The Global Laser Processing Market, By Product Type (Gas Lasers, Solid State Lasers, Fiber Lasers and Others), By Process ( Material Processing, Marking and Engraving and Micro-Processing), By End-Use Industry (Automotive, Aerospace, Original Equipment Manufacturer (OEM), Electronics and Micro-Electronics, Medical Devices and Treatment and Packaging) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 34,785.7million by 2027, exhibiting a CAGR of 10.5% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Light amplification by stimulated emission of radiation (LASER) is a device that emits light through a process of optical amplification based on the stimulated emission of electromagnetic radiation. Lasers are used for various applications in commercial as well as industrial processes. Industrial processes typically include material processing, marking and engraving, and other micro-processing using laser technology. Laser technology is used different material processes including laser cutting, welding, drilling, and others. Laser is also used for marking/engraving consumer goods, electronic components, and other parts used in industries.
The global laser processing market is estimated to account for US$ 34,785.7 Mn in terms of value by the end of 2027.
Efficient processing on both metal and non-metal materials is expected to boost the global laser processing market growth over the forecast period
Marking and engraving is one of the prominent use of laser in industrial sector. Marking used for making serial numbers, brand name, manufacturing dates, price, product codes, and other information on various industrial products. Common techniques used for marking are ink-jet printers, ink stamping, punching, and laser marking. Laser marking systems offer numerous advantages such as environment-friendly and high-quality marks over other conventional marking techniques. Moreover, laser marking requires no solvent for marking; hence it helps to reduce the finishing process in manufacturing and is easy to recycle. Furthermore, laser making provides high-speed and fine markings as compared to other technologies. Thus, these factors are expected to boost growth of the global laser processing market during the forecast period.
Major use of laser drilling in oil and gas exploration fields can present lucrative growth opportunities
The conventional rotary drilling methods for extraction of oil and gas pose drawbacks such as high operation costs and complex processes. Additionally, rotary drilling methods are inefficient in drilling hard rock due to low penetration rates. Various technologies including thermal, fusion, and vaporization, hydraulic and chemical methods have been experimented to overcome the inefficiency and high costs related to conventional rotary drilling methods. However, laser drilling offers numerous advantages such as high penetration rates, reduction of operation costs, and control advantages over other drilling techniques. For instance, in December 2012, the Advanced Research Projects Agency-Energy (ARPA-E), an agency of the U.S. Department of Energy, announced to provide funding to Foro Energy for development of high power, inexpensive lasers.
Technical anomalies associated with high-power lasers are expected to restrain growth of the global laser processing market during the forecast period
Generation of high optical laser powers involves various challenges including several powerful pump sources, a long-term continuous-wave operation, Q-switched lasers, and laser resonators with large effective mode areas. Such technical difficulties make high-power laser expensive and require skilled personnel to operate it. Hence, these factors are expected to restrain growth of the global laser processing market during the forecast period.
Laser melting is a process by which the material powders are fused together to build three-dimensional (3D) parts. It is an additive manufacturing technique that uses a 3D computer-aided design (CAD) to build 3D components. A laser melting machine spreads a layer of material powder on a build platform, which is then melted using a laser source (usually ytterbium fiber laser). This building platform is then lowered and further layers of material powder are coated on the top. The parts/components are built up layer by layer on the powder bed by repeating this process. Laser melting in additive manufacturing requires support structures that anchor parts and suspended structures to the platform.
Key players involved in the market are focused on merger and acquisition activities, in order to enhance the market presence. For instance, in October 2013, Trumpf GmbH + Co. KG acquired a majority stake of around 72% of the Chinese company Jiangsu Jinfangyuan (JFY) CNC Machine Company Ltd.
Global Laser Processing Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. This is attributed to downfall in the manufacturing of metal in engineering and construction sectors which have direct impact on the demand of cutting equipment market. As these equipment’s are used as a cutting tool in the construction industries. This will decrease the demand for copper, aluminum and steel in the engineering and construction industry. Metal manufactures have experienced huge pressure due to decrease in demand, production and revenues. Additionally, metal manufacturing companies overcome their cash liquidity and borrow cash to cover operational costs. For instance, according to a recent survey of the National Association of Manufacturers (NAM), most of the metal manufacturers have faced around 80% financial impact on their businesses.
Key players operating in the global laser processing market are Trumpf GmbH + Co. KG, Prima Industrie S.p.A., Universal Laser Systems Inc., Epilog Laser Inc., Coherent Inc., Eurolaser GmbH, IPG Photonics Corporation, Bystronic Laser AG, Newport Corporation, and Rofin-Sinar Technologies Inc.
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