Laser Processing Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Fiber Laser, Solid State Laser, Diode Laser, Others), By Application (Cutting, Welding, Drilling, Microprocessing, Marking & Engraving, Others), By End-Use Industry (Aerospace And Defense, Automotive, Healthcare, Industrial, Architecture, Electronics And Microelectronics, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Jul 2023
- Report Code : KSI061610298
- Pages : 183
The laser processing market is anticipated to reach US$18,154.177 million by 2027 from US$11,837.003 million in 2020 with a CAGR of 6.30%.
Laser processing refers to the use of high-intensity light beams in material fabrication which include activities like cutting, engraving, drilling, and welding, among others. Increasing applications in medical devices and surgeries are one of the major market drivers anticipated to propel the growth of the laser processing market during the forecast period. Also, the rapid growth of nano-fabrication technology is expected to contribute to the growth of the global laser processing market. Furthermore, the manufacturing sector is increasingly adopting laser for material processing due to a large number of advantages it provides over traditional material processing, which is anticipated to be one of the prominent reasons driving the market growth. However, the high initial cost of laser processing systems is one of the major restraints of the global laser processing market. Also, the inability of lasers to cut thick metals and the need for expertise are some other factors expected to restrain the market growth.
The outbreak of the novel coronavirus disease had a negative impact on the laser processing market. The manufacturing facilities were shut down in many parts of the world as a measure to curb the spread of coronavirus, which led to a decline in market growth. Also, the travel restrictions led to supply chain disruptions in the market which harmed the market. Moreover, even after the opening of the manufacturing facilities, a dearth of laborers was reported in many places which further diminished the size of the laser processing market during the pandemic.
Advantages over traditional material processing.
One of the major factors anticipated to drive the growth of the laser processing market during the forecast period is the large number of advantages provided by laser material processing over the traditional methods, which is anticipated to lead to a rise in the adoption of lasers for material processing during the forecast period. With the rise in the demand for miniaturization of microelectronics, laser cutting is increasingly being used as laser cutters have extremely high accuracy and precision which is required in such conditions where tolerances are extremely tight hence it makes laser cutter the best choice. Also, it is high-speed and produces products without the need for retooling. Furthermore, laser weld provides higher weld strength as the laser weld is narrow with an excellent depth-to-width ratio. Moreover, lasers allow the drilling of a large variety of materials, from rubber and wood to very hard metals such as diamonds and ceramics. Also, a large depth-diameter ratio can be obtained by laser drilling. Many such advantages provided by the use of laser in material processing, coupled with the miniaturization of microelectronics prompting an increased need for precision, are projected to lead to a surge in the growth of the laser processing market during the assessment period.
Advancements in laser processing with new product launches.
The development of innovative and next-generation products is making manufacturing and industrial processes easy which is anticipated to lead to an increased demand for laser processing products in the coming years. In June 2019, II?VI Incorporated launched high-speed RLSK remote laser processing heads with integrated vision systems that allow advanced precision welds that are vital in next-generation automotive manufacturing. The new vision system that the product possesses has high precision seam tracking capabilities which allow fillet welds that save material and hence the manufactured vehicles are lightweight and consequently fuel-efficient. In June 2020, Yamazaki Mazak announced to introduction of a high-productivity laser processing machine that is able to cut a large number of small and medium-diameter tubes at a fast pace. It has the capability to cut various different kinds of materials such as copper, aluminum, mild steel, stainless steel, and brass, which are generally used in automotive, construction, architectural, and furniture industries. Furthermore, in January 2021, Opt Lasers introduced a new product called PLH3D-15W which is the world's first compact three-laser-diode laser head for CNC machines. Many such new products are being developed with advances in laser processing which is anticipated to propel the growth of the laser processing market during the forecast period.
The Asia Pacific dominates the market.
Geographically, the Asia Pacific region is anticipated to hold a significant market share and is projected to witness the fastest growth owing to the use of laser processing in manufacturing, largely in China. Furthermore, the growth of end-use industries such as electronics, healthcare, and construction is expected to surge the market growth in the region in the coming years.
Laser Processing Market Scope:
Report Metric | Details |
Market Size Value in 2020 | US$11,837.003 million |
Market Size Value in 2027 | US$18,154.177 million |
Growth Rate | CAGR of 6.30% from 2020 to 2027 |
Base Year | 2020 |
Forecast Period | 2022–2027 |
Forecast Unit (Value) | USD Million |
Segments Covered | Type, Application, End-Use Industry, and Geography |
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies Covered | Epilog Laser, Jenoptik Ag, Newport Corporation, Coherent, Inc., Trumpf Group, Lumentum Holdings, Inc., Ipg Photonics, Inc., Gravotech, Ii-vi Incorporated, Han's Laser Technology Industry Group Co., Ltd |
Customization Scope | Free report customization with purchase |
Market Segmentation:
- By Type
- Fiber laser
- Solid state laser
- Diode laser
- Others
- By Application
- Cutting
- Welding
- Drilling
- Microprocessing
- Marking & Engraving
- Others
- By End-Use Industry
- Aerospace and Defense
- Automotive
- Healthcare
- Industrial
- Architecture
- Electronics and Microelectronics
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America
Frequently Asked Questions (FAQs)
1. INTRODUCTION
1.1. MARKET OVERVIEW
1.2. COVID-19 SCENARIO
1.3. MARKET DEFINITION
1.4. SCOPE OF THE STUDY
1.5. CURRENCY
1.6. SEGMENTATION
1.7. ASSUMPTIONS
1.8. BASE, AND FORECAST YEARS TIMELINE
2. RESEARCH METHODOLOGY
2.1. RESEARCH DESIGN
2.2. SECONDARY SOURCES
2.3. VALIDATION
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. DRIVERS
4.1.1. GROWING INVESTMENTS, MERGERS, AND ACQUISITIONS IN LASER PROCESSING
4.1.2. OPTIMAL PERFORMANCE AND INCREASED RESEARCH AND DEVELOPMENT
4.2. RESTRAINTS
4.2.1. HIGH INITIAL INVESTMENT AND MAINTENANCE COSTS
4.2.2. OTHER PROCESSING ALTERNATIVES THREATEN LASER PROCESSING
4.3. PORTER’S FIVE FORCES ANALYSIS
4.3.1. BARGAINING POWER OF SUPPLIERS
4.3.2. BARGAINING POWER OF BUYERS
4.3.3. THREAT OF NEW ENTRANTS
4.3.4. THREAT OF SUBSTITUTES
4.3.5. COMPETITIVE RIVALRY IN THE INDUSTRY
4.4. INDUSTRY VALUE CHAIN ANALYSIS
5. LASER PROCESSING MARKET BY TYPE
5.1. INTRODUCTION
5.2. FIBER LASER
5.3. SOLID STATE LASER
5.4. DIODE LASER
5.5. OTHERS
6. LASER PROCESSING MARKET BY APPLICATION
6.1. INTRODUCTION
6.2. CUTTING
6.3. WELDING
6.4. DRILLING
6.5. MICROPROCESSING
6.6. MARKING & ENGRAVING
6.7. OTHERS
7. LASER PROCESSING MARKET BY END-USE INDUSTRY
7.1. INTRODUCTION
7.2. AEROSPACE AND DEFENSE
7.3. AUTOMOTIVE
7.4. HEALTHCARE
7.5. INDUSTRIAL
7.6. ARCHITECTURE
7.7. ELECTRONICS AND MICROELECTRONICS
7.8. OTHERS
8. LASER PROCESSING MARKET BY GEOGRAPHY
8.1. INTRODUCTION
8.2. NORTH AMERICA
8.2.1. U.S.A
8.2.2. CANADA
8.2.3. MEXICO
8.3. SOUTH AMERICA
8.3.1. BRAZIL
8.3.2. ARGENTINA
8.3.3. OTHERS
8.4. EUROPE
8.4.1. GERMANY
8.4.2. FRANCE
8.4.3. UNITED KINGDOM
8.4.4. OTHERS
8.5. MIDDLE EAST AND AFRICA
8.5.1. SAUDI ARABIA
8.5.2. UAE
8.5.3. OTHERS
8.6. ASIA PACIFIC
8.6.1. CHINA
8.6.2. INDIA
8.6.3. JAPAN
8.6.4. SOUTH KOREA
8.6.5. TAIWAN
8.6.6. THAILAND
8.6.7. INDONESIA
8.6.8. OTHERS
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. MAJOR PLAYERS AND STRATEGY ANALYSIS
9.2. EMERGING PLAYERS AND MARKET LUCRATIVENESS
9.3. MERGERS, ACQUISITIONS, AGREEMENTS, AND COLLABORATIONS
9.4. VENDOR COMPETITIVENESS MATRIX
10. COMPANY PROFILES
10.1. EPILOG LASER
10.1.1. OVERVIEW
10.1.2. PRODUCTS AND SERVICES
10.2. JENOPTIK AG
10.2.1. OVERVIEW
10.2.2. PRODUCTS AND SERVICES
10.2.3. FINANCIALS
10.2.4. RECENT DEVELOPMENTS
10.3. NEWPORT CORPORATION
10.3.1. OVERVIEW
10.3.2. PRODUCTS AND SERVICES
10.3.3. FINANCIALS
10.3.4. RECENT DEVELOPMENTS
10.4. COHERENT, INC
10.4.1. OVERVIEW
10.4.2. PRODUCTS AND SERVICES
10.4.3. RECENT DEVELOPMENTS
10.5. TRUMPF GROUP
10.5.1. OVERVIEW
10.5.2. PRODUCTS AND SERVICES
10.5.3. FINANCIALS
10.5.4. RECENT DEVELOPMENTS
10.6. LUMENTUM HOLDINGS, INC.
10.6.1. OVERVIEW
10.6.2. PRODUCTS AND SERVICES
10.6.3. FINANCIALS
10.6.4. RECENT DEVELOPMENTS
10.7. IPG PHOTONICS, INC.
10.7.1. OVERVIEW
10.7.2. PRODUCTS AND SERVICES
10.7.3. FINANCIALS
10.7.4. RECENT DEVELOPMENTS
10.8. GRAVOTECH
10.8.1. COMPANY OVERVIEW
10.8.2. PRODUCTS AND SERVICES
10.8.3. RECENT DEVELOPMENTS
10.9. II-VI INCORPORATED
10.9.1. COMPANY OVERVIEW
10.9.2. PRODUCTS AND SERVICES
10.9.3. FINANCIALS
10.9.4. RECENT DEVELOPMENTS
10.10. HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO., LTD
10.10.1. COMPANY OVERVIEW
10.10.2. PRODUCTS AND SERVICES
10.10.3. FINANCIALS
10.10.4. RECENT DEVELOPMENTS
EPILOG LASER
JENOPTIK AG
NEWPORT CORPORATION
TRUMPF GROUP
LUMENTUM HOLDINGS, INC.
IPG PHOTONICS, INC.
GRAVOTECH
II-VI INCORPORATED
HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO., LTD
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