Global Laser Processing Market

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 News

  • 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.

  • 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.

  • 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.

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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 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. 'Coherent, Inc.', 'Trumpf Group', 'IPG Photonics Corporation', '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'

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.

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.

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