Laser Processing Market 2021: Will Promptly Grow in Near Future 2027
The global laser processing market was valued at USD 4991.2 million in 2020 to USD 8226.87 million by 2027, at a CAGR of 7.4% from 2021 to 2027. Diversified application areas is projected to spur the laser processing market growth over the forecast period. The industry is expected to gain traction in the near future owing to the rising espousal of lasers in the industrial sector for several-material processing applications such as cutting, welding, drilling, and engraving. The material processing segment is expected to witness high growth over the forecast period as an espousal of this technology in manufacturing procedures offers greater speed and smooth industrial processes. Laser technology offers high precision cutting, drilling, welding, and marking & engraving without damaging the material.
The global laser processing value chain analysis comprises raw material, suppliers, manufacturers, distributors, and end-use industries. The various raw materials include crystal & optics, exotic materials, and other electrical and mechanical components. The raw materials or sub-components required in the manufacturing process are sourced from numerous suppliers. Key components & materials, such as crystals & optics and exotic materials used in manufacturing products, are bought from sole or limited source suppliers. The pricing and availability of these raw materials are highly volatile, owing to the domestic and international economic conditions.
The increasing adoption of lasers for material processing is expected to drive the laser processing market growth over the forecast period. The adoption of laser technology in the manufacturing process offers high speed as well as accurate industrial processes. The rapid adoption of lasers for material processing has changed the market scenario in the past few decades. The ability to offer more accurate and high-speed industrial processes than conventional techniques is responsible for adopting laser technology in manufacturing processes.
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Global Laser Processing Market Dynamics
Drivers: Increasing Demand in Industrial and Medical Applications
The growing implementation of high-cost laser drilling in oil & gas exploration fields is anticipated to replace the conventional techniques. Furthermore, reducing drilling costs can make the uneconomic oil deposits viable, thereby favorably impacting the laser processing market. The rising need for laser processing in the industrial solar module will drive market growth. The upsurge in demand from the industrial sector will grow the demand for high-power lasers. High power lasers for hardfacing (laser cladding) act as an alternative to methods such as oxy-fuel gas welding, arc welding, and thermal spraying.
Laser processing systems have a more comprehensive range of industrial applications, further segmented into microprocessing and macro processing. Different processes such as marking & engraving, shaping, sizing, and micro-machining the objects employ laser technology. Microprocessing applications include producing printed circuit boards, flat panel displays, semiconductors, and solar cells. Macro processing applications include welding, marking applications, and cutting.
Restraints: High Cost of ownership
In applications such as medical device manufacturing, high-power CO2 and high-pulse-energy are expected to increase demand considerably. With devices becoming more specialized, these lasers are expected to become unsuitable in certain cases. Moreover, with the high cost of ownership associated with these lasers, manufacturers prefer alternatives such as Q-switched Diode-Pumped Solid State Lasers (DPSSLs), which offer better quality for cutting contoured shapes glass processing. High power DPSS lasers replace flash-lamp-pumped lasers and ion lasers because of their efficiency and compactness. Moreover, swerving macroeconomic trends propelled by the Euro crisis, coupled with the lack of technical expertise to implement laser processing, is projected to hinder the market growth. The high cost of ownership, which includes initial funding and execution & maintenance costs, is estimated to hamper the laser processing market growth over the forecast period.
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Scope of the Report
The study categorizes the laser processing market based on product, process, application, and regions.
By Product Outlook (Sales, USD Million, 2017-2027)
- Gas Lasers
- Solid-State Lasers
- Fiber Lasers
By Process Outlook (Sales, USD Million, 2017-2027)
- Material Processing
- Marking & Engraving
By Application Outlook (Sales, USD Million, 2017-2027)
- Machine Tools
- Electronics & Microelectronics
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Gas Lasers, by product, is accounted for the largest market segment during the forecast period
Based on the product, the global laser processing market has...
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