San Francisco, May 12, 2016 (GLOBE NEWSWIRE) -- Increasing implementation of high-cost laser drilling in oil and gas exploration fields is expected to replace conventional techniques. As a result, reducing the drilling costs can make the uneconomic oil deposits commercially viable, which may favorably impact the laser processing market. Benefits of using laser technology over conventional material processing technologies are expected to drive the laser processing market over the forecast period. Growing demand for laser processing in industrial solar module and rising applications in medical devices and surgeries are also estimated to be key market drivers. Increasing environmental concerns due to mining issues could pose a challenge to market growth.
Further key findings from the study suggest:
- Gas lasers accounted for over 50% of the market in 2013 and are expected to remain the dominant segment over the forecast period. This can mainly be attributed to the abundance of active materials and low cost.
- Fiber lasers are expected to be a high growth segment over the forecast period. This is a result of the growing use of fiber lasers in electronics, automotive and manufacturing industries. Increasing production capacity, emergence of eco-friendly technologies and increasing collaboration are expected to drive the fiber lasers global demand.
- Material processing is expected to be the dominant segment accounting for majority of the overall market share in 2013. Growing use of material processing in defense as well as cutting and welding purposes in the manufacturing industry is expected to be favorable for segment growth.
- OEMs accounted for a considerable percentage of the market share in 2013; they are expected to continue being the leading segment over the next six years. Strategic investment in development of next-generation photonics, energy efficient optics and ultrafast lasers are expected to help OEMs to retain their position in the market.
- Asia Pacific was the largest regional market in 2013; establishment of automotive industries along with low manufacturing cost in the developing countries such as China, India, South Korea and Japan is expected to fuel regional market growth.
- Key companies operating in the market include LaserStar Technologies Corporation, Universal Laser Inc., Coherent Inc., IPG Photonics Corporation and Newport Corporation.
Browse All Reports of This Category at: www.radiantinsights.com/catalog/semiconductors
Laser Processing Product Outlook (Revenue, USD Million, 2012 - 2020)
- Gas Lasers
- Solid-State Lasers
- Fiber Lasers
- Others
Laser Processing Process Outlook (Revenue, USD Million, 2012 - 2020)
- Material Processing
- Marking and Engraving
- Micro-Processing
Browse Ongoing Reports At – http://www.radiantinsights.com/press-release/
Laser Processing Application Outlook (Revenue, USD Million, 2012 - 2020)
- Automotive
- Aerospace
- OEMs
- Electronics & Microelectronics
- Medical
- Packaging
Laser Processing Regional Outlook (Revenue, USD Million, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- RoW
Explore Other Reports By Radiant Insights,Inc at
- Glass Mirror Market –
- Safety Glass Market –
About Radiant Insights
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
Contact Details:
Michelle Thoras
Corporate Sales Specialist, USA
Radiant Insights, Inc
Phone: 1-415-349-0054
Toll Free: 1-888-202-9519
Email: sales@radiantinsights.com