USD 19.07 billion
Global Laser Processing Market Size, Share, Growth Analysis, By Product(Gas, Solid-state), By Process(Material Processing, Marking and Engraving), By Application(Automotive, Aerospace) - Industry Forecast 2024-2031
Report ID:
SQMIG20I2089 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
94 |
Figures:
76
Global Laser Processing Market Insights
Global Laser Processing Market size was valued at USD 19.07 billion in 2022 and is poised to grow from USD 20.81 billion in 2023 to USD 41.76 billion by 2031, growing at a CAGR of 9.10% during the forecast period (2024-2031).
The rising use of lasers in healthcare equipment and surgical application is expected to augment market growth. Additionally, the rapid advancement of nano-fabrication technology is likely to contribute to the expansion of the global market. Furthermore, because of the multiple benefits of traditional material processing, the manufacturing sector has increased its adoption of laser equipment for material processing, which is expected to be one of the key factors driving the market.
The traditional hand metal arc welding method, for example, has a high potential for environmental effect. This was a hot topic that was resolved by implementing lasers in the automobile industry. Furukawa Electric, for example, will deploy an Industrial fiber laser in July 2021. This machine contains a 12kw fiber laser system that is used to weld automobile bodies and parts such as aluminum, battery, the welding process, and motor.
Government laws governing the use of this type of equipment in product marking and engraving are expected to have a positive impact on market growth throughout the forecast period. The market is expected to increase rapidly in the next few years as this technology is used in a variety of applications such as welding, labeling, drilling, drilling, cutting, and engraving.
Strict government regulations governing the use of laser technology for marking and engraving, together with the increasing use of lasers in medical equipment and procedures, are expected to drive market expansion in the near future. LASIK & Refractive technology, for example, is utilized in laser vision correction to correct refractive problems such as myopia, hyperopia, cataracts, and astigmatism.
Furthermore, technological advancements have enhanced the edge quality and slicing speed of laser treatment. For example, Hamamatsu Photonics has created a spatial light modulation (SLM), a liquid-crystal with the greatest pulsed laser power density of up to 400 GW/cm2, allowing clients to accomplish high-through and high-precision laser operations.
US Laser Processing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Material Processing
Fastest Growth
Material Processing
Growth Rate
9.10% CAGR
Global Laser Processing Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Laser Processing Market By Process 2022-2030 ($ Bn)
Global Laser Processing Market By Process 2022-2030 (%)
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Global Laser Processing Market Segmental Analysis
The global laser processing market is segmented based on product, process, application, and region. In terms of product, the market is segmented into gas, solid-state, fiber, and others. Based on process, the market is classified into material processing, marking, and engraving, micro-processing. With respect to application, the market is segmented into automotive, aerospace, machine tools, electronics and microelectronics, medical, and packaging. Regionwise, the global laser processing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Laser Processing Market Analysis by Process
The material processing segment dominated the market, accounting for more than 70% of the total sales. This section covers the fundamentals of laser and material processing, including hybrid processes, laser beam welding creation and execution, micro-drilling, surface changes, cutting and cutting, direct production and forming micro placing, and destruction of bulk materials and coverings.
Laser processing is advantageous in mining and drilling operations, particularly in crude oil extraction. Aerotech's key development areas, for example, are the mechanics, oversight, and laser controls. They then assist OEMs, integrators of systems, and end users with the etching, marking, welding, and cutting processes. Furthermore, the use of water jet cutting technique results in a smooth cut surface with shallow slices, which increases overall process efficiency and, as a result, market growth.
Laser Processing Market Analysis by Application
The machine tools segment led the market with a sales share of more than 30.0%. The increased usage of lasers in the industrial sector for a wide range of material processing activities such as cutting, the welding process, drilling, and engraving is likely to drive the machine tools application segment. The increased need for laser processing in microelectronics and the medical sector is predicted to propel the global laser processing market forward. Welding is widely employed in the production of medical devices. Pacemakers, implantable devices, and surgical tools are examples of critical medical applications that necessitate ultra-fine wire and non-porous and clean surfaces utilized in cardiac procedures.
Significant R&D investments by market participants are supporting market expansion. Fudan University researchers, for example, used silicon nanocrystals to create an all-silicon laser with exceptional optical gains. Silicon nanocrystals are structurally comparable to GaAs and InP. The all-silicon lasers combine optoelectronics and microelectronics, which are employed in a variety of applications including sensing, interaction, displays, identification, and imaging. Furthermore, growing applications in the auto and oil & gas sectors, as well as rising demand in machine tool manufacture, are expected to boost industry growth. Furthermore, laser cutting delivers high processing rates, improves cutting edge quality, and has a minimal heat input into materials used for vehicle manufacture.
Global Laser Processing Market By Process 2022 (%), 2023 (%)
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Global Laser Processing Market Regional Insights
Asia Pacific will account for more than 40.0% of market revenue during the forecast period. It is expected to rise greatly as the number of OEMs in the area grows. Furthermore, China is likely to become the major user of commercial lasers, materials processors, and microprocessors. Countries such as India, South Korea, Japan, and China are expected to grow significantly due to a range of factors such as a growth in the number of OEMs and the expansion of the vehicle sector.
Europe is expected to increase at the fastest rate. The rising use of lasers in medical equipment and activities can be related to the market's rise. Furthermore, market expansion is projected to be aided by the rapid progress of nanofabrication technology. The manufacturing industry has improved its acceptance of laser technology for material processing because it has various advantages over traditional material processing.
Global Laser Processing Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Laser Processing Market Dynamics
Laser Processing Market Drivers
Growing Trend towards Miniaturization
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The increasing demand for smaller and more precise components in various industries, including electronics, medical, and aerospace, is driving the demand for laser processing. Laser processing is capable of creating smaller and more precise components than traditional manufacturing methods.
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Laser processing techniques offer unparalleled accuracy and allow for intricate designs, making them indispensable in manufacturing applications.
Laser Processing Market Restraints
High Initial Investment
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The high cost of laser processing equipment and the need for skilled personnel to operate and maintain the equipment can be a barrier to entry for smaller companies.
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The limiting the affordability and accessibility for small and medium-sized enterprises. Safety concerns related to the use of high-powered lasers present regulatory challenges, imposing strict guidelines and compliance measures. Market growth is also hindered by limitations in processing certain materials, particularly those with highly reflective or transparent properties.
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Global Laser Processing Market Competitive Landscape
The market is characterized by strong competition, on account of a few major globally competitors owning a sizable market share. Key players place an emphasis on new product development in order to provide options for higher profitability through improved client interactions. Universal Laser Systems, for example, provides systems for security agencies and military divisions for asset management, custom part manufacturing, and other production and security applications. These systems are also utilized on international airports, military bases, and naval vessels.
Top Player’s Company Profiles in Laser Processing Market
- Jenoptik AG
- Han's Laser Technology Industry Group Co. Ltd.
- Lumentum Holdings Inc.
- Epilog Laser, Inc.
- Amada Miyachi America, Inc.
- Universal Laser Systems, Inc.
- Rofin-Sinar Technologies Inc.
- Newport Corporation
- Eurolaser GmbH
- Prima Industrie S.p.A.
- TRUMPF Laser GmbH
- Bystronic Laser AG
- GF Machining Solutions LLC
- MKS Instruments, Inc.
- LaserStar Technologies Corporation
- Preco, Inc.
- Trotec Laser GmbH
Laser Processing Market Recent Developments
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In November 2023: Fonon Corporation, a diversified holding company engaged in various markets, research and development, as well as the design and manufacturing of advanced laser material processing systems for both subtractive and additive manufacturing, officially completed its acquisition of Fonon Technologies. This acquisition, finalized, brings together Fonon Technologies, a globally recognized company specializing in laser-based development, manufacturing, and systems integration. Fonon Technologies is renowned for its expertise in state-of-the-art components, material processing, and power-generating equipment.
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In March 2022, Mitsubishi Electric Corporation, a renowned Japanese multinational maker of electronics and electrical equipment, announced the release of two new wire-laser metal 3-D printers. The AZ600 comes in two variants: the AZ600-F20 and the AZ600-F40.
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In May 2022, LightWELD XR is the third device in IPG Photonics' handheld laser for welding and cleaning range. The laser offers a wide range of cleaning abilities and portable laser welding to manage additional components and width than prior LightWELD products by producing an extremely small spot size with six times greater power thickness.
Global Laser Processing Key Market Trends
- Growing demand for ultrafast lasers: Ultrafast lasers are gaining popularity in various applications, including micromachining, medical, and scientific research. These lasers provide high precision, speed, and accuracy, making them suitable for a wide range of applications.
- Increasing adoption of fiber lasers: Fiber lasers are being increasingly used in various industrial applications, including welding, cutting, and marking. The adoption of fiber lasers is driven by their high efficiency, reliability, and cost-effectiveness.
- Growing demand for laser processing in the automotive industry: The automotive industry is one of the largest end-users of laser processing. Laser processing is used in various automotive applications, including welding, cutting, and drilling. The demand for laser processing in the automotive industry is driven by the need for high precision and quality in manufacturing processes.
- Growing use of laser processing in additive manufacturing: Laser processing is being increasingly used in additive manufacturing, such as 3D printing. Laser processing is used to melt and fuse materials, creating intricate and complex structures with high accuracy and precision.
Global Laser Processing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global laser processing market analysis, we found that the rising use of lasers in healthcare equipment and surgical application is boosting market growth. Furthermore, the rapid advancement of nano-fabrication technology is likely to contribute to the expansion of the global market. Furthermore, because of the multiple benefits of traditional material processing, the manufacturing sector has increased its adoption of laser equipment for material processing, which is expected to be one of the key factors driving the market. Laser processing is being increasingly used in additive manufacturing, such as 3D printing. Laser processing is used to melt and fuse materials, creating intricate and complex structures with high accuracy and precision.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 19.07 billion |
| Market size value in 2031 | USD 41.76 billion |
| Growth Rate | 9.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Laser Processing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Laser Processing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Laser Processing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Laser Processing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Laser Processing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Laser Processing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Laser Processing Market Report Snapshots
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