The market for laser processing is expected to grow rapidly, from its current value of US$ 16 billion to US$ 33 billion by the end of 2032, at a CAGR of 7.5%. The laser processing market refers to the use of lasers for various industrial processes such as cutting, welding, drilling, marking, and engraving. Lasers are used in a wide range of industries, including automotive, aerospace, electronics, medical, and manufacturing.
The market for laser processing has been growing steadily over the years due to the increasing demand for precision and efficiency in industrial processes. The advancements in laser technology have also contributed to the growth of the market by making lasers more affordable and easier to use.
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The laser processing market is expected to continue to grow in the coming years, driven by the increasing demand for high-quality and precise manufacturing processes. The growth is also expected to be driven by the increasing use of lasers in emerging technologies such as additive manufacturing, which is also known as 3D printing.
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.
What elements are driving laser processing demand?
The demand for laser processing is fueled by several factors. One of the main drivers is the increasing demand for precision and efficiency in industrial processes. Laser technology allows for highly precise and accurate cutting, welding, and drilling, which is essential in industries such as aerospace, medical, and electronics.
Another factor driving the demand for laser processing is the increasing adoption of automation in manufacturing processes. Laser technology can be easily integrated into automated production lines, providing fast and efficient processing capabilities.
The advancements in laser technology, such as the development of more powerful and efficient laser sources, have also contributed to the growth of the market by making lasers more affordable and easier to use.
Additionally, the growing trend towards miniaturization in the electronics industry has increased the demand for laser processing for micro-precision applications such as micro-drilling, micro-cutting, and micro-marking.
Finally, the increasing use of lasers in emerging technologies such as additive manufacturing (3D printing) is expected to drive the demand for laser processing in the coming years.
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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
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Key Questions Covered in the Laser Processing Market
- What is the current market size and growth rate of the laser processing market?
- What are the key drivers, challenges, and opportunities for the laser processing market?
- What are the different types of lasers used in laser processing and what are their applications?
- What are the different end-user industries for laser processing and how are they using laser technology?
- Who are the key players in the laser processing market and what are their market shares?
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