Global laser processing market size and share is currently valued at USD 6.40 billion in 2023 and is anticipated to generate an estimated revenue of USD 14.94 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 9.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
Laser processing is a non-contact manufacturing technology that employs focused laser beams for a variety of applications, including cutting, welding, drilling, marking, and surface treatment. The versatility and precision of laser processing make it an indispensable tool in industries such as automotive, aerospace, healthcare, electronics, and semiconductors. Its ability to deliver high-quality results with minimal material wastage has significantly enhanced its adoption across various sectors.
Advancements in laser technologies, such as fiber lasers and CO2 lasers, have further expanded the capabilities of laser processing, enabling manufacturers to work with a wide range of materials, including metals, plastics, ceramics, and composites.
Market’s Growth Drivers:
Several factors are driving the growth of the laser processing market, including:
- Rising Demand for Miniaturized Electronics: The increasing trend towards smaller, more efficient electronic devices has heightened the demand for laser processing solutions, particularly in the semiconductor and microelectronics industries.
- Growing Automation in Manufacturing: The push for smart factories and Industry 4.0 integration has increased the adoption of laser processing for automated and high-precision manufacturing processes.
- Expanding Applications in Healthcare: Laser processing is finding extensive use in the medical industry for surgical procedures, medical device manufacturing, and laser-based therapies.
- Environmental and Cost Benefits: Laser processing reduces material waste, energy consumption, and overall manufacturing costs, making it a sustainable and cost-effective solution.
Major Key Players:
- Epilog laser
- Eurolaser
- Gravotech Marking
- Hans Laser Technology Group Co., Ltd
- IPG Photonics
- Jenoptik AG
- Laserstar
- Lumentum
- Lumibird
- MKS Instruments
- Novanta
- Trumpf
Browse Full Report:
https://www.polarismarketresearch.com/industry-analysis/laser-processing-market
Recent Developments:
In January 2024, Coherent unveiled the OBIS 640 XT, a red laser module engineered to enhance its existing range of blue and green laser modules. This latest innovation offers low noise, increased output power, a compact form factor, and superior beam quality. When integrated with Coherent’s blue and green laser modules, the OBIS 640 XT creates a versatile and high-performance solution, ideal for Single Resonator Module (SRM) systems.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Laser Processing Market, Laser Type Outlook (Revenue – USD Billion, 2019-2032)
- Solid Lasers
- Liquid Lasers
- Gas Lasers
- Other Types
Laser Processing Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Magnetic Resonance
- Cutting
- Welding
- Drilling
- Marking and engraving
- Micro processing
- Advanced processing
- Other application
Laser Processing Market, Discrete Industry Outlook (Revenue – USD Billion, 2019-2032)
- Fixed
- Moving
- Hybrid
Laser Processing Market, Industry Outlook (Revenue – USD Billion, 2019-2032)
- Machine tools
- Microelectronics
- Automotive
- Medical & Life Sciences
- Aerospace
- Architecture
- Other Industries
The laser processing market is poised for substantial growth, fueled by technological advancements and the expanding adoption of laser technologies across industries. Emerging applications, such as 3D printing and additive manufacturing, are expected to create new opportunities for the market. Additionally, the increasing focus on renewable energy and sustainability will likely drive innovation in laser processing technologies to support eco-friendly manufacturing processes.