected to grow at substantial growth of the global laser processing equipment market during the forecast period due to the installation of continuous manufacturing lines. Laser processing equipment enhances the operational capabilities of the machines on the production line. Furthermore, the growing use of laser cutting or engraving machines in ultra-precision and complex engraving operations is increasing the demand for laser cutting and engraving equipment in metal fabrication and electronics manufacturing.
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Asia Pacific is anticipated to hold the largest share of the global laser processing equipment market over the predicted timeframe.
Asia Pacific is projected to hold the largest share of the global laser processing equipment market over the forecast period due to a large consumer base, increased consumption of finished goods, and widespread automation in the automotive and metal fabrication industries. The Asia Pacific region leads in vehicle sales thanks to supportive government policies that have increased the region's market share over time.
The North America market is expected to grow at the fastest CAGR growth during the forecast period, with raised investments in manufacturing and food processing. Furthermore, there is a high potential for using laser processing equipment to build infrastructure in countries such as the United States and Mexico, which will help to drive regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Laser Processing Equipment market are Trumpf, Hanslaser, HGTECH, Bystronic, Jinan Bodor CNC Machine Co., Ltd., Amada, Salvagnini, PrimaPower, Mazak, Messer, Mitsubishi, IGP Photonics, Epilog Laser, and among others.
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Recent Developments
- In February 2023, xTool, a laser tool manufacturer based in the United States, has introduced a precise and powerful 40W laser module with extensive capabilities. The equipment offers precise laser cutting and ultra-precision engraving capabilities.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global laser processing equipment market based on the below-mentioned segments:
Global Laser Processing Equipment Market, By Technology Type
- Fiber Lasers
- CO2
- Solid State
- Yag
- Others
Global Laser Processing Equipment Market, By Process Type
- Cutting & Drilling
- Welding
- Marking & Engraving
- Punching & Micro Machining
- Heat Treatment
- Others
Global Laser Processing Equipment Market, By Function Type
- Semi-Automatic
- Robotic
Global Laser Processing Equipment Market, By End Users
- Automotive
- Metal & Fabrication
- Electronics
- Energy & Power
- Medical
- Others
Global Laser Processing Equipment Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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