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 microprocessing 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.
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
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.
- The increasing demand for laser processing machines in the automotive industry: The automotive sector is expected to be one of the major drivers for the laser processing market, as the demand for laser processing machines for precision machining and cutting is increasing. Automotive manufacturers rely heavily on laser processing machines for cutting, drilling and welding of various components.
- Growing demand for laser processing services: Laser processing services are being increasingly used by manufacturers to reduce production costs, improve product quality, and reduce lead times. This is leading to an increased demand for laser processing services, driving the growth of the market.
- Increasing investments in research and development: Companies are investing heavily in research and development activities to improve the efficiency and accuracy of laser processing machines. These activities are expected to significantly boost the growth of the laser processing market in the coming years.
- Increasing demand from the aerospace and defense sector: The aerospace and defense sector is another major consumer of laser processing machines. This is due to the need for high-precision components and materials in this sector. The increasing demand from the aerospace and defense sector is expected to drive the growth of the laser processing market in the coming years.
- 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
- By Type:
- Other Types
- By Vertical:
- Machine Tools
- Medical & Life Sciences
- Aerospace & Defense
- Other Verticals
- By Region:
- North America
- Latin America
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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