Global Laser Processing Market to Grow at 8.93% CAGR, Predicted to Garner USD 46.99 Million by 2032

Posted  by GoPhotonics

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The Brainy Insights, a global and regional market research reports and consulting firm, published a report on, "Laser Processing Market Size by Product, Process, Application, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032". According to the report, the Global Photonic Crystals Market was valued at USD 19.97 billion in 2022 and growing at a CAGR of 8.93% from 2023 to 2032. The market is expected to reach USD 46.99 billion by 2032. Europe is expected to increase the fastest during the forecast period.

Consumer electronics demand is rising across several nations, creating profitable market expansions. Since the consumer electronics industry makes extensive use of the laser processing technique, it is projected that consumer electronics will influence market growth.

Competitive Strategy

To enhance their market position in the global Laser Processing market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

  • In April 2022: TRUMPF introduced its newest TruMicro ultrashort pulse laser product lines, the TruMicro 6000 and TruMicro 2000. The product line offers new technology platforms, which increase adaptability and precise power. The product line for microprocessing will be expanded by the two new generations of TruMicro lasers, which will also provide solutions to meet vital market needs.

Market Growth & Trends

The most common laser processing techniques include material processing, etching, engraving, and micro-processing. This engraving and marking technique produces permanent, fast, and accurate results. They are used in many industrial applications because of their excellent beam quality, high efficiency, and high dependability. The semiconductor, medical, telecommunications, and electronics sectors primarily utilize these. These are also used in various industries, including the military, aircraft, machine tools, automotive, and architecture. In both industrial and commercial procedures, lasers are used for multiple tasks. Laser technology is frequently used in industrial processes such as engraving and branding, material processing, and other micro-processing. The term "material processing" refers to a broad range of operations on non-metal and metal materials, including drilling, engraving, cutting, and marking. There are many advantages of laser technology over conventional methods like plasma, water jet, and flame. Instead of engraving, marking, or drilling, flame and plasma technologies are employed for cutting, while waterjet is utilized for structuring and ablation. However, the waterjet is noisy when operating, which makes it uncomfortable for material processing. Contrarily, laser technology can complete all the above functions without generating noise pollution. The market for laser processing is expected to be fuelled by the potential advantages of precision and accuracy that laser processing has over traditional processing techniques.

Key Findings

  • In 2022, the gas segment dominated the market with the largest market share of 28.15% and market revenue of USD 5.62 Billion.

The product segment is divided into solid-state, gas, fiber, and others. In 2022, the gas segment dominated the market with the largest market share of 28.15% and market revenue of USD 5.62 Billion. The gas segment comprises lasers using helium-neon, argon-ion, carbon dioxide, copper, nitrogen, and other gases.

  • In 2022, the material processing segment dominated the market with the largest market share of 37.24% and market revenue of USD 7.43 Billion.

The process segment is divided into marking and engraving, material processing, and micro-processing. In 2022, the material processing segment dominated the market with the largest market share of 37.24% and market revenue of USD 7.43 Billion. This covers all the critical elements of laser and material processing, including the creation and application of laser beam welding, surface modifications, direct manufacturing, hybrid processes, cutting, and machining, forming micro deposition, ablation of bulk material and coatings, and micro-drilling.

  • In 2022, the machine tools segment dominated the market with the largest market share of 19.85% and market revenue of USD 3.96 Billion.

The application segment is divided into aerospace, electronics and microelectronics, packaging, automotive, medical, and machine tools. In 2022, the machine tools segment dominated the market with the largest market share of 19.85% and market revenue of USD 3.96 Billion. The industrial sector's growing use of lasers for a wide range of material processing tasks, including cutting, welding, drilling, and engraving, is anticipated to fuel the growth of the machine tools segment.

Regional Segment Analysis of the Laser Processing Market:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America)
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

The Asia Pacific region occurred as the largest market for the global Laser Processing industry, with a market share of 39.05% and a market value of around USD 7.79 Billion in 2022. Due to the growing number of OEMs in this area, it is anticipated to have significant growth. It is also projected that China will overtake other countries as the primary user of industrial lasers and micro- and material processing systems. Various reasons, including an increase in OEMs and the growth of the automobile sector, are predicted to contribute to the high development of nations like India, South Korea, Japan, and China.

Key players operating in the global Laser Processing market are:

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Laser Processing market based on below mentioned segments:

Global Laser Processing Market by Product:

  • Solid-state
  • Gas
  • Fiber
  • Others

Global Laser Processing Market by Process:

  • Marking and Engraving
  • Material Processing
  • Micro-Processing

Global Laser Processing Market by Application:

  • Aerospace
  • Electronics and Microelectronics
  • Packaging
  • Automotive
  • Medical
  • Machine Tools

Click here to read the report titled, 'Laser Processing Market Size by Product, Process, Application, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032'.
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