PUBLISHER: SkyQuest | PRODUCT CODE: 1183330
PUBLISHER: SkyQuest | PRODUCT CODE: 1183330
Global Laser Engraving Machine Market was valued at USD 3.5 billion in 2021, and it is expected to reach a value of USD 6.19 billion by 2028, at a CAGR of more than 8.5% over the forecast period (2022- 2028).
The market has grown as a result of the increasing use of laser marking machines in automation processes for mass production. Almost all types of materials can be marked with logos, bar codes, and matrix codes using laser marking systems. The demand for laser marking equipment and services has increased significantly within the medical industry as a result of the COVID-19 outbreak. The demand for masks and certain other covid treatment-related medical devices has unexpectedly increased, and manufacturers of these products have begun using laser marking machines to mark their brand names and certifications.
Top-down and bottom-up approaches were used to estimate and validate the size of Global laser engraving machine market used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global laser engraving machine market is segmented based on the type, industry, and region. Based on the type, the global laser engraving machine market is segmented as fiber laser engraving machines, co2 laser engraving machines, diode laser engraving machines, and ND: YAG laser engraving machines. Based on industry, the global laser engraving machine market is segmented as automotive, aerospace, packaging, medical, industrial & machine, tools, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
Due to its affordability, distinctiveness as a product, and dependability, laser marking technology is becoming more widely used across a range of industrial sectors. Particularly in the healthcare and defense sectors, administrations are instituting protocols for permanent marking on a variety of products for proof of identity, traceability, and documentation needs. Furthermore, the technology is being widely adopted by the aerospace and automotive industries. In the auto industry, serial numbers are engraved on tires without changing their structural integrity using markers. Since laser marking offers higher durability than traditional engraving techniques, it is regarded as a flexible substitute for marking a variety of aircraft parts.
Restraint
Global product demand is anticipated to increase as a result of a growing number of strict government regulations and recommendations for marking surgical and medical equipment to improve their traceability. Additionally, there has been an increase in demand for leather goods that can be personalized, such as leather jewelry, purses, and handbags, with monogrammed initials and names being among the most popular additions. Therefore, throughout the forecast period, market demand from these industries is anticipated to propel the growth of engraving technologies like laser marking systems. However, it is anticipated that the high cost of laser engraving machines will prevent small and medium-sized businesses from adopting them, limiting the market's growth.
Market Trends
Laser engraving machines have become an essential tool in inventory management and control, part identification, and loss prevention because they produce easily traceable labeling on products. The laser engraving market is expanding globally as a result of new applications in industries like clothing stores, digital and retail signs, fabric stores, gadgets & sports equipment, metalworking, model making, and woodworking.