What are the drivers and restraints for the laser marking market?

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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% during the forecast period. Increasing adoption of laser marking across end-user verticals and enhanced performance of laser markers over traditional material marking techniques are the key factors driving the growth of this market.

 

Factors such as increasing adoption of laser marking across end-user verticals and enhanced performance of laser markers over traditional material marking techniques are fueling the growth of laser marking market. Moreover, high deployment cost is expected to affect market growth.

 

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Fiber laser to hold largest share of laser marking market in 2018

By laser type, fiber laser accounted for the largest share of the laser marking market in 2018. Features such as high output power, flexible fiber light, compact size, and high optical quality have contributed to the growth of the market for fiber laser. 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 military, healthcare, semiconductor & electronics, and research verticals.

Market for hardware offering to hold largest share of laser marking market in 2018

By offering, hardware accounted for the largest share of the laser marking market in 2018. This large market share can be attributed to the high requirement of hardware in several types of laser marking systems. Hardware components, such as laser, controller, filter, rotary device, galvanometer, and power supply, are the building blocks of laser marking and engraving machines and are elemental for their proper functioning.

Machine tools end-user vertical to lead laser marking market during forecast period

By end user, the machine tools vertical is estimated to account for the largest share of the laser marking market during the forecast period. The leading position of this vertical, in terms of market size, can be attributed to the ability of laser markers to provide permanent alphanumeric details on objects in terms of product and brand names, batch numbers, manufacturer codes, 1D & 2D bar codes, logos, designs, manufacturer codes, dates of manufacturing, product related information, and other details.

Laser marking market in RoW to grow at highest CAGR during forecast period

The laser marking market in RoW is expected to grow at the highest CAGR during the forecast period. RoW comprises the Middle East & Africa and South America, which have significant potential for the growth of the laser marking market. The industrial manufacturing and aerospace & defense sectors in the Middle East & Africa are witnessing significant developments, which are expected to support the increasing demand for laser marking. Increasing use of electric vehicles in the Middle East will boost the automotive vertical, which, in turn, is expected to fillip the demand for laser marking in this region. South America, which is in an early stage of economic development compared to other regions studied in this report, offers good growth opportunities for the laser marking market.

Key players in the laser marking market comprise companies operating at different stages of the market’s value chain. These 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-mentioned companies.

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