According to the new research report "Laser Marking Market by Laser Type (Fiber Laser, Diode Laser, Solid State Laser, and CO2 Laser), Offering (Hardware, Software, and Services), End User (Machine Tools, Semiconductor & Electronics, Automotive), and Geography - Global Forecast to 2024", the overall laser marking market is expected to grow from USD 2.1 billion in 2018 to USD 3.0 billion by 2024, at a CAGR of 6.0%. Increasing adoption of laser marking cross end-user verticals and enhanced performance of laser markers over traditional material marking techniques are the key factors driving the growth of this market.
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Market in APAC expected to grow at significant rate from 2019 to 2024
APAC is expected to account for the largest share of the laser marking market during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the market in APAC. APAC has been ahead in terms of adoption of laser marking products and solutions compared to other regions. The region’s huge population, increasing R&D investments, and growing manufacturing and electronics sectors are expected to drive the growth of the market.
Key Market Players
Key players in the laser marking market comprise companies operating at different stages of the market’s value chain. The key market players include Coherent (US), Han’s Laser (China), Trumpf (Germany), Gravotech (France), Jenoptik (US), Epilog Laser (US), 600 Group (UK), Mecco (US), Laserstar (US), and Novanta (US). Organic growth strategies, such as product launches, are the focus of many of the above companies.
Prominent players have adopted product launches, followed by mergers & acquisitions, as part of their key business strategy to strengthen their position in the laser marking market. For instance, in February 2016, Coherent (US), under its AVIA laser series, launched green nanosecond lasers, which can deliver an average power of up to 65 W at 532 nm. These lasers can be used for marking, cutting, scribing, and drilling.
Fiber laser type is estimated to account for the largest share of the laser marking market during the forecast period. Features such as high output power, flexible fiber light, compact size, and high optical quality have contributed to the growth of the fiber laser segment. A fiber laser uses an optical fiber doped as an active gain medium. Fiber laser comes in various power modes (continuous wave or modulated modes) and is suitable for laser marking and engraving applications across the military, healthcare, semiconductor & electronics, and research verticals.
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