Laser Processing Industry Overview
The global laser processing market size was valued at USD 17.48 billion in 2021 and is expected to reach USD 38.22 billion by 2030, exhibiting a CAGR of 9.1% over the forecast period. The market growth is attributed to the increased usage of lasers in medical devices and surgery applications. In addition, the rapid growth of nano-fabrication technology is expected to contribute to the growth of the global market. Furthermore, the manufacturing sector has increased the adoption of laser technology for processing the material due to many advantages over traditional material processing, which is expected to be one of the major factors driving the market.
For example, the traditional manual metal arc welding method is used to cause high potential environmental impacts. This was a hot issue that was solved by adopting laser technology in the car industry. For instance, in July 2021, Furukawa Electric launched an Industrial fiber laser. This machine has a 12kw fiber laser system used to weld the car bodies and their parts, including the aluminum process, battery welding, and motors.
Gather more insights about the market drivers, restrains and growth of the Global Laser Processing Market
Government regulations concerning the application of this technology in the marking and engraving of products are projected to favorably impact the market growth over the forecast period. The market is anticipated to witness high growth over the next few years due to this technology’s usage across a broad range of applications, comprising welding, marking, cutting, drilling, and engraving.
The strict government directives for the usage of laser technology in marking and engraving, coupled with the growing adoption of lasers in medical devices and surgeries, are anticipated to spur market growth in the near future. For instance, LASIK & Refractive technology is used in laser eye surgery to correct refractive errors like myopia, hyperopia, presbyopia, and astigmatism.
Furthermore, technical developments have improved the edge quality and cutting speed of laser processing. For instance, Hamamatsu Photonics has developed spatial light modulator (SLM), a liquid-crystal with the highest pulsed laser power capabilities of up to 400 GW/cm2, allowing customers to achieve high-throughput and high-precision laser processing.
Laser Processing Market Segmentation
Based on the Product Insights, the market is segmented into Gas, Solid-state, Fiber, and Others.
The gas segment dominated the market with a revenue share of more than 55.0% in 2021. The gas segment entails copper, nitrogen, carbon dioxide, carbon monoxide, argon-ion, and helium-neon lasers.
The solid-state segment is further categorized as Q-switched Nd: YAG lasers, small diode-pumped Nd: YAG or Nd: YVO4 lasers, and larger lasers in side-pumped or end-pumped configurations.
Based on the Process Insights, the market is segmented into Material Processing, Marking and Engraving, and Micro-Processing.
The material processing segment dominated the market with a revenue share of over 70.0% in 2021.
Based on the Application Insights, the market is segmented into Automotive, Aerospace, Machine Tools, Electronics & Microelectronics, Medical, and Packaging.
The machine tools segment led the market with a revenue share of over 30.0% in 2021. The increasing adoption of lasers in the industrial sector for various material processing applications, such as cutting, welding, drilling, and engraving, is projected to drive the machine tools application segment.
The surging demand in microelectronics and the medical sector is anticipated to spur growth in the global laser processing industry.
Emerging applications in the automotive and oil and gas sectors and the surging demand in machine tools manufacturing are anticipated to augment the industry growth.
Based on the Laser Processing Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).
Asia Pacific led the market with a revenue share of over 40.0% in 2021. It is expected to witness substantial growth owing to the rising number of OEMs in this region.
China is anticipated to arise as the key consumer of industrial lasers and systems for materials processing and micro-processing.
India, South Korea, Japan, and China are expected to witness high growth owing to numerous factors such as an upsurge in the number of OEMs and automobile industry growth.
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Market Share Insights:
January 2020: Trumpf (Germany) acquired a minority stake in GLOphotonics, a France-based laser technology startup.
November 2019: Coherent (US) launched a switchable adjustable ring mode (ARM) fiber laser that has the ability to sequentially power two separate processes or workstations.
Key Companies Profile:
The market is characterized by intense competition with the presence of a few major global players holding a significant market share. Key players emphasize new product developments to offer avenues for increased profitability through better customer relationships.
Some prominent players in the global laser processing market include:
Alpha Nov laser
Amada Co., Ltd.
Bystronic Laser AG
Epilog Laser, Inc.
Han’s Laser Technology Industry Group Co., Ltd.
IPG Photonics Corporation
Newport Corporation (MKS Instruments, Inc.)
LaserStar Technologies Corporation
IPG Photonics Corporation
Trumpf GmbH + Co. KG
Universal Laser Systems, Inc.
Xenetech Global Inc.
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