The overall laser marking market is projected to grow from USD 2.1 billion in 2018 to USD 3.0 billion by 2024, at a CAGR of 6.0% through the forecast period. Growing adoption of laser marking across end-user verticals and improved performance of laser markers over traditional material marking techniques are the key factors driving the growth of this market.
Laser marking market in RoW to grow at highest CAGR during forecast period
The laser marking market in RoW is estimated to grow at the highest CAGR through the forecast period. RoW comprises the Middle East & Africa and South America, which have significant potential for the development of the laser marking market. The industrial manufacturing and aerospace & defense sectors in the Middle East & Africa are witnessing significant expansions, which are projected 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 include 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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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.
By offering, hardware accounted for the main 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.
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