Chicago, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The global laser processing market size is estimated to be valued at USD 6.8 billion in 2024 and is anticipated to reach USD 11.0 billion by 2029, at a CAGR of 10.1% during the forecast period.
The market growth is ascribed to emerging trends in laser processing, surging demand for laser processing in medical applications, advancement of laser-based techniques compared with conventional material processing methods, and significant transition towards nanodevices and microdevices production.
Laser-based techniques are superior to conventional material processing methods in terms of precision, efficiency, and versatility. Unlike traditional methods that rely on mechanical tools, lasers can focus on extremely fine details with pinpoint accuracy. This precision minimizes material waste and allows for intricate and complex designs.
To know about the assumptions considered for the study
Major Laser Processing Companies Include:
- Coherent Corp. (US),
- TRUMPF (Germany),
- Han’s Laser Technology Industry Group Co., Ltd (China),
- IPG Photonics Corporation (US),
- JENOPTIK AG (Germany).
Laser Processing Market Segmentation:
The fibre lasers segment accounted for the largest share of the laser processing market in 2023.
Laser processing involves using lasers for various applications, such as cutting, welding, drilling, marking, engraving, and scribing. The lasers used to carry out these operations include solid, gas, liquid, and other laser types. Solid-state lasers, particularly fiber lasers have become significant players in the laser processing market, holding a substantial market share. Recognized for their high power, energy density, and enhanced reliability, these lasers are extensively applied in cutting, welding, and engraving across diverse materials. Their compact design, efficiency, and adaptability make them suitable for seamless integration into manufacturing processes. Advancements in fiber laser technology, coupled with their versatility in material processing and applications in additive manufacturing and micro processing, contribute to their prominence.
The hybrid configuration segment is to hold the largest market share during the forecast period.
Laser processing requires either of the three types of laser configurations: fixed beam, moving beam, and hybrid configuration. Hybrid configuration in laser processing refers to a setup that combines laser technology with other complementary manufacturing methods, such as milling, drilling, or waterjet cutting, to leverage the strengths of each technique for improved processing efficiency and flexibility. A hybrid system is more efficient than the moving beam system as it provides a constant beam delivery path length and allows a comparatively simpler beam delivery system.
Marking and Engraving application will grow at the highest CAGR during the forecast period.
The market has been segmented by applications, cutting, drilling, welding, marking & engraving, micro processing, advanced processing, and others. Marking & engraving are the major application areas of lasers at present because this process is maintenance-free, flexible, and precise in nature, which further creates additional market opportunities for lasers. The electronics/semiconductor, medical, aerospace, automotive, consumer products, gifts & trophies, and food & beverage end-user industries generally use lasers for marking & engraving applications.
Asia Pacific region to hold the largest market share during the forecast period.
The Asia Pacific region is segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific, representing the largest market for laser processing. Both Japan and India stand out as the world's fastest-growing economies. APAC has been ahead in terms of the adoption of laser processing solutions as compared to other regions. High population density, increasing R&D investments in technology, and growing manufacturing and electronics sectors are expected to drive the growth of the laser processing market in the region. Additionally, the presence of key industry players and the region's status as a manufacturing hub facilitate the production and distribution of laser processing products.
