The North America Laser Processing Market would witness market growth of 8.4% CAGR during the forecast period (2022-2028).
Laser technology is well-suited for integration into modern systems, such as unmanned product environments including robotics and automation, as well as CAD and CAM (computer-aided design and manufacture) – all of which are part of Industry 4.0.
It provides for fabrication stages and outcomes for which no other method exists in some cases. This is true for a variety of micromachining applications requiring extreme spatial precision. Another application is processing within translucent materials, which would be impossible to access with traditional instruments. Furthermore, materials that can be handled using would be extremely hard to analyze with other methods.
There are frequently significant benefits in terms of processing quality. Miniature parts, for example, can be manufactured with better surface texture, and the contactless treatment eliminates contamination from mechanical tools. Mechanical tools do not wear out as a result of the contactless operation. The laser source and other system components may require some maintenance and repairs, but they are often far less than conventional mechanical processing systems.
Manufacturing is critical to B.C.'s economic diversification and future prosperity. It demonstrates British Columbia's capability for product development and innovative manufacturing methods. Pharmaceuticals and medicines, electronic items and components, equipment, and ship and boatbuilding are among the fastest-growing manufacturing sub-sectors.
It is also strongly linked to B.C.'s strengths in forestry, agriculture, and mining, bringing further value to the province's abundant natural resources. Manufacturing is a large purchaser of services, which helps the transportation, finance, and communication industries develop. Manufacturing provides $16.8 billion to the BC economy or nearly 9% of the total Canadian manufacturing GDP (GDP).
Manufacturing in the United States is on the mend, with even more than 800,000 new jobs generated since the Great Recession ended in 2010. Global CEOs have rated the United States the best country to make and invest in over the last four years in a row, and new capital investment is coming into a wide range of industrial technologies. Despite accounting for only 12% of GDP, manufacturing shelters a significant amount of innovative activity, accounting for 75% of private-sector R&D, 60% of all U.S. R&D personnel, and the vast majority of patents issued.
The US market dominated the North America Laser Processing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,148.9 million by 2028. The Canada market is experiencing a CAGR of 10.9% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 9.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Laser Processing Market is Estimated to reach $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.
By Process
By Application
By Product
By Country
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