Industrial Laser System Global Market By Product Type, By Application, By Vertical, Opportunity Analysis and Industry Forecast, 2024-2033 | Corning Inc., Fanuc Corporation, The TRUMPF Group, COHERENT Inc., Amonics Ltd.

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The Industrial Laser System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Laser System Global Market Report 2024, The industrial laser system market size has grown rapidly in recent years. It will grow from $23.13 billion in 2023 to $25.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to material processing applications, increased manufacturing automation, medical and scientific applications, rise in 3D printing, and military and defense applications.

The industrial laser system market size is expected to see rapid growth in the next few years. It will grow to $38.15 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increased adoption in electronics manufacturing, growing demand for laser cutting in automotive, expansion of the aerospace industry, rise in medical device manufacturing, and advancements in high-power laser systems. Major trends in the forecast period include integration with Industry 4.0, advancements in fiber laser technology, emergence of laser technology, rise in fiber laser technology, and laser cleaning applications.

An increase in the trend of automation in industries is expected to contribute to the growth of the industrial laser system market going forward. Automation refers to the use of various technology applications to minimize human input in processes. Automation has increased the necessity for high-precision industrial laser systems for various applications. Automated laser systems combine vision and motion technologies to execute accurate and high-quality work. The rising trend of automation in industries for improved productivity, high efficiency, and accuracy is resulting in the adoption of industrial laser systems. For instance, according to the Association for Advancing Automation, in Q2 2021, robot orders increased by 67% from the same period in 2020, showing increased demand for automation. Therefore, an increase in the trend of automation in industries will drive the growth of the industrial laser system market.

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The industrial laser system market covered in this report is segmented –
1) By Type of Laser: Fiber, Solid-State, CO2, Other Types
2) By Type: Macro Processing, Micro Processing
3) By Power: Less Than 1 kW, More Than 1.1 kW
4) By Application: Cutting, Welding, Marking, Drilling, Other Applications
5) By End Use Industry: Semiconductor And Electronics, Automotive, Aerospace And Defense, Medical, Other End-Use Industries

Major companies operating in the industrial laser system market are focusing on product innovation such as CO2 smart focus laser system to meet evolving industry demands for enhanced precision and efficiency. A CO2 smart focus laser system is a precision technology that utilizes carbon dioxide lasers with intelligent focusing capabilities for precise and efficient material processing applications. For instance, in June 2023, Videojet Technologies, a US-based laser marking system company, launched the Videojet 3350 and Videojet 3350 Smart Focus 30-watt CO2 laser marking systems, specifically engineered for fast and precise coding in industries such as food, beverage, cosmetics, pharmaceuticals, packaging, and extrusion. Both lasers within the Videojet 3350 series provide high-speed marking, enabling the printing of text, barcodes, graphics, and other information at speeds of up to 2,000 characters per second. With a high-resolution marking head, these lasers ensure the creation of permanent codes, supporting product traceability and anti-counterfeiting measures.

The industrial laser system market report table of contents includes:
1. Executive Summary