Global Laser Processing Market to Grow at 8.1% CAGR, Expected to Reach USD 41.5 Billion by 2032

Posted  by GoPhotonics

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Persistence Market Research recently published a report on, the "Laser Processing Market Outlook (2022 to 2032)". According to the report, the Laser Processing Market revenue was estimated at US$ 17.5 billion in 2021 and is anticipated to grow at a CAGR of 8.1 % for the forecast period 2022 to 2032. 

By the end of 2032, the laser processing market is expected to reach a valuation of US$ 41.5 billion. Laser processor demand from the material processing segment is expected to dominate the market with a projected CAGR of 7.9% through 2032.

A laser processor is a piece of industrial machinery that employs laser technology to perform a variety of precision manufacturing processes. These include cutting, welding, engraving, drilling, and marking. 

Laser processors can be integrated into production lines and are frequently used in automated manufacturing processes. They can be used in a variety of industries, including aerospace, automotive, electronics, medical devices, and jewellery. 

Laser processing systems are primarily preferred because they offer several advantages over conventional manufacturing processes, such as greater precision, speed, and versatility. 

Precision holes in a variety of auto parts, including brake and exhaust systems can be made using laser drilling. This procedure makes sure that the holes are precisely sized and placed. 

Precision and durability is an essential component for mechanical processes. The effectiveness and quality of various manufacturing units have all been enhanced by laser processing. In particular, it has become a crucial component of the automobile industry. 

There are several types of laser processing technologies, including CO2 lasers, fiber lasers, and diode lasers. Each technology has its own advantages and limitations, and the choice of technology depends on the specific application and material being processed. 

Key Takeaways from Laser Processing Market Study 

  • The global laser processing market showcased a moderate CAGR of 9% in the historical period from 2017 to 2021. 
  • The USA laser processing market size is expected to be worth US$ 6.5 billion by 2032. 
  • The United Kingdom laser processing market witnessed growth at a CAGR of 4.5% from 2017 to 2021. 
  • China laser processing market is anticipated to create an absolute dollar opportunity of US$ 6.2 billion in the next ten years. 
  • Based on product, the gas lasers segment is predicted to expand at around 8% CAGR by the end of 2032. 

Competitive Landscape: Laser Processing Market 

The market players are investing heavily in research and development for new and efficient products. The companies are also focusing on product launches to augment their market positions. 

Suppliers are expanding into new markets with innovative additions to their product lines to command user interest. A few companies are focusing on laser processing technologies that work on different surfaces like wood and metal. The others players are working on high-power laser processors or tending to customization requirements. 

The key players in the market are:

A few recent developments in the Laser Processor Market: 

In May 2021 – OPT lasers announced the launch of the PLH3D-15W, an updated model of laser processing devices. It has the ability to handle a variety of materials, such as wood, leather, fabrics, and plastic, the device is recognized as the most adaptable engraving laser in terms of materials. 

Its small size enables it to fit into any industrial application. In contrast to infrared lasers, the equipment uses blue laser light, which is more effective. This equipment is perfect for heavy industrial applications.

The study reveals segments in terms of 

  • Product (gas lasers, solid-state lasers, and fiber lasers),
  • Process (material processing, marking & engraving, micro-processing),
  • Application (automotive, aerospace, machine tools, electronics & microelectronics, medical, packaging),
  • Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2022 to 2032.

Click here to read the report titled, "Laser Processing Market Outlook (2022 to 2032)".
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