Ottawa, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global laser processing market size is valued at USD 22.27 billion in 2023, and grew to USD 24.02 billion in 2024, According to Precedence Research. The Asia Pacific region dominated the market with the highest market share of 41% in 2022.
The laser processing market is driven by the prevailing advancements in laser technology, such as the development of fiber lasers, diode lasers, and ultrafast lasers, which contribute to improved efficiency, performance, and versatility.
Laser processing refers to the techniques that involve lasers (Light Amplification by Stimulated Emission of Radiation) for different materials processing applications. Lasers are highly focused beams of light that can carry a large amount of energy, which is convenient for a range of precision tasks. It has been regularly used to measure, cut, drill, weld, solve crimes, burn plaque out of arteries, read, write, send messages, and perform delicate eye operations. Still, many critical modern-day celebrated applications lie in fiber-optic communication, trace element detection, laser metrology, laser machining and fabrication, and medical imaging.
For instance, Mitsubishi Electric Corporation declared it will deliver two "AZ600" wire-laser metal printer illustrations in March 2022. It will melt welding wire with a laser beam to develop high-quality 3D frames.
- In June 2023, the most cutting-edge carrier-envelope phase (CEP) stabilization technology, Spectra-Physics® CEP6TM from MKS Instruments, Inc., produces record-low CEP noise in very stable regenerative ultrafast amplifiers. It is utilized with the wildly popular ultrafast amplifier Spectra-Physics Spitfire® AceTM. CEP6 is perfect for high-harmonic generation applications and cutting-edge attosecond (10-18 s) science because of its unparalleled performance and stability.
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Key insights
- By product, the gas segment is expected to dominate the market share over the forecast period.
- By process, the material processing segment is expected to dominate the market during the forecast period.
- By application, the machine tools segment is expected to capture a majority of the market share over the forecast period.
- By application, the electronic & microelectronics segment is expected to hold a substantial market share during the analysis period.
Regional Snapshot
Laser Processing Market Share, By Region, 2022 (%)
| Regions | Revenue Share in 2022 (%) | |
| Asia Pacific | 41% | |
| North America | 27% | |
| Europe | 23% | |
| Latin America | 6% | |
| MEA | 3% | |
Asia Pacific is expected to have the majority of the market share in laser processing over the forecast period. It is due to Various laser techniques are increasingly used in microelectronics and machine tools. Further, there is a growing need for laser systems in verticals such as architecture and, aerospace & defense, including the considerable benefits of employing laser technology for complicated and time-consuming operations that involve marking, engraving and materials processing. It is considered a manufacturing hub for producing and exporting laser processing. This has provided a competitive edge in innovation and product development.
Governments in Asia-Pacific have implemented supportive policies and initiatives to bolster the manufacturing sector and encourage the adoption of advanced technologies, including laser processing. Rapidly growing industries like electronics, healthcare, and consumer goods are significant consumers of laser processing technologies, aiding the market in increasing its share.
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Laser Processing Market Report Scope:
| Report Coverage | Details | |
| Market Size in 2023 | USD 22.27 Billion | |
| Market Size by 2032 | USD 44.09 Billion | |
| CAGR (2023-2032) | 7.89 | % |
| Base Year | 2022 | |
| Historical Year | 2020-2021 | |
| Forecast Period | 2023 to 2032 | |
| Largest Market | Asia Pacific | |
| Fastest Growing Market | Europe | |
| Segments Covered | By Product, By Process and By Application | |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa | |
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Report Highlights
Product Insights
The gas segment is expected to dominate the market over the forecast period. Gas lasers show exceptional versatility from cutting and engraving to welding and marking and can be employed across a diverse range of materials, including metals, ceramics and plastics. These versatility positions are generally a preferred choice for various industrial processes.
Gas lasers are highly scalable, allowing customization according to the specific requirements of various industrial applications. Low-power CO2 lasers are dedicated to engraving, and high-power versions are for sharp cutting in industrial settings; the scalability of gas lasers positions them as adaptable solutions for a broader range of manufacturing needs.
Process Insights
The material processing segment is expected to dominate the market during the forecast period. The segment expansion is attributed to the versatility of various materials and environmental concerns. Laser processing is renowned for its versatility in working with various materials, including metals, ceramics, glass, composites and plastics. The ability of laser systems to tackle diverse materials makes them indispensable in multiple industries, which include automotive, electronics, aerospace, and healthcare. This is why laser processing is considered a go-to solution for material processing applications due to its versatility. Further, laser processing often results in less waste and a smaller environmental footprint than traditional methods. As sustainability becomes a primary concern in manufacturing, industries are turning to laser processing to reduce material waste, environmental impact and energy consumption.
For instance, In November 2023, HSG will provide a range of advanced metal laser processing technology and meticulous product specialists to offer metal processing solutions throughout Southeast Asia.
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Application Insights
The machine tools segment dominated the market with the largest market share of 31% in 2022 and is expected to capture a majority of the market share over the forecast period.
Machine tools are known for their unmatched accuracy and precision while treating materials. Combined with laser technology, they make precise and elaborate cutting, welding, and engraving possible. This precision is essential in the aerospace, automotive, and electronics industries, where exact measurements and minute details are critical. Machine tools have become more competitive in the laser processing market as a result of advancements in technology. Businesses wishing to engage in laser processing solutions will find them a financially viable alternative due to the decreased costs linked with machine tools and improved capabilities.
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Market Dynamics
Driver: Increasing demand for precision manufacturing
The demand for laser processing is expected to increase due to the increasing demand for precision manufacturing, because it entails creating premium components with precise standards and strict tolerances. It has several uses, including handling materials, minimizing heat-affected zones, and providing precise welding or cutting procedure control.
The demand for laser processing technologies has increased as industries such as automotive, aerospace, electronics, and medical devices increasingly emphasize manufacturing precision. Because of their adaptability and capacity for complex tasks, laser systems are essential to meeting the high requirements of contemporary precision production. For instance, ADDiTEC, a leader in advanced metal additive manufacturing, has introduced AMDroid and Hybrid3, two cutting-edge production platforms expected to upend industry norms for accuracy, effectiveness, and adaptability.
Restraint: Occupational health and safety (OHS)
Exposure to laser radiation can result in eye damage, skin burns, and other health problems since lasers release powerful radiation, which can be dangerous for workers if not adequately controlled. Adherence to OHS rules is essential to protect personnel using or near laser processing equipment. There are pulmonary risks associated with the fumes, gases, and particle matter produced by laser processing. OHS standards mandate emission controls and efficient ventilation systems to reduce exposure to hazardous byproducts. These are the factors preventing the laser processing market from expanding further.
Opportunity: Diversification of application areas
The market for laser processing offers a significant possibility for application area diversification. Lasers are employed in increasing numbers of businesses and fields for purposes other than cutting, welding, and engraving, which they were initially designed for in industrial settings. The development of laser technology has led to this diversification by increasing their cost-effectiveness, efficiency, and versatility. Lasers are used in the medical industry for precise surgeries, examinations, and therapies. In communications, lasers are essential for data transfer over fiber-optic networks. In addition, lasers are used in the automobile industry for welding and cutting, and they are helpful for laser branding and engraving in consumer electronics. Introducing novel materials and production processes further expands the range of laser uses.
There are new opportunities for growth due to the growing use of lasers in cutting-edge industries like additive manufacturing, 3D printing, and even cultural heritage preservation. The market for laser processing stands to gain significantly from the wide range of applications, spurring innovation and creating economic opportunities as the demand for accurate and effective processing methods rises across several industries.
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Recent Developments
- In August 2023, NUBURU Inc. of Centennial, Colorado, USA, developed and produced industrial blue lasers with high power for quick laser material processing. In the second quarter of 2023, it recorded sales of $1.05 million, doubling from $0.47 million the previous quarter to just $0.04 million a year earlier. This growth was primarily due to the company's continuing delivery of products to commercial clients, including Essentium and GE Additive.
- In July 2022, The Talon 532-70 laser, a giant-power, environmentally friendly addition to MKS Instruments, Inc.'s wildly approved Talon line of nanosecond pulsed diode-aroused solid-state (DPSS) lasers, is now available.
- In March 2022, the third product in their range of handheld laser welding and cleaning tools, LightWELD XR, has been released by IPG Photonics, a global pioneer in fiber laser technology. Compared to earlier LightWELD products, the laser offers a broader range of cleaning abilities and handheld laser welding that can handle more materials and width by producing tiny areas of size with six times larger energy thickness.
Market Key Players
- Newport Corporation
- Trumpf GmbH + Co. KG
- Universal Laser Systems, Inc.
- Xenetech Global Inc.
- Amada Co., Ltd.
- Altec GmbH
- Alpha Nov laser
- IPG Photonics Corporation
- Bystronic Laser AG
- Epilog Laser, Inc.
- Eurolaser GmbH
- Han's Laser Technology Industry Group Co., Ltd.
- IPG Photonics Corporation
- Newport Corporation (MKS Instruments, Inc.)
- LaserStar Technologies Corporation
- Coherent Inc.
Market Segmentation
By Product
- Gas
- Solid-state
- Fiber
By Process
- Material Processing
- Marking & Engraving
- Micro-processing
By Application
- Automotive
- Aerospace
- Machine Tools
- Electronics and Microelectronics
- Medical
- Packaging
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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