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 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. Moreover, the increase in demand for custom
marking and engraving and growth in automation across the manufacturing sectors
are expected to provide opportunities in terms of market growth.
Laser marking, also known as label engraving, is a method of
labeling or marking products or materials using a laser beam. The different
processes involved in the labeling of products include staining, removing,
engraving, foaming, and annealing. Laser marking offers several benefits,
including precision marking at high speed, environment-friendliness, ease of
integration into production lines, and ease of adaptation between objects and
processes, among others. The common end-user verticals of
laser marking include machine tools, semiconductor & electronics,
automotive, medical & healthcare, aerospace & defense, packaging, and
others (apparel & clothing and architecture & designing).
By laser type, the market for diode laser is expected to grow at the
highest CAGR within the overall laser marking market during the forecast
period. The diode laser is also known as a laser diode or injection laser.
After passing current through the laser, the diode laser produces coherent
radiation in the visible or infrared spectrum. The market growth for this laser
type can be attributed to its application in ablation marking, day/night
marking, and heat affected zone marking.
By offering, the laser marking market for services is expected to grow
at the highest CAGR during the forecast period. The frequent requirement for
managed services, which may include machine set-up and installation services,
lifecycle services, maintenance services, spare parts supply and upgrade, and
support, is one of the major factors driving the growth of the market for
services.
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. Moreover, the 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.
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