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

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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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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

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