NEWARK, Del, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The global laser welding equipment market value is forecast to increase from US$ 2,899.1 million in 2024 to US$ 5,070.6 million by 2034. Over the assessment period, demand for laser welding equipment is projected to surge at a CAGR of 5.7%.
The automotive and construction industries are contributing to the growth of the market. The use of laser welding in automotive manufacturing has increased intensely over recent years, covering engine parts, transmission parts, alternators, solenoids, fuel injectors, fuel filters, etc. The construction industry's growing demand for fabricated steel structures, adoption of advanced construction techniques, and focus on sustainability and energy efficiency are driving the demand for laser welding equipment.
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The laser welding equipment market is experiencing a notable upswing, propelled by the rapid expansion of the automobile and construction industries. As these sectors undergo substantial growth, the demand for advanced manufacturing technologies intensifies, making laser welding equipment a key driver in meeting evolving industry needs. Moreover, the market has experienced a notable trend in the increased adoption of fiber laser technology. Fiber lasers, renowned for their exceptional efficiency and reliability, have emerged as a preferred choice in the manufacturing landscape.
The expanding applications of laser welding equipment in emerging industries represent a significant opportunity for market growth. The advent of new sectors, including electric vehicle manufacturing, renewable energy, and electronics, opens doors for the versatile utilization of laser welding technology. These industries, characterized by their demand for cutting-edge welding solutions, present an ideal landscape for the advanced capabilities of laser welding equipment.
“In the realm of electric vehicle manufacturing, where lightweight materials and intricate designs are paramount, laser welding excels. The precision and efficiency of laser welding play a pivotal role in joining components with intricate geometries, contributing to the fabrication of electric vehicles that prioritize both performance and energy efficiency. The market's course is projected to be shaped by a rising inclination toward advanced, connected technologies, the adoption of cloud-based solutions, and a growing commitment to sustainability practices,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Report
- The global market for laser welding equipment is projected to thrive at 5.7% CAGR through 2034.
- By fiber laser, the technology segment is expected to have a total valuation of US$ 2,091.2 million by 2034.
- By end use, the automotive segment is set to hold a market share of 31.7% in 2024.
- East Asia is expected to account for a significant share of about 31.8% by 2034.
- The market size in the United States is anticipated to reach US$ 516.6 million by 2034.
- China is projected to attain a valuation of US$ 514.9 million by 2034.
- Demand for laser welding equipment in India is predicted to rise at 6.4% CAGR through 2034.
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Competitive Landscape
Key players are investing in the expansion of domestic production and technology areas of laser welding equipment to provide cost-efficient solutions to consumers. They are also investing in developing new products and further innovation on the existing ones to meet end-user demand.
- In October 2022, Coherent Corp., a key provider of laser processing services, launched its next-generation flat sheet cutting laser head with significant power ratings that reach up to 30 kW.
- In November 2021, TRUMPF launched an inventive product called TruLaser Weld 1000. It helps small-sized companies shift to automated laser welding, which is appropriate for electrical cabinets, covers, and welding sheet metal boxes.
Top 10 Key Players in the Laser Welding Equipment Market
- IPG Photonics Corp.
- TRUMPF Group
- AMADA Co. Ltd.
- EMAG Group
- Han's Laser Technology Industry Group Co. Ltd.
- Coherent Corp.
- Panasonic Holdings Corp.
- Huagong Tech Co. Ltd.
- United Winners Laser Co., Ltd.
- HSG Laser
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Laser Welding Equipment Market Segmentation
By Technology:
- Solid State Laser
- Gas Laser
- Fiber Laser
- Diode Laser
By Operation:
- Manual
- Semi-Automatic
- Automatic
By Function:
- Spot and Seam Welding
- Deposition Welding
- Profile Welding
- Scanner Welding
- Hybrid Welding
- Other Functions
By End Use:
- Automotive
- Electronics
- Healthcare
- Construction
- Oil and Gas
- Industrial Fabrication and Engineering
- Jewelry Industry
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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