PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1448850
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1448850
The laser processing market is expected to reach USD 11.0 billion by 2029 from USD 6.8 billion in 2024, at a CAGR of 10.1% from 2024-2029. Surging demand for laser processing in medical applications, Advancement of laser-based techniques compared with conventional material processing methods, Significant transition towards nanodevices and microdevices production.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Laser Type, Configuration, Application, End-user Industry and Region |
Regions covered | Asia Pacific, North America, Europe, and Rest of the World |
"Solid lasers segment is to hold the largest market share of laser processing market in 2023."
Solid lasers are crucial in the laser processing market, propelled by their high power, precision, and adaptability to diverse materials. Particularly, advancements in fiber laser technology enhance performance and reliability. These energy-efficient lasers exhibit a compact design, facilitating easy integration into manufacturing systems. The decreased cost over time has expanded their accessibility, making them attractive to various industries. Solid lasers with a simple construction design and smaller beam diameter than a CO2 laser have numerous applications, including metal processing and medical applications such as eye surgery and environmental instrumentation measurements.
"Hybrid configuration is to hold the largest market share of laser processing market in 2023."
Hybrid configuration holds the largest market share of laser processing market in 2023. Hybrid laser processing systems are gaining prominence driven by their versatility, multifunctionality, and the ability to combine different laser technologies, such as fiber and CO2 lasers. These systems offer optimized material processing, leveraging the strengths of various lasers for enhanced efficiency and quality outcomes. Hybrid systems provide increased flexibility and adaptability, making them suitable for diverse materials and applications. Particularly valuable in additive manufacturing, these systems enhance precision in layer-by-layer material deposition.
"Cutting application is to hold the largest market share of laser processing market in 2023."
The availability of high-powered lasers, higher accuracy, and declining cost of lasers are some of the factors driving the laser processing market for the cutting application.
Cutting applications where lasers are being predominantly used include the cutting of hydro-formed parts and tubes, high-speed cutting of thin-sheet metals, and the cutting of thick-section materials, among others. Lasers offer a cost-effective and reliable means for the cutting of non-metal materials.
"Machine tools industry is to hold the largest market share of laser processing market in 2023."
Machine Tools industry accounted for the largest share of laser processing market in 2023. Laser processing facilitates precision machining at a high level, empowering manufacturers to attain remarkable accuracy in intricate cutting, welding, and marking tasks. This level of precision is especially critical in the production of complex components within the machine tools industry. With a rising demand for precision machining, the incorporation of laser technology into machine tools is on the ascent. Laser-driven processes provide exceptional control over material removal and modification, thereby elevating the overall quality of machining operations.
"China is expected to hold the largest market share of laser processing market throughout the forecast period."
The Asia Pacific comprises China, Japan, South Korea, and India. China's robust industrialization and manufacturing expansion create a demand for advanced production technologies, with laser processing aligning well with these evolving needs expected to support the market growth in Asia Pacific. The electronics and semiconductor manufacturing sectors benefit from laser applications, while the automotive industry utilizes laser processing for cutting-edge manufacturing. In addition, the growth in China's healthcare sector fuels demand for laser processing in medical device manufacturing.
Major players in the laser processing market include Coherent Corp. (US), TRUMPF (Germany), Han's Laser Technology Industry Group Co., Ltd (China), IPG Photonics Corporation (US), Jenoptik AG (Germany) and others.
Research Coverage
The report segments the laser processing market by Laser Type, Configuration, Application, Industry and Region. The report also comprehensively reviews drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
The report will help the market leaders/new entrants with information on the closest approximate revenues for the overall laser processing market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.