Research and Markets recently published a report on, "Global Laser Processing Technology Market Size, Trends & Growth Opportunity, By Product, By Process, By Application, By Region and Forecast to 2030". According to the report, the Global Laser Processing Technology Market was valued at USD $19.06 Billion in 2022 which is expected to reach USD $45.03 million by 2030 at a CAGR 11.34%.
Laser processing technology provides speed & high accuracy for various industrial processes as compared to conventional processing methods. This is non-contact processes, which delivers clean and damage free processes. This technology is widely used across industry verticals such as Packaging, Medical, Electronics and Microelectronics, Machine Tools, Aerospace, and Automotive.
Rise in usage of lasers in processing materials is the key driving factor which is expected to boost the global laser processing market growth.
Furthermore, rise in adoption of this technology in industrial & manufacturing sectors will have the positive impact on market growth.
Moreover, government rules and regulations concerning the application of this technology in the marking and engraving of products will favorably impact on market growth during this forecast period. In addition to that, increase in demand for this technology across a broad range of applications welding, cutting, marking, engraving, comprising, and drilling will fuel the market growth.
However, high deployment cost is the major restraining factor which is expected to hamper the global laser processing market growth. Also, lack of qualified personnel will affect the market growth.
Global Laser Processing Market is segmented into product such as Solid-state, Gas, Fiber, and Others, by process such as Micro-processing, Marking and Engraving, and Material Processing. Further, market is segmented into application such as Packaging, Medical, Electronics and Microelectronics, Machine Tools, Aerospace, and Automotive.
Also, Global Laser Processing Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
- By Product
- By Process
- Marking and Engraving
- Material Processing
- By Application
- Electronics and Microelectronics
- Machine Tools
- By Region
- North America
- Latin America
- Asia pacific
- Middle East & Africa
- Companies Mentioned
Click here to read the report titled, "Global Laser Processing Technology Market Size, Trends & Growth Opportunity, By Product, By Process, By Application, By Region and Forecast to 2030".