Market Analysis
Market Research Future (MRFR) projects the global laser processing market to reach USD 6.11 Billion, registering a 7.3% CAGR from 2020–2026 (forecast period).
Rising Need for Miniaturization of Products and Microelectronic Devices
Laser processing is a non-contact processing technique that uses a laser beam to cut/slice materials, resulting in high quality, smooth, and dimensionally correct cuts for the manufacturer. The approach is widely employed in applications ranging from surface treatment, structuring, modification, and controlled surface plastic deformation to micro/nanofabrication techniques. This process improves material damage resistance and provides composites with no microcracks. The global laser processing industry is expanding due to a variety of causes. The preference of manufacturers for laser processing techniques over traditional processing techniques is propelling market expansion. The growing need for product miniaturization and microelectronic device miniaturization is also projected to drive market expansion. Furthermore, increased automation in manufacturing facilities has generated the potential for growth in the worldwide laser processing industry.
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Market Segmentation
The global laser processing market has been segmented based on product, laser type, application, and end-user.
On the basis of product, the global laser processing market has been segmented into gas lasers, solid-state lasers, fiber lasers, and others.
On the basis of laser type, the global laser processing market has been segmented into fixed beam, moving beam, and hybrid beam.
On the basis of application, the global laser processing market has been segmented into cutting, marking, welding, drilling, engraving, additive manufacturing, and others.
On the basis of end-user, the global laser processing market has been segmented into automotive, aerospace defense, manufacturing, semiconductor electronics, medical life sciences, packaging, oil gas, and others.
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Regional Analysis
North America to Dominate the Global Market
North America dominated the laser processing market in 2019 and is expected to continue to do so during the study period. The rising demand for custom markings and engraving is likely to fuel North American growth throughout the forecast period.
Key Players
MRFR identifies Altec GmbH (Germany), ALPhANOV (France), Amada Co., Ltd (Japan), Bystronic Laser AG (Switzerland), Coherent Inc. (US), Epilog Laser, Inc. (US), Eurolaser GmbH (Germany), Han's Laser Technology Industry Group Co., Ltd. (China), IPG Photonics Corporation (US), Newport Corporation (MKS Instruments, Inc.) (US), Prima Industries (Italy), LaserStar Technologies Corporation (US), The Needham Group (Needham Coding) (England), Jenoptik Laser GmbH (Germany), Q-Peak Inc. (US), ROFIN-SINAR Technologies Inc. (US), SEI Laser (Italy), Trumpf GmbH + Co. KG (Germany), Universal Laser Systems, Inc. (Japan), Xenetech Global Inc. (US), Trotec Laser GmbH (Austria), FOBA (US), and Mitsubishi Electric (Japan) as the key players in the global laser processing market.
Competitive Landscape
These players are focused on innovation and, as a result, spend in RD to deliver a cost-effective product portfolio. Recent mergers and acquisitions among significant companies have occurred, which are strategies that many company entities use to strengthen their reach to customers.
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