The Europe Laser Processing Market would witness market growth of 8.7% CAGR during the forecast period (2022-2028).
Lasers are utilized in macro and micromaterial processing, as well as marking and engraving. Micro processing operations encompass micromachining and microfabrication of semiconductors, printed circuit boards, and electronic components, among others, while macro processor applications include cutting, drilling, welding, and labelling. Only a few types of lasers are employed in materials processing applications, even though many have been produced throughout the years. Each laser variation differs in terms of beam quality and wavelength of the laser beam.
The rising use of lasers in medical equipment and medical activities is credited for the market's growth. Furthermore, the rapid advancement of nanofabrication technology is likely to contribute to the market's expansion. Furthermore, system has several advantages over conventional material processing, the manufacturing sector has boosted its acceptance of laser technology for material processing.
Over the projection period, government laws governing the use of this technique in product marking and engraving are expected to positively impact market growth. Due to the technology utilized in a wide range of applications, such as welding, marking, piercing, cutting, and engraving, the market is expected to rise rapidly in the coming years.
One of Italy's most important industries is the automobile. In 2019, sales were about €106 billion accounting for 11% of Italy's industrial turnover and 6.2 percent of GDP. The transition from internal combustion engines to electromobility (hybrid and electric) is altering the industry. The expansion of the aftermarket industry in Italy may also be influenced by major changes in the circulation stock.
Purchase incentives and restrictions on traditional cars' access into city centers are assisting in the uptake of hybrid electric vehicles. The Ministry of Commerce And industry provides incentives for the purchase of low-emission vehicles, which are available for both cars and light trucks. The national incentives, which are in effect until December 31, 2021, are meant to promote accessibility and sustainably promote the automotive sector.
Incentives to acquire electric vehicles, on the other hand, are insufficient to enable this mobility shift. To allow users to charge their automobiles fast and safely, proper charging infrastructure is required. In Italy, the quantity of charging stations is steadily increasing (23,000 units in June 2021) the investment in the automobile sector increases the growth of the vehicle manufacturing which drives the growth of the laser processing in this region.
The Germany market dominated the Europe Laser Processing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,094.2 million by 2028. The UK market is estimated to grow at a CAGR of 7.9% during (2022 - 2028). Additionally, The France market would witness a CAGR of 9.5% during (2022 - 2028).
Based on Process, the market is segmented into Material Processing, Marking & Engraving, Micro-Processing. Based on Application, the market is segmented into Machine Tools, Electronics and Microelectronics, Automotive, Medical, Packaging, Aerospace, and Others. Based on Product, the market is segmented into Gas Lasers, Solid-state Lasers, Fiber Lasers, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Laser Processing Market Size will Hit $31.4 Billion by 2028, at a CAGR of 6.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Coherent, Inc., IPG Photonics Corporation, Lumentum Holdings, Inc., Jenoptik AG, TRUMPF GmbH + Co. KG, Han’s Laser Technology Industry Group Co., Ltd., Epilog Laser, LUMIBIRD, LaserStar Technologies Corporation, and Gravotech Marking.
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