Laser Processing Market Is Expected To Expand At A CAGR Of 9.1% From 2022 To 2030
Laser Processing Industry Overview
The global laser processing market size is expected to reach USD 38.22 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2022 to 2030. The rising utilization of expensive laser-drilling techniques for oil and gas exploration purposes is projected to substitute the traditional methods. Decreasing drilling costs are anticipated to increase the feasibility of uneconomic oil deposits, thus positively impacting the market growth. The growing need for this type of processing in industrial solar modules is further expected to fuel the market growth.
The requirement for laser technology in the medical sector is projected to witness significant growth due to increasing technological advancements. These technical developments offer faster recovery time, smaller incisions, and lesser pain. The increasing adoption of these methodologies is expected to spur the demand for surgical lasers. Advancements leading to enhanced edge quality and cutting speeds are anticipated to offer growth avenues for the market. Furthermore, the manufacturing sector has increased the adoption of laser technology for processing the material due to many advantages over traditional material processing, which is expected to be one of the major factors driving the market.
Laser Processing Market Segmentation
Grand View Research has segmented the global laser processing market based on product, process, application, and region:
Based on the Product Insights, the market is segmented into Gas Lasers, Solid-state Lasers, Fiber Lasers, and Others.
- The gas segment dominated the market with a revenue share of more than 55.0% in 2021. The gas segment entails copper, nitrogen, carbon dioxide, carbon monoxide, argon-ion, and helium-neon lasers. The solid-state segment is further categorized as Q-switched Nd: YAG lasers, small diode-pumped Nd: YAG or Nd: YVO4 lasers, and larger lasers in side-pumped or end-pumped configurations. The usage of fiber lasers facilitates manufacturers to exploit the benefits of this technology in their manufacturing processes.
- The solid laser industry is predicted to grow at a lucrative rate over the forecast period. This laser minimizes material waste in the active medium and produces high-quality continuous and pulsed output. Solid lasers have numerous applications, such as endoscopy in medical, drilling holes in metals, and targeting in the military. The growing demand for these lasers across diversified verticals, such as automotive, aerospace, machine tools, medical, and packaging, is projected to spur the global market growth over the forecast period.
Based on the Process Insights, the market is segmented into Material Processing, Marking and Engraving, and Micro-Processing.
- The material processing segment dominated the market with a revenue share of over 70.0% in 2021. This section includes all the major aspects of laser and material processing, including hybrid processes, development, and implementation of laser beam welding, micro-drilling, surface modifications, cutting and machining, direct manufacturing and forming micro deposition, and ablation of bulk material and coatings.
- Laser processing proves beneficial for mining and drilling activities, predominantly crude oil extraction. For example, the main development areas offered by Aerotech comprise mechanics, controls, and laser controls. They then aid the OEMs, system integrators, and end-users with the process of etching, marking systems, welding, and cutting systems. Furthermore, the espousal of water jet cutting technology results in a smooth cutting surface with narrow cuts, subsequently increasing the overall process efficiency and thereby spurring the market growth.
Based on the Application Insights, the market is segmented into Automotive, Aerospace, Machine Tools, Electronics and Microelectronics, Medical, and Packaging.
- The machine tools segment led the market with a revenue share of over 30.0% in 2021. The increasing adoption of lasers in the industrial sector for various material processing applications, such as cutting, welding, drilling, and engraving, is projected to drive the machine tools application segment. The surging demand in microelectronics and the medical sector is anticipated to spur growth in the global laser processing industry. Welding plays a significant role in the production of medical devices.
- Silicon nanocrystals are similar to GaAs and InP. All-silicon laser combines optoelectronics and microelectronics used in various fields such as sensing, communication, displays, detection, and imaging. Moreover, emerging applications in the automotive and oil and gas sectors and the surging demand in machine tools manufacturing are anticipated to augment the industry growth. Additionally, laser cutting offers high processing speeds, upsurges the quality of cutting edges, and provides low heat input into the material for automobile production.
Laser Processing Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by intense competition with the presence of a few major global players holding a significant market share. Key players emphasize new product developments to offer avenues for increased profitability through better customer relationships. Companies such as Universal Laser Systems offer products for security agencies and military branches for asset management, custom parts fabrication, and other production and security uses. These systems are also used on airfields, military bases, and naval vessels across the globe. Some prominent players in the global laser processing market include:
- Altec GmbH
- Alpha Nov laser
- Amada Co., Ltd.
- Bystronic Laser AG
- Epilog Laser, Inc.
- Eurolaser GmbH
- Han's Laser Technology Industry Group Co., Ltd.
- IPG Photonics Corporation
- Newport Corporation (MKS Instruments, Inc.)
- LaserStar Technologies Corporation
- Coherent Inc.
- IPG Photonics Corporation
- Newport Corporation
- Trumpf GmbH + Co. KG
- Universal Laser Systems, Inc.
- Xenetech Global Inc.
Order a free sample PDF of the Laser Processing Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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