Rockville, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The global laser processing market is expected to reach US$ 33 billion, expanding at 7.5% CAGR from 2022 to 2032, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.
LASER, or light amplification by stimulated emission of radiation, is utilized in a variety of applications, including commercial and industrial. Engraving, marking, material processing, and other micro processing are examples of industrial processes. It is also used in drilling, cutting, and welding processes. Lasers are also used for engraving/marking electronic components, consumer items, and other industrial equipment. This technique is widely employed in a variety of end-use industries, including aerospace, automotive, electronics, packaging, and medical.
Significant advantages of laser processing over traditional material processing methods are driving the worldwide market. Laser processing is a faster, permanent, and more accurate method of engraving and marking, with great efficiency, superior beam quality, and dependability.
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Besides, the growing trend of product miniaturization and microelectronic device miniaturization is raising the demand for laser processing. Moreover, laser processing technology is increasingly being used in the manufacture of medical devices such as surgical tools, implantable devices, and pacemakers. Furthermore, the use of costly laser-drilling techniques in oil and gas exploration, which lower drilling costs and enhance the feasibility of uneconomic oil reserves around the world, is likely to boost market expansion.
Key Takeaways from Market Study
- The global laser processing market is valued at US$ 16 billion in 2022.
- The market for laser processing is predicted to grow at a CAGR of 7.5% from 2022 to 2032.
- Global demand for laser processing is likely to touch US$ 33 billion by 2032.
- Asia Pacific held 40% share of the global laser processing market in 2021.
- The solid segment accounted for 55% of the global market in 2021.
“High demand for laser processing technologies in the medical industry is a major factor projected to drive global market growth. Moreover, increasing demand for laser-based material processing and miniaturization of electronic devices are expected to generate profitable growth prospects for market players,” says a Fact.MR analyst
Why Do Americans Control the Laser Processing Market in North America?
During the projection period, there is expected to be an increase in demand for laser processing in the US. In the US, a rise in cosmetic procedures and a high rate of adoption of advanced technology are expected to fuel market expansion.
In addition, a number of significant market participants have their headquarters in the country, including Corning Incorporated, IPG Photonics Corporation, and Coherent, Inc. These companies are introducing cutting-edge laser-based technologies to diversify their product lines.
A multi-kilowatt industrial diode laser, for instance, was created by Coherent in April 2021. The brand-new HighLight DL HPSi from Coherent is a compact, self-contained module housing a high-power diode laser. It is perfect for technology suppliers and end users who conduct metal cladding, welding, soldering, and thermal treatment.
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Winning Strategy
Major market players are actively pursuing growth strategies such as investments, new product introduction, collaborations, R&D activities, technological developments, and acquisitions to extend their overseas footprint.
- Jenoptik introduced the Votan A+, a new Votan laser processing system geared at the automotive industry, in January 2022. The Votan A+ provides a standard modular form that supplements the real offering of personalized devices for precise laser airbag reduction. Furthermore, the swiftly directed laser beam of a Votan A system precisely cuts each hole of the transparent decline line into the material until the wall thickness is as thin as possible.
- JENOPTIK acquired Berliner Glas, an ASML Holding Dutch Multinational Corporation subsidiary, in October 2021.
Key Companies Profiled
- Amada Co, Ltd
- Spectra Physics, Inc
- Epilog Laser
- LaserStar Technologies Corporation
- Lumentum Operations LLC
- Han's Laser Technology Industry Group Co., Ltd
- Wuhan HGLaser Engineering Co., Ltd
- IPG Photonics Corporation
- Jenoptik AG
- Coherent, Inc
- Trumpf Group
- Wuhan Raycus Fiber Laser Technologies Co., Ltd
Key Segments in Laser Processing Industry Research
- By Type:
- Solid
- Liquid
- Gas
- Other Types
- By Vertical:
- Machine Tools
- Medical & Life Sciences
- Automotive
- Aerospace & Defense
- Architecture
- Other Verticals
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global laser processing market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (solid, liquid, gas, other types) and vertical (machine tools, medical & life sciences, automotive, aerospace & defense, architecture, other verticals), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Ultrafast Laser Market: The global ultrafast laser market will reach a valuation of US$ 1,872.3 million in 2022 and is expected to progress at a CAGR of 14.1% to reach US$ 7,029.32 million by the end of 2032. Sales of ultrafast laser accounted for nearly 10% share of the global laser market at the end of 2021.
Handheld Laser Distance Meter Market: Handheld laser distance meters are rapidly replacing their traditional counterparts such as measurement tapes, used in the industry. The burgeoning demand for handheld laser distance meters in the construction industry is mainly attributed to the needs for improving the speed and accuracy of distance measurement tools.
Machine Tools Market: The global machine tools market garnered a market value of US$ 66.15 Billion in 2022 and is expected to accumulate a market value of US$ 107.75 Billion by registering a CAGR of 5% in the forecast period 2022-2032. Growth of the market can be attributed to technological improvements in machine tools, such as robotic and multi-axis arms, as well as the growth in the manufacturing industry. The market for machine tools registered a CAGR of 3% in the historical period 2017-2021.
Robotic End of Arm Tools Market: Sales of robotic end of arm tools witnessed growth at a rate of over 8% from 2013 to 2017. In line with growing demand for industrial robots, robotic end of arm tool sales are set to witness sheer proliferation. Material handling segment is estimated to account for over 34% value share in 2028, emerging as the most-profitable process line.
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