The Global Laser Processing Market size is expected to reach $31.4 billion by 2028, rising at a market growth of 9.2% CAGR during the forecast period.
Laser processing, is a procedure used for laser irradiation, laser cutting, surface modification, laser engraving, laser drilling, and micro processing, is the application of a laser beam to the surface of a material to complete the processing.
Laser processing is being used in a variety of industrial applications. Light Amplification by the Stimulated Emission of Radiation, or LASER, is a type of light that differs from ordinary light in that it contains monochromatic and coherent photons of energy. Laser light, unlike regular light, can focus on a small spot due to the laser beams incredibly low deviation characteristic. Laser beams are commonly employed for treating a variety of materials due to their high-power density.
A laser processing system is a machine that consists of an electrical, mechanical, and optical assembly that includes the laser source and/or medium utilized to emit laser light. Laser light has distinct attributes such as strong temporal coherence, collimation, and monochromaticity that set it apart from other light sources. Laser systems are designed to allow material processing activities such as cutting, welding, lithography, and engraving by using light created by electromagnetic radiation. These systems are very adaptable and efficient, with substantially faster processing speeds than traditional machine tools.
CO2 lasers produce wavelengths of 10.6 and 9.3 microns, while fiber lasers produce wavelengths of 1.06 microns, which are commonly used for laser material processing. Each laser type has a range of power levels to maximize the laser energy-material contact. However, the laser type and power level are heavily influenced by the material's absorption characteristics and chemical makeup, as well as the intended results. Material ablation and/or material change are two consequences of laser energy-material interaction.
End-user industries' growing preference for laser-based material processing over conventional methods, growing adoption for high-quality and legitimate end-products, rising demand for microelectronic device miniaturization, and surging technological developments in the medical sector are all driving the laser processing industry's growth. The laser processing market is developing because of the increasing usage of solid and gas in drilling, cutting, engraving, and marking applications, as well as the rising demand for lasers from various end-use industry verticals.
A variety of advantages provided by laser material processing over traditional methods are expected to cause an increase in laser adoption for material processing during the forecast period. With the growing demand for microelectronics miniaturization, laser cutting is becoming more popular. Laser cutters offer incredibly high precision and accuracy, which is necessary in settings where limitations are extremely tight, making them the best choice. It is also fast and generates items without requiring retooling. Furthermore, because the laser weld is thin and has a good depth-to-width ratio, it gives increased weld strength.
Laser processing has an incredibly high level of precision when compared to traditional cutting methods. This is due to the fact that the laser beam does not wear throughout the cutting operation, resulting in a constant, distortion-free cut. Due to the dynamics of the individual job are pre-recorded, there is also a high level of positional precision. Laser processing can be a considerably more effective solution for unique or complex shapes since the instrument used to cut through the material is variable in movement and direction. Furthermore, because no tools are required, it can often accomplish this faster than conventional cutting processes.
The molten slag sticks to the inner wall of the tube when it is cut (particularly for square tubes with small tube diameters), and the workpiece absorbs the majority of the heat produced by the cutting. When the cutting intensity is excessive, the tube will overheat, resulting in overturning of the corners, which severely decreases the quality of the incision and may even prevent it from being cut. Laser tube cutting has several quality problems, including over burning of parts' cutting point, over burning of parts' corners, the inclination of cutting surfaces, deflection of circular patterns when cutting round parts, failure to close, etc. Tube waste and low cutting efficiency are directly related. It is, therefore, necessary to conduct further in-depth research on these topics.
Based on Process, the market is segmented into Material Processing, Marking & Engraving, Micro-Processing. The Marking & Engraving segment recorded a significant revenue share in the laser processing market in 2021. Mining and drilling operations, particularly crude oil extraction, benefit from laser processing. Aerotech's key development areas, for example, are mechanics, controls, and laser control mechanisms. The OEMs, system integrators, and end-users are then assisted with the etching, marking, welding, and cutting processes. Furthermore, the use of water jet cutting equipment provides a uniform cutting surface with small cuts, resulting in increased overall process efficiency and, as a result, market development.
Based on Application, the market is segmented into Machine Tools, Electronics and Microelectronics, Automotive, Medical, Packaging, Aerospace, and Others. The machine tools segment garnered the highest revenue share in the laser processing market in 2021. Due to the increasing acceptance of lasers in the manufacturing industry for a variety of material processing applications including cutting, welding, drilling, and engraving. Microelectronics devices and the medical sector are expected to drive the laser processing market, which is expected to grow. Medical devices use welding extensively during manufacture. Pacemakers, implanted devices, and surgical tools are examples of key medical applications that require ultra-fine wires and non-porous, sterile surfaces for cardiac procedures.
Based on Product, the market is segmented into Gas Lasers, Solid-state Lasers, Fiber Lasers, and Others. The gas lasers segment acquired the highest revenue share in the laser processing market in 2021. It is due to the carbon dioxide, copper, carbon monoxide, nitrogen, argon-ion, and helium-neon lasers as they all part of the gas section. Q-switched Nd: YAG lasers, small diode-pumped Nd: YAG or Nd: YVO4 lasers, and bigger lasers in side-pumped or end-pumped designs make up the solid-state section. Fiber lasers allow firms to take advantage of the technology's advantages in their production processes.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 17.2 Billion |
| Market size forecast in 2028 | USD 31.4 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 9.2% from 2022 to 2028 |
| Number of Pages | 253 |
| Number of Tables | 404 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Process, Application, Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia pacific region acquired the largest revenue share in the laser processing market in 2021. Because of the increasing number of OEMs in this region, it is likely to develop significantly. China is also expected to become the largest buyer of industrial lasers and equipment for materials processing and micro processing. Several reasons, such as an increase in the number of OEMs and the growth of the automobile sector, are predicted to propel India, South Korea, Japan, and China to significant growth.
Free Valuable Insights: Global Laser Processing Market size to reach USD 31.4 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Lumentum Holdings, Inc. are the forerunners in the Laser Processing Market. Companies such as TRUMPF GmbH + Co. KG, IPG Photonics Corporation, Jenoptik AG are some of the key innovators in the Market.
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.
By Process
By Application
By Product
By Geography
The global laser processing market size is expected to reach $31.4 billion by 2028.
Greater accuracy is achievable with laser processing are increasing are driving the market in coming years, however, challenges faced with metal tube laser processing growth of the market.
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.
The Material Processing segment acquired maximum revenue share in the Global Laser Processing Market by Process in 2021, thereby, achieving a market value of $13.3 billion by 2028.
The Automotive segment is showcasing a CAGR of 9.6% during (2022 - 2028).
The Asia Pacific market dominated the Global Laser Processing Market by Region in 2021, and would continue to be a dominant market till 2028.
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