According to the new research report "Laser Processing Market with COVID-19 Impact analysis by Laser Type (Solid Lasers, Liquid Lasers, Gas Lasers), Configuration (Fixed Beam, Moving Beam, Hybrid), Revenue (System Revenue, Laser Revenue), Application, End-user Industry, and Region - Global Forecast to 2025", the global laser processing market size is projected to grow from USD 4.0 billion in 2020 to USD 5.8 billion by 2025; it is projected to record a CAGR of 7.8% during the forecast period. The laser processing industry’s growth is driven mainly by the growing preference of end-user industries for laser-based material processing over traditional approaches, increasing demand for high-quality and genuine end-products, rising demand for miniaturization of microelectronic devices, and surging technological advancements in the medical sector.
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“Asia Pacific market to record significant growth during the forecast period.”
Asia Pacific (APAC) is projected to account for the largest share of the global laser processing market during the forecast period. The major countries contributing to the market in APAC include China, Japan, South Korea, and India. APAC has been ahead in terms of the adoption of laser processing solutions as compared with other regions. High population density, rise in R&D investments in technologies, and growth of the manufacturing and electronics sectors are expected to drive the growth of the market in the region.
Key Market Players
The laser processing market is currently dominated by Coherent (US), Trumpf (Germany), Han’s Laser (China), IPG Photonics (US), and Jenoptik (Germany). A few of the major strategies adopted by these players to compete in the laser processing industry include product launches & developments, expansions, partnerships, and mergers & acquisitions.
Other players operating in the market are Lumentum (US), Gravotech (France), LaserStar (US), Lumibird (France), and Epilog Laser (US). These players have adopted strategies such as product developments & launches, mergers & acquisitions, expansions, partnerships, and collaborations to grow in the laser processing market.
Architecture end-user industry to witness highest CAGR during forecast period
The architecture end-user industry is projected to record the highest CAGR in the laser processing market from 2020 to 2025. Lasers help architects in creating precise models of buildings. These models are capable of accurately representing the design prior to construction, so that the necessary changes can be made to remove flaws or avoid the effect of climatic conditions, such as rain, heavy storms, and other unavoidable natural circumstances.
Laser processing market in APAC is projected to grow at highest CAGR during forecast period
The laser processing market in APAC is projected to grow at the highest CAGR during the forecast period. The major countries contributing to the market in APAC include China, Japan, South Korea, and India. APAC has been ahead in terms of the adoption of laser processing solutions as compared with other regions. High population density, rise in R&D investments in technologies, and growth of the manufacturing and electronics sectors are expected to drive the growth of the laser processing market in the region
Key players operating in the laser processing market include Coherent (US), Trumpf (Germany), Han’s Laser (China), IPG Photonics (US), Jenoptik (Germany), Lumentum (US), Gravotech (France), LaserStar (US), Lumibird (France), and Epilog Laser (US). Most of these companies focus on organic and inorganic growth strategies, such as product launches & developments, mergers & acquisitions, agreements, contracts, partnerships, collaborations, and expansions, to increase their revenue.
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