Laser Processing Market Outlook
According to the report by Expert Market Research (EMR), the Global Laser Processing Market Size reached a value of approximately USD 4.01 billion in 2022. Aided by the rising demand for precision manufacturing and the expanding applications of laser processing across various sectors, the market is projected to further grow at a CAGR of 8.20% between 2023 and 2028 to reach a value of USD 6.4 billion by 2028.
Laser processing is a technique that uses lasers to alter the physical properties of a material, allowing for precise control over the manufacturing process. It is commonly employed in various applications including cutting, welding, drilling, and marking of a wide range of materials, from metals to polymers. Laser processing plays a pivotal role in industries requiring high precision and quality control, such as electronics, automotive, and aerospace. In addition to its precision, laser processing is known for its high speed, low waste production, and ability to process a variety of materials, making it a key technique in numerous industrial applications.
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The surge in demand for precision manufacturing is a key driver of global laser processing market growth. As industries seek to increase efficiency and reduce waste, there has been a significant shift towards precision manufacturing techniques like laser processing. This trend is particularly pronounced in sectors such as electronics and automotive, where precise component manufacturing is crucial. Furthermore, the increasing trend towards automation and Industry 4.0 has amplified the popularity of laser processing, as it facilitates high-volume, high-precision manufacturing.
The expanding applications of laser processing in diverse sectors significantly contribute to market growth. In the electronics industry, laser processing is essential for manufacturing and assembling intricate components. Similarly, the automotive industry relies on laser processing for tasks such as welding and cutting. The aerospace sector, where the demand for lightweight, high-strength components is high, also significantly benefits from laser processing technology. Additionally, emerging applications in the medical sector, such as precise surgical instruments production and medical device manufacturing, further propel the laser processing market expansion.
Moreover, the burgeoning demand for renewable energy solutions and electric vehicles (EVs) has resulted in an increased focus on laser processing. As these sectors strive to improve efficiency and durability, laser processing has emerged as a critical tool in manufacturing processes. For instance, in the production of solar panels and EV batteries, laser processing enables the creation of high-quality, durable components, thereby fostering the laser processing market development.
Laser Processing Market Segmentatio
The market can be divided based on product, application, and region.
Market Breakup by Product
- Gas Lasers
- Solid-state Lasers
- Fibre Lasers
Market Breakup by Application
- Automotive
- Aerospace
- Machine Tools
- Electronics and Microelectronics
- Medical
- Packaging
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global laser processing companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- TRUMPF Inc.
- Photonics Industries International, Inc.
- Amada Co. Ltd.
- Coherent, Inc.
- Jenoptik Group
- LUMIBIRD
- IPG Photonics Corporation
- Universal Laser Systems, Inc
- Prima Industrie S.p.A.
- GF Machining Solutions Management SA
- Han’s Laser Technology Industry Group Co., Ltd,
- Epilog Corporation
- Bystronic Group
- Needham Group
- Gravotech Marking
- LaserStar Technologies
- Others
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