The global laser processing market size was valued at USD 17.48 billion in 2021 and is expected to reach USD 38.22 billion by 2030, exhibiting a CAGR of 9.1% over the forecast period. The market growth is attributed to the increased usage of lasers in medical devices and surgery applications. In addition, the rapid growth of nano-fabrication technology is expected to contribute to the growth of the global 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.
For example, the traditional manual metal arc welding method is used to cause high potential environmental impacts. This was a hot issue that was solved by adopting laser technology in the car industry. For instance, in July 2021, Furukawa Electric launched an Industrial fiber laser. This machine has a 12kw fiber laser system used to weld the car bodies and their parts, including the aluminum process, battery welding, and motors.
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Government regulations concerning the application of this technology in the marking and engraving of products are projected to favorably impact the market growth over the forecast period. The market is anticipated to witness high growth over the next few years due to this technology’s usage across a broad range of applications, comprising welding, marking, cutting, drilling, and engraving.
The strict government directives for the usage of laser technology in marking and engraving, coupled with the growing adoption of lasers in medical devices and surgeries, are anticipated to spur market growth in the near future. For instance, LASIK & Refractive technology is used in laser eye surgery to correct refractive errors like myopia, hyperopia, presbyopia, and astigmatism.
Furthermore, technical developments have improved the edge quality and cutting speed of laser processing. For instance, Hamamatsu Photonics has developed spatial light modulator (SLM), a liquid-crystal with the highest pulsed laser power capabilities of up to 400 GW/cm2, allowing customers to achieve high-throughput and high-precision laser processing.
Laser Processing Market Segmentation
Based on the Product Insights, the market is segmented into Gas, Solid-state, Fiber, and Others.
Based on the Process Insights, the market is segmented into Material Processing, Marking and Engraving, and Micro-Processing.
Based on the Application Insights, the market is segmented into Automotive, Aerospace, Machine Tools, Electronics & Microelectronics, Medical, and Packaging.
Based on the Laser Processing Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).
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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.
Some prominent players in the global laser processing market include:
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