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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Fiber laser type expected to gain significant share of laser marking market by 2024
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.
Laser marking market for packaging end-user vertical to grow at highest CAGR from 2019 to 2024
The market for the packaging end-user vertical is expected to grow at the highest CAGR from 2019 to 2024. Majority of the packaging companies have to display variable data, such as expiration dates and batch and serial numbers, as labels on the products. Laser markers are perfectly suited for marking at the end of the production process and can be used on several materials, including cardboard, paper, and polymer. Marking with laser systems is a contactless process, thus negating any mechanical stress on the packaging. These factors are likely to contribute to the highest growth rate of the packaging segment as compared to the other end-user segments.
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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