The laser processing market is estimated to grow from USD 6.40 Billion in 2015 to USD 9.75 Billion by 2022, at a CAGR of 6.13% from 2016 to 2022. The report aims at estimating the size and future growth potential of the laser processing market across different segments such as type, application, vertical, and region. The base year considered for the study is 2015 and the market size has been projected from 2016 to 2022. With the rise in adoption of laser processing systems in the machine tools, microelectronics, medical, and automotive sectors, solid, gas, and liquid lasers are expected to play a key role in propelling the growth of the laser processing market in the next five years.
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The scope of this report covers the laser processing market based on types, applications, verticals, and geography. The laser processing market for the architecture sector is expected to exhibit highest growth during the forecast period owing to the increasing demand for design study and restructuring. Apart from this, aerospace and defense is also expected to witness considerable growth during the forecast period as lasers are being used widely for targeting and in laser radar-based applications. Medical & life sciences, automotive, and microelectronics verticals are expected to play a key role in changing the laser processing landscape; the market for these sectors is expected to grow during the forecast period.
The laser processing market is segmented on the basis of laser types into solid, liquid, gas, and other lasers. The market for laser processing was led by solid lasers due to the increasing adoption of fiber, semiconductor, and YAG lasers for an extensive range of applications such as cutting, drilling, welding, and marking & engraving among many others. These lasers are also witnessing an increased level of adoption across machine tools, automotive, medical, and microelectronics verticals.
The application in the machine tools vertical is expected to account for the largest share of the laser processing market during the forecast period due to the rising adoption of lasers in the industrial sector for various material processing applications such as cutting, drilling, welding, and engraving. The laser processing market for the architecture vertical is expected to grow at the highest rate from 2016 to 2022 as lasers allow architects to obtain precisely cut material to determine the exact measurements of a building and other necessary components in a model.
APAC expected to hold the largest share and witness highest growth
APAC is expected to hold the largest share of the global laser processing market during the forecast period. This is because of the increasing adoption of laser systems across multiple application areas in this region. APAC also offers potential growth opportunities for the laser processing market as there is a rise in the adoption of solid, gas, and liquid lasers mainly CO2, excimer, YAG, semiconductor, and dye in machine tools and microelectronics sectors. These sectors deploy laser systems to carry out cutting, drilling, welding, micro processing, and marking & engraving and other similar jobs frequently.
Some of the key players operating in the laser processing market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), ROFIN-SINAR Technologies Inc. (U.S.), Trumpf Group (Germany), Newport Corporation (U.S.), Jenoptik AG (Germany), Eurolaser GmbH (Germany), Epilog Laser (U.S.), Alltec GmbH (Germany), and Lumentum Holdings Inc. (U.S.).
The scope of the report covers detailed information regarding the major factors influencing the growth of the laser processing market such as drivers, restraints, challenges and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, product and service offerings, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the laser processing market.
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