Global Laser Processing Market Report and Forecast 2024-2032

Global Laser Processing Market Outlook

The global laser processing market size attained a value of approximately USD 4.34 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.1% to reach a value of USD 8.77 billion by 2032.

Lasers are increasingly being used for material processing due to the advantages they provide over conventional techniques. With the growing demand for downsizing of microelectronics, laser cutting is becoming more widespread, favourably impacting the laser processing market worldwide. The level of precision in laser processing is incredibly high when compared to conventional cutting techniques. This is due to the fact that the laser beam does not deteriorate while cutting, thereby producing a steady, distortion-free cut.

As per the laser processing market report, lasers are widely used to treat cancers of the skin, eyes, and hair. Numerous therapies, such as artery cleaning, surgery for detached retinas, and other cosmetic procedures, are made more accessible with laser technology. The method can also be used to treat other skin conditions, skin flaws, and persistent birthmarks.

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For processing medical items like implants and surgical instruments, lasers are employed in hospitals and pharmacies. Additionally, it is anticipated that the development of nanofabrication technology will aid in the expansion of the global laser processing market size. Due to the technology's widespread use in a variety of applications, including welding, marking, cutting, drilling, and engraving, the market is expected to experience rapid expansion over the coming years, supporting the laser processing market price.

Global Laser Processing Market Share

According to the laser processing market forecast, the gas lasers segment based on product accounts for a significant share in the market owing to the various advantages they offer. These advantages include high coherence strength, stable central wavelength, high spectral purity, and good quality of beam and alignment, among others.

In addition, gas lasers are cost-effective and easily available. Over the forecast period, helium-neon (HeNe) lasers are likely to gain traction due to their reliability and high range. Furthermore, there are less-known alternatives to gas lasers, which is a major factor driving the market.

Asia Pacific Accounts for a Significant Share in the Laser Processing Market

As per the laser processing market share forecast, laser processing in Asia Pacific is driven by the thriving automotive, aerospace, and medical industry, among others. Emerging economies such as China, India, and others are likely to witness a significant penetration of laser technology. Meanwhile, developed economies such as Singapore, Japan, and South Korea, among others have made huge investments in laser technology due to their increasing efforts to modernise the existing infrastructure and the growing automation across the industries in the region.

The laser processing market Europe is expected to witness significant growth over the forecast period, driven by the increasing usage of lasers in medical applications and advancements in technology for nanofabrication. In North America, the regional market is supported by the laser processing market US, due to the presence of multiple key market players in the United States.

Laser Processing Market Segmentation

Laser processing is defined as a process in which lasers are applied to carry out various industrial or commercial tasks. These tasks can include laser annealing, cutting, drilling, engraving, machining, marking, and perforating, among others.

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Based on product, the market is segmented into:

• Gas Lasers

• Solid-state Lasers

• Fibre Lasers

The major applications of laser processing include:

• Automotive

• Aerospace

• Machine Tools

• Electronics and Microelectronics

• Medical

• Packaging

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Applications of Laser Processing in the Automotive Sector to Boost the Growth of the Laser Processing Market

The rising applications of laser processing in the automotive industry is increasing the laser processing market share. This can be attributed to the rising demand for high-power carbon dioxide lasers for wielding automotive components. In addition to this, the increasing inclination of automobile manufacturers towards implementing laser wielding sheet assemblies as a replacement for resistance spot welding is likely to be a major driving factor in the market. Furthermore, the growing demand for laser processing in the packaging market owing to the global increase in e-commerce activities are expected to be one of the key laser processing market trends in the forecast period.

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Key Players in the Global Laser Processing Market

The report gives a detailed analysis of the following key players in the global laser processing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• TRUMPF Inc.

• Photonics Industries International, Inc.

• Amada Co. Ltd.

• Coherent, Inc.

• Jenoptik Group

• LUMIBIRD

• IPG Photonics Corporation

• Universal Laser Systems, Inc

• Prima Industrie S.p.A.

• GF Machining Solutions Management SA

• Han's Laser Technology Industry Group Co., Ltd,

• Epilog Corporation

• Bystronic Group

• Needham Group

• Gravotech Marking

• LaserStar Technologies

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report