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The Laser Processing market is shaped via a myriad of things that together influence its growth and dynamics. A primary driving force of this market is the increasing demand for precision production across diverse industries. Laser Processing, encompassing reducing, engraving, welding, and staining programs, gives remarkable precision and versatility, making it a fundamental technology in sectors such as automobile, aerospace, healthcare, and electronics. As industries seek to decorate products with first-class performance, the adoption of laser processing technology continues to grow, using the market ahead. Technological improvements play a pivotal role in the evolution of the laser processing market. Continuous innovation in laser sources, optics, and manipulating systems enhances the competencies and performance of laser processing machines. Fiber lasers, for example, have received prominence because of their high performance and reliability, contributing to the market's competitiveness. The integration of smart technologies, such as synthetic intelligence and automation, similarly refines the precision and performance of Laser Processing, catering to the evolving wishes of industries.
Market dynamics are appreciably encouraged through the growing adoption of additive production, generally known as 3-D printing. Laser tactics, which include selective laser melting (SLM) and stereolithography (SLA), are critical to the additive production procedure. The versatility and precision provided by lasers in layer-via-layer fabric deposition contribute to the growth of the laser processing marketplace, mainly in the manufacturing of complicated and customized components. Global monetary conditions and geopolitical elements impact the Laser Processing market, affecting investment developments and the extent of business activities. Market gamers need to navigate fluctuations in demand based on monetary signs and geopolitical developments that impact production investments and trade dynamics. Additionally, forex fluctuations and alternate price lists can affect the cost of Laser Processing equipment, influencing marketplace dynamics.
The healthcare industry's increasing reliance on laser technology for clinical device manufacturing and surgical packages is every other issue using the Laser Processing market. Laser precision is vital in the production of tricky clinical devices, and laser-primarily based surgical methods provide minimally invasive solutions. As healthcare technology strengthens, the demand for Laser Processing in this area is poised to develop, supplying possibilities for market enlargement. However, demanding situations, which include the excessive initial value of Laser Processing equipment and the need for professional operators, can hinder the market boom. Addressing these challenges calls for concerted efforts in research and development, training programs, and strategic partnerships to make Laser Processing more reachable to a wider variety of industries.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 9.20% (2023-2032) |
Laser Processings Market Highlights:
Global Laser Processing Market Overview:
Laser Processing Market Size was valued at USD 142.1 billion in 2022. The Laser Processing market industry is projected to grow from USD 21.65 Billion in 2023 to USD 23.648 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 - 2032). Rising preference for laser-based material processing over the conventional methods, increased need for microelectronic device miniaturization, and technical developments are the prime market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Laser Processing Market Trends
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Growing use of lasers across healthcare sector is driving the market growth
Market CAGR for laser processing is being driven by the rising use of lasers in medical devices and surgical applications. The quick development of nanofabrication technology is also anticipated to support the global market expansion. Due to various pros over conventional the material processing, the manufacturing industry has increased the use of laser technology, which is anticipated to be one of the key reasons driving the market.
For instance, the conventional hand metal arc welding approach has a high risk of harming the environment. The automotive sector adopted laser technology to address this pressing problem. For instance, Furukawa Electric introduced an industrial fiber laser in July 2021. To weld the automobile bodies and their components, such as the aluminum process, battery welding, and motors, this machine has a 12kw fiber laser system.
Government laws regarding the use of this technology for product marking and engraving are anticipated to have a positive effect on market growth during the forecast period. Due to the technology's widespread use in a variety of applications, including welding, marking, cutting, drilling, and engraving, the laser processing market revenue is expected to experience rapid expansion over the next few years.
Government regulations governing the use of lasers for marking and engraving, along with the expanding use of lasers in medical equipment and procedures, are expected to drive market expansion in the near future. For example, laser eye surgery employs LASIK & Refractive technologies to address refractive defects such as myopia, hyperopia, presbyopia, and astigmatism. Additionally, technological advancements have enhanced the cutting efficiency and edge quality of laser processing. For instance, Hamamatsu Photonics created the spatial light modulator (SLM), a liquid crystal with the maximum capacity for pulsed laser power of up to 400 GW/cm2, enabling clients to do high-throughput and high-precision laser processing.
Laser Processing Market Segment Insights:
Laser Processing Product Type Insights
The Laser Processing Market segmentation, based on product type, includes gas lasers, solid-state lasers, fiber lasers, and others. The gas lasers segment dominated the market. Copper, carbon dioxide, carbon monoxide, argon-ion, and helium-neon lasers are all included in the gas sector. Fibre laser technology enables manufacturers to take advantage of this technology's advantages in their manufacturing processes. Over the forecast period, the solid laser market is anticipated to expand at a growth rate. This laser generates high-quality continuous and pulsed output while minimizing material waste in the active medium.
Figure 1: Laser Processing Market, by Product Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Laser Processing Laser Type Insights
The Laser Processing Market segmentation, based on laser type, includes fixed beam, moving beam, and hybrid beam. During the anticipated period, the hybrid beam segment is anticipated to account for the majority of the laser processing market. A hybrid system is more effective than a moving beam system because it allows for a very simple beam delivery system and maintains a constant beam delivery path length. This is because the hybrid system has both a moveable table and a moveable head.
Laser Processing Application Insights
The Laser Processing Market segmentation, based on laser type, includes cutting, marking, welding, drilling, engraving, additive manufacturing, and others. During the anticipated period, the laser processing market's highest share is anticipated to belong to the cutting segment. The worldwide need for powerful lasers to cut both metals and non-metals is rising. In recent years, lasers have also seen significant growth in low-power applications like cutting paper and plastics. Lasers have been shown to be a cost-effective way to cut wafers for high-quality products in the microelectronics sector.
Laser Processing End User Insights
The Laser Processing Market segmentation, based on end users, includes automotive, manufacturing, semiconductor, electronics, medical & life sciences, packaging, oil & gas, and others. During the anticipated period, the laser processing market's highest share is anticipated to belong to the medical & life sciences segment. Nd:YAG lasers and carbon dioxide are the most often used technology in medical applications. On the other hand, laser technology has started to gain traction in a range of applications, from diagnostic to therapeutic. It is frequently used to treat cancer, the eyes, the skin, and hair. The use of laser technology has made a number of therapies possible, including artery cleansing, surgery for a detached retina, and other aesthetic procedures.
Laser Processing Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific laser processing market area will dominate this market and register a growth of 45.80%, due to an increase in the number of OEMs across the region. China is anticipated to grow to be a major consumer of materials processing, micro-processing, and industrial lasers.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Laser Processing Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Laser Processing market accounts for the second-largest market share. The market is expanding as a result of the expanding usage of lasers in medical devices and procedures. Additionally, market expansion is anticipated to benefit from the nanofabrication technology's quick advancement. Further, the German Laser Processing market held the largest market share, and the UK Laser Processing market was the fastest growing market in the European region
The North American Laser Processing Market is expected to grow at the rapidly from 2023 to 2032. Due to the high degree of precision, excellent dimensional stability, minute heat affected zones, and thin cut kerfs that laser processing produces, the laser processing market in North America is rapidly expanding. Furthermore, U.S. Laser Processing market held the largest market share, and the Canada Laser Processing market was the fastest growing market in the Asia-Pacific region.
Laser Processing Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Laser Processing market expand more. Market players are also undertaking a variety of strategies to extend their global presence, with vital market improvements including product launches/extensions, contractual agreements, mergers and acquisitions, higher investments for R & D activities, and collaboration with similar organizations. To extend and survive in a more competitive and rising market climate, the Laser Processing industry must offer cost-effective items
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Laser Processing industry to benefit clients and increase the market sector. In recent years, the Laser Processing industry has offered some of the most significant advantages to medicine. Major players in the Laser Processing market, including Altec GmbH, Alphanov, Amada Co. Ltd., Bystronic Laser AG, Coherent Inc., Epilog Laser, Inc., eurolaser GmbH, Han’s Laser Technology Group Co. Ltd., IPG Photonics Corporation, Newport Corporation, Prima Industries, LaserStar Technologies Corporation, The Needham Group, Jenoptik Laser GmbH, Q-Peak Inc., ROFIN-SINAR Technologies Inc., SEI Laser, Trumpf GmbH, Co. KG, Universal Laser Systems, Inc., Xenetech Global Inc., Trotec Laser GmbH, FOBA, and Mitsubishi Electric.
Mitsubishi Electric is a global developer, manufacturer, distributor, and retailer of electrical equipment. It is a subsidiary of General Electric. Industrial automation systems, energy and electric systems, electric devices, information and communication systems, and household appliances are among the company's key business segments. In January 2023, The "GX-F Evernext Strategy" is a brand-new approach for laser processing devices from Mitsubishi Electric. By enabling the retrofitting of the most recent technology and automation systems to older machinery, the company will help users increase productivity and competitiveness.
FOBA creates, develops, and produces laser marking systems. It focuses on camera-based precision systems, tools, and processes for laser engraving and marking. The business serves industries like automotive, semiconductors, medical technology, mechanical engineering, plastic processing, electronics, and automobiles. It also offers tool, metal, and mold marking services. In February 2020, Another laser marker for line integration has been released by FOBA: An update to the current line of fiber laser marking systems is the FOBA Y.0200-S variant.
Key Companies in the Laser Processing market include
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Altec GmbH,
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Alphanov, Amada Co. Ltd.,
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Coherent Inc.,
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Epilog Laser, Inc.,
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Eurolaser GmbH,
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Han’s Laser Technology Group Co. Ltd.,
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IPG Photonics Corporation,
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Newpot Corporation,
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Prima Industries, L
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aserStar Technologies Corporation,
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The Needham Group,
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Jenoptik Laser GmbH,
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Q-Peak Inc.,
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ROFIN-SINAR Technologies Inc.,
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SEI Laser,
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Trumpf GmbH, Co. KG,
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Universal Laser Systems, Inc.,
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Xenetech Global Inc.,
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Trotec Laser GmbH,
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FOBA,
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Mitsuibishi Electric
Laser Processing Industry Developments
October 2022: In Slovenia, Lumentum Holdings Inc. increased business activity while advancing research and development for specialised optical fibres and related goods. A Centre of Excellence for cutting-edge research and development to create essential laser component technologies and products is part of the facility.
July 2022: Coherent, Inc. was acquired by IIVI Incorporated, creating a world leader in materials, networking, and lasers. The merged business will cater to the industrial, communications, electronics, and instrumentation markets.
Laser Processing Market Segmentation:
Laser Product Outlook
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Gas Lasers
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Solid State Lasers
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Fiber Lasers
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Others
Laser Processing Laser Type Outlook
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Fixed-beam
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Moving Beam
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Hybrid Beam
Laser Processing Application Outlook
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Cutting
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Marking
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Welding
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Drilling
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Engraving
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Additive Manufacturing
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Others
Laser Processing End User Outlook
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Automotive
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Manufacturing
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Semiconductor & Electronics
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Medical & Life Sciences
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Packaging
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Oil & gas
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Others
Laser Processing Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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