Laser Processing Market was valued at US$ 19,162.9 Million in 2021 and is expected to surpass US$ 46,642.6 Million by 2030, registering a CAGR of 10.0% during the forecast period (2022-2030), according to Laser Processing Market, By Product Type(Gas Lasers, Solid State Lasers, Fiber Lasers, Others), By Process(Material Processing, Marking and Engraving, Micro-Processing), By End-Use Industry(Automotive, Aerospace, Original Equipment Manufacturer (OEM), Electronics and Micro-Electronics, Medical Devices and Treatment, Packaging) by Region(North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Light amplification by stimulated emission of radiation or LASER is used in various applications such as industrial and commercial. These industrial processes include engraving, material processing, marking, and other micro-processing. It is also used for cutting, welding, drilling, etc. processes. Laser is also used for marking/engraving consumer goods, electronic components, and other parts used in industries. This technology is widely being used in numerous end-use industries which include automotive, aerospace, original equipment manufacturers (OEM), electronics, medical, packaging, and others.
The Laser Processing Market is estimated to account for US$ 46,642.6 Mn in terms of value by the end of 2030.
- Major market players are focused on product launches, in order to enhance the product portfolio. For instance, in April 2020, Trumpf GmbH launched TruLaser Tube 3000 fiber, a versatile fiber laser metal tube cutting machine.
- In July 2021, Furukawa Electric Japanese electric and electronics equipment company developed and launched industrial laser technology for automotive and electronics industry
Increasing demand from 3D printing in jewelry is expected to drive the market growth during the forecast period. Aforementioned factors are driving the adoption of these technologies such as CAD (computer-aided-design), laser technology, and induction technology among jewelry manufacturers. 3D printers with rapid prototyping (RP) technology help several designers to review design concepts and understand the requirements and complexity of any jewelry design. The adoption of such innovative manufacturing technologies in jewelry design is expected to boost the growth of the market. Moreover, increasing popularity of e-commerce is also expected to favor the growth of the laser processing market. The penetration of internet and adoption of smartphones increased access to online shopping. Most of the e-commerce companies such as Flipkart and Amazon are offering their products directly to the customers. Increased consumer trust in online retail, faster shipping services and increased internet penetration plays major role in the growth of laser processing market. Additionally, players operating in the e-commerce industry have introduced augmented reality (AR) in online platforms which allow consumers to try jewelry virtually using AR, and select products according to their preferences. In addition, efficient processing on both metal and non-metal materials is expected to boost the global laser processing market growth over the forecast period
Global Laser Processing Market - Impact of Coronavirus (Covid-19) Pandemic:
The widespread of COVID 19 has hampered the overall growth of the Laser processing industry. The COVID 19 has impacted production rates in several industrial verticals due to manpower reductions, and stringent regulations imposed across several countries have resulted in the closure of various industries. As a result, the demand for laser processing has declined significantly in recent years. During the pandemic, demand for various industrial products decreased as medical emergencies took precedence. Supply chain disruptions and insufficient raw materials for the production of automotive parts, industrial products, metals, steel, and copper have been greatly reduced.
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Key Trends and Analysis of the Laser Processing Market:
- The trend towards additive manufacturing is growing as additive manufacturing or three-dimensional (3D) printing offers various advantages over conventional subtractive manufacturing techniques. Through additive manufacturing, more complex designs can be manufactured with minimum wastage of materials and higher manufacturing speeds. Laser technology is being increasingly used in 3D printing for material deposition by welding. It provides faster and accurate fabrication of the components to be manufactured.
- Major players operating in the 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.