Laser Processing Market: Innovations Driving Growth In Industrial Applications

Laser Processing Industry Overview

The global laser processing market size was valued at USD 17.48 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030. 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.

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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.

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.

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• The global personal computers market size was estimated at USD 155.19 billion in 2023 and is anticipated to grow at a CAGR of 8.0% from 2024 to 2030. The digitalization of various aspects of daily life and work significantly drives the growth of the market.

• The global loudspeaker market size was valued at USD 6.52 billion in 2023 and is projected to grow at a CAGR of 7.3% from 2024 to 2030. The rising demand for consumer electronics and individuals purchasing electronic gadgets such as smartphones, tablets, and smart TVs with integrated speakers is boosting the demand for loudspeakers.

Laser Processing Market Segmentation

Grand View Research has segmented the global laser processing market based on product, process, application, and region:

Laser Processing Product Outlook (Revenue, USD Million, 2017 – 2030)
• Gas Lasers
• Solid-state Lasers
• Fiber Lasers
• Others

Laser Processing Process Outlook (Revenue, USD Million, 2017 – 2030)
• Material Processing
• Marking and Engraving
• Micro-Processing

Laser Processing Application Outlook (Revenue, USD Million, 2017 – 2030)
• Automotive
• Aerospace
• Machine Tools
• Electronics and Microelectronics
• Medical
• Packaging

Laser Processing Regional Outlook (Revenue, USD Million, 2017 – 2030)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa

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Key Companies profiled:
• Altec GmbH
• Alpha Nov laser
• Amada Co., Ltd.
• Bystronic Laser AG
• Coherent Inc.
• Epilog Laser, Inc.
• Eurolaser GmbH
• Han’s Laser Technology Industry Group Co., Ltd.
• IPG Photonics Corporation
• Newport Corporation (MKS Instruments, Inc.)
• LaserStar Technologies Corporation
• Coherent Inc.
• IPG Photonics Corporation
• Newport Corporation
• Trumpf GmbH + Co. KG
• Universal Laser Systems, Inc.
• Xenetech Global Inc.