Laser Processing Market will exhibit a CAGR of 9.20% in the forecast period of 2022-2030 and is expected to reach 45.3 Billion by 2030
The laser Processing Market is estimated to reach USD 45.3 Billion by 2030, registering a 9.20% CAGR during the forecast period, 2022-2030. The laser processing techniques are utilized in industrial procedures to modify the shape and appearance of the industrial material according to the requirement. The other usages of laser technology serve varied medical applications, including dentistry, ophthalmology, urology, skin cosmetics, etc.
The potential advantages of laser processing over conventional processing methods for precision and accuracy are considered the growth-stimulating factors of the Laser processing market. When the articles are processed using laser cutting technology, they won’t require retooling. Therefore the quality of the finished products increases the demand for those products. Such factors of the laser technology propel the industrial sectors to deploy the laser processing technology in the manufacturing department. On the other hand, laser processing can be done on varied materials, including ceramics, composites, plastics, polymers, adhesives, metals, etc.
The widespread of COVID 19 has adversely impacted the overall growth of the Laser processing industry. The COVID 19 has affected the production rates in several industrial verticals, owing to the reduction in manpower, stringent regulations imposed across several countries have led to the shutting down of various industries. Therefore the demand for laser processing has reduced significantly in recent times. The demand for various industrial products also has reduced during the pandemic as the priority was given to medical emergencies.
The supply chain disruptions and inadequate raw materials for the production of automotive parts, industrial products, manufacturing of metals, steel, copper, have been reduced tremendously. A recent survey conducted by the National Association of Manufacturers shows that the metal manufacturers have faced over 80% financial distress due to the pandemic. Such factors have affected the growth of the industry.
The increasing utilization of laser technology in the disc storage application due to the improved quality of audio and videos stored in the HD DVDs and HD3D displays over the conventional discs are propelling the overall growth of the industry.
The laser processing market is increasingly implanting advanced technologies which include, AR/VR techniques, vertical-cavity and surface-emitting laser, LiDAT, incorporating the blue light in the processing the metals are increasing the laser processing market demand in recent years. On the other hand, the advent of Ultra-short laser equipment which is processing materials with supreme quality in the industrial sectors is one of the factors that are fuelling the overall growth of the laser processing market.
The increasing customer base for consumer electronic devices in several countries is presenting lucrative opportunities for the growth of the market. Consumer electronics is the segment that intensively uses the Laser processing technique; hence the growth of consumer electronics is expected to influence the growth of the laser processing market.
The medical and marking applications using laser technologies are providing quality end products. The increasing demand for optical disc data storage, laser microchemistry, and dental treatment is further propelling the overall growth of the laser processing industry.
The setting up of the laser technology for the required application is comparatively difficult and expensive. The requirement of enormous resources to carry out the processing of varied applications is hindering the overall growth of the laser processing market.
The maintenance costs of conventional plasma cutting are about USD 5000 every year, whereas the maintenance costs for the laser processing and cutting machines require about USD 10000 every year, however, the prices of products processed through laser technology are declining, the technology remains costly comparatively.
The advent of technology in the laser processing market required skilled professionals to operate the machines. Lack of skilled professionals in the industry is considered to be the major challenge for the overall growth of the market.
The higher operational costs and the higher ownership costs which include maintenance and the varied macroeconomic conditions are presenting challenges in the laser processing market growth.
The laser processing market is expected to surpass the market value of USD 45.3 Billion by the year 2030 while projecting a healthy CAGR of 9.20% during the forecast period. The potential benefits of the laser processing techniques over the conventional material processing methods are considered as the primary driver of Laser processing market growth. Laser processing is found to be effective in processing miniature materials in the microelectronic industries. Additionally, the demand for the accuracy and precision of industrial materials is increasing where the tolerance rate is extremely tight. Such applications are choosing the laser processing techniques over traditional processing methods. Furthermore, the processed materials don’t require retooling, which saves significant time and energy.
Moreover, the end-user applications for the laser processing industry are increasing owing to the potential benefits of laser. On the other hand, the growing advancements in the laser processing industry which include the deployment of blue light, reduction in the overall size of the laser processing machines, increasing the processing speed to combat the huge industrial demand are fuelling the laser processing market growth.
The increasing investment in the manufacturing and industrial sectors by the developed countries has increased the demand for high-quality and high-standard, genuine products among the consumer. Such attitude of the consumers has increased the demand for the Laser processing industry. Increasing demand for convenient and smart medical devices, combined with advancements in the medical industry is propelling the laser processing market growth in recent times. Laser processing techniques are intensively utilized in the applications such as Printers, scanners, rangefinders, headlights of the automotive, medical devices, construction, furniture sculpting, security systems, engraving of the industrial materials, embossing on miniature electronics, engraving on the consumer electronics, and so on. Such a varied range of applications and increasing demand for the products of these industries are propelling the overall growth of the laser processing industry.
Additionally, the intensive usage of lasers in the medical industry is also creating a huge impact on the growth of the laser processing industry. The Diode lasers are used in surgical treatment, photodynamic therapies, diagnostics, and various other purposes. Using the diode lasers is proven to reduce blood loss during surgery, alleviate pain and swelling after the surgical process. On the other hand, solid-state lasers were used in soft tissue surgeries in dentistry, ophthalmology, dermatology. Gas lasers are used in face lifting and skin resurfacing and procedures like welding the tissues. Such varied applications and availability of varied types of laser equipment are presenting a lucrative opportunity for the overall growth of the laser processing industry.
Based on Product:
Based on Laser Type:
Based on Application:
Based on End User:
The Asia-pacific region is expected to dominate the laser processing market value in the forecast period, owing to the increasing usage of laser processing in various end-user industries. Since there are several industrial and manufacturing units in China, the demand for laser processing has increased in the region. The growth of end-user industries such as electronics, healthcare, and construction is dominating in the Asia-pacific regions which are stimulating the overall growth of the laser processing industry.
Countries like USD, China, Japan, and Canada collectively projected a market value of over USD 2.5 billion in the year 2020. Also, the increasing demand for the gas segment is expected to drive the overall market value up to 9.20% CAGR in the forecast period. Additionally, the stringent regulations imposed on the laser processing industry in North America are expected to propel the overall growth of the laser processing industry.
In the year 2020:
One of the leading market players, Yamazaki Mazak, has announced their latest laser processing machine. The machine can cut a huge number of tubes with varying diameters at a fast pace compared to the existing laser processing machines. Additionally, the machine can cut various types of materials such as copper, aluminium, mild steel, brass, and stainless steel, which are generally used in the industries such as automotive, construction materials, furniture, and so on.
The Year 2021:
One of the leading companies, Opt Lasers, has launched a newer version of the laser processing machine named PLH3D-15W. The machine is considered the most versatile engraving laser concerning the materials; the compact size of the laser machine can fit into any industrial application and can process a wide range of materials such as wood, leather, textiles, and plastic. The blue laser light is deployed in the machine, which is more efficient than Infra-red lasers. This machine is considered to be the ideal one for huge industrial purposes.
This report has covered:
|Market Size||USD 45.3 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Laser Type, Application, End-User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Altec GmbH (Germany), ALPhANOV (France), Amada Co., Ltd (Japan), Bystronic Laser AG (Switzerland), Coherent Inc. (US), Epilog Laser, Inc. (US), Eurolaser GmbH (Germany), Han's Laser Technology Industry Group Co., Ltd. (China), IPG Photonics Corporation (US), Newport Corporation (MKS Instruments, Inc.) (US), Prima Industries (Italy), LaserStar Technologies Corporation (US), The Needham Group (Needham Coding) (England), Jenoptik Laser GmbH (Germany), Q-Peak Inc. (US), ROFIN-SINAR Technologies Inc. (US), SEI Laser (Italy), Trumpf GmbH + Co. KG (Germany), Universal Laser Systems, Inc. (Japan), Xenetech Global Inc. (US), Trotec Laser GmbH (Austria), FOBA (US), and Mitsubishi Electric (Japan)|
|Key Market Opportunities||Increasing automation across manufacturing facilities.|
|Key Market Drivers||
The global laser processing market is expected to reach a valuation of USD 45.3 Billion by 2030.
The global laser processing market is expected to exhibit a strong 9.20% CAGR over the forecast period from 2022 to 2030.
The precision associated with laser processing is the major driver for the market.
North America is the dominant regional market for laser processing.
Leading players in the global laser processing market include Amada Co. Ltd., Altec GmbH, Bystronic Laser AG, Coherent Inc., Eurolaser GmbH, Q-Peak Inc., Jenoptik Laser GmbH, and others.