According to estimates, the global laser processing market will grow rapidly at a CAGR of 7.5%, from its present value of US$ 16 billion to US$ 33 billion by the end of 2032. The laser processing market is a rapidly growing industry that includes various applications such as laser cutting, marking, welding, engraving, drilling, and others. This market is driven by increasing demand for high-quality, precise, and efficient manufacturing processes across various industries such as automotive, aerospace, medical, electronics, and others
The laser processing market is segmented by type, application, end-use industry, and geography. Based on type, the market is segmented into solid-state lasers, gas lasers, fiber lasers, and others. The solid-state lasers segment dominated the market in 2020 due to their high power output and wide range of applications. Based on application, the market is segmented into cutting, welding, marking, engraving, drilling, and others. The cutting segment is expected to hold the largest market share during the forecast period due to increasing demand for precision cutting in industries such as automotive, aerospace, and electronics.
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Geographically, the laser processing market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is expected to hold the largest market share during the forecast period due to the presence of key players in the region and increasing adoption of laser technology in various industries.
Key Takeaways from Market Study
- The global laser processing market is valued at US$ 16 billion in 2022.
- The market for laser processing is predicted to grow at a CAGR of 7.5% from 2022 to 2032.
- Global demand for laser processing is likely to touch US$ 33 billion by 2032.
- Asia Pacific held 40% share of the global laser processing market in 2021.
- The solid segment accounted for 55% of the global market in 2021.
Winning Strategy
Major market players are actively pursuing growth strategies such as investments, new product introduction, collaborations, R&D activities, technological developments, and acquisitions to extend their overseas footprint.
- Jenoptik introduced the Votan A+, a new Votan laser processing system geared at the automotive industry, in January 2022. The Votan A+ provides a standard modular form that supplements the real offering of personalized devices for precise laser airbag reduction. Furthermore, the swiftly directed laser beam of a Votan A system precisely cuts each hole of the transparent decline line into the material until the wall thickness is as thin as possible.
- JENOPTIK acquired Berliner Glas, an ASML Holding Dutch Multinational Corporation subsidiary, in October 2021.
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Key Companies Profiled
- Amada Co, Ltd
- Spectra Physics, Inc
- Epilog Laser
- LaserStar Technologies Corporation
- Lumentum Operations LLC
- Han’s Laser Technology Industry Group Co., Ltd
- Wuhan HGLaser Engineering Co., Ltd
- IPG Photonics Corporation
- Jenoptik AG
- Coherent, Inc
- Trumpf Group
- Wuhan Raycus Fiber Laser Technologies Co., Ltd
Regional Analysis For Laser Processing Market
North America is a significant region in the laser processing market due to the presence of well-established industries such as automotive, aerospace, and medical. The region is home to some of the major players in the market such as Coherent Inc., IPG Photonics Corporation, and MKS Instruments, Inc. The increasing demand for advanced manufacturing processes and the adoption of laser technology in various applications are driving the market growth in North America.
Europe is another significant market for laser processing due to the presence of key players and the increasing adoption of laser technology in various industries such as automotive, aerospace, and electronics. Countries such as Germany, France, and the UK are major contributors to the market growth in the region. The laser processing market in Europe is dominated by players such as TRUMPF GmbH + Co. KG, Jenoptik AG, and Lumentum Holdings Inc.
Asia-Pacific is the largest market for laser processing due to the increasing adoption of laser technology in manufacturing processes across various industries such as automotive, aerospace, medical, and electronics. Countries such as China, Japan, and South Korea are major contributors to the market growth in the region. The laser processing market in Asia-Pacific is dominated by players such as Han’s Laser Technology Industry Group Co., Ltd., Bystronic Laser AG, and Amada Miyachi Co., Ltd.
The Rest of the World (RoW) includes regions such as Latin America, the Middle East, and Africa. The laser processing market in these regions is expected to grow at a significant rate due to the increasing adoption of laser technology in manufacturing processes across various industries.
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Key Questions Covered in the Laser Processing Market
- What is the current size of the laser processing market, and what is its expected growth rate during the forecast period?
- What are the key factors driving the growth of the laser processing market?
- What are the different types of laser processing technologies available in the market, and how are they being used across various industries?
- What are the major applications of laser processing, and which application is expected to hold the largest market share during the forecast period?
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What are the major end-use industries for laser processing, and which industry is expected to witness the highest growth rate during the forecast period?
