According to a new report, published by KBV research, 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.
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. It is due to the number of major laser and material processing topics covered in this section, including hybrid processes, laser beam welding, micro drilling, surface characteristics, simple cutting and machine tools, direct production, micro deposition development, and ablation of bulk substances and coatings.
The Automotive segment is showcasing a CAGR of 9.6% during (2022 - 2028). Due to the significant R&D investments by market players propel the market growth. In the auto production process, lasers are used at every stage from development to design to final assembly. High-end, customized car production is not the only application of lasers; some operations are still done manually and throughput is low, so lasers aren't just used for mass production. By improving processing quality, repeatability, and dependability, rejection rates and material waste are decreased rather than increasing production speed or scale. All-silicon lasers combine optoelectronics and microelectronics for use in sensing, communication, graphics, sensing, and imaging, among other applications.
The Solid-state Lasers segment has shown growth rate of 8.9% during (2022 - 2028). Because laser produces high-quality constant and pulsed output while minimizing wastage of materials in the active medium. Endoscopy in medicine, drilling a hole in metals, and military targeting are just a few of the applications for solid lasers. Over the forecast period, rising demand for these lasers across diverse verticals such as automotive, aviation, industrial machinery, medical, and packaging is expected to drive market expansion.
The Asia Pacific market dominated the Global Laser Processing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.6 billion by 2028. The Europe market is estimated to witness a CAGR of 8.7% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 8.4% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/laser-processing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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