The Laser Processing 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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In accordance with The Business Research Company’s comprehensive Laser Processing Global Market Report 2024, the landscape of the laser processing sector has witnessed a remarkable surge in recent times. This expansion is poised to continue its trajectory, escalating from $18.34 billion in 2023 to an estimated $20.29 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 10.6%. The historical surge can be ascribed to the heightened integration of laser technology in manufacturing processes, a surging demand for high-precision and non-contact material processing, and the flourishing automotive, electronics, and medical devices industries. Furthermore, the imperative for efficient and cost-effective manufacturing solutions, coupled with stringent quality and precision standards in manufacturing, have significantly propelled this upward trend.
Forecasts indicate that the laser processing market is on the cusp of a rapid growth phase, projecting a substantial increase to reach $30.54 billion by 2028, sustaining a CAGR of 10.8%. This anticipated surge can be traced to the widespread adoption of ultrafast and high-power lasers for advanced materials processing, the seamless integration of laser technology into semiconductor and electronics production, and a burgeoning demand for laser cutting and welding applications in the aerospace and defense sectors. The focus on miniaturization and microfabrication in the electronics industry, alongside the expanding footprint of laser processing in medical and healthcare applications, further augur well for this escalating trajectory. Noteworthy trends expected to shape the market in this forecast period include the dominance of fiber laser technology, the advent of hybrid laser processing combining laser and CNC machining, the application of ultrafast lasers for precision micromachining, and the rise of laser-based surface treatment, coating, cleaning, and de-coating processes.
The increasing applications of lasers in medical devices and surgeries are significantly contributing to the growth of the laser processing market. Medical lasers are utilized in medical procedures in various specialties, including ophthalmology, dermatology, plastic surgery, and dental surgeries, as well as in intraabdominal, cardiothoracic, neurologic, gynecologic, and urologic procedures. Lasers facilitate a source of focused, coherent light capable of transmitting intense energy to a precise location. For instance, in 2022, according to a report published by Biospace, a leading online source for biotechnology jobs, cataract statistics in the U.K., 330,000 cataract operations are conducted every year in the country. Therefore, the increasing usage of laser in medical devices and surgeries is expected to boost the demand for laser processing market during the forecast period.
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The laser processing market covered in this report is segmented –
1) By Type: Gas Laser, Liquid Laser, Solid Laser, Other Types
2) By Application: Cutting, Welding, Drilling, Microprocessing, Marking and Engraving, Other Applications
3) By End-Use Industry: Aerospace and Defense, Automotive, Healthcare, Machine Tools, Architecture, Electronics and Microelectronics, Other End User Industries
Top 5 Major Players:
- Coherent Inc
- TRUMPF Inc
- Han’s Laser Technology Industry Group Co. Ltd
- IPG Photonics Corporation
- Jenoptik AG
An influential trend permeating the laser processing domain is the relentless pursuit of technological advancements. Numerous enterprises within this sphere are at the forefront of innovation, developing novel products and technologies to align with industry demands and fortify their global market standing. A case in point is the commendable initiative by TRUMPF, a distinguished German-based industrial machine manufacturing company. In September 2021, TRUMPF unveiled the TruLaser 1000, a cutting-edge 2D laser cutting machine boasting a 70% enhanced feed rate. This groundbreaking innovation, coupled with its efficient cooling mechanism, ensures high processing quality. Renowned for its user-friendly interface and compatibility with a diverse array of materials, the TruLaser 1000 stands as an ideal choice for both novices and enterprises aiming to augment their production capabilities. This exemplifies the pivotal role of technological advancements in propelling the laser processing industry toward new heights.
The laser processing market report table of contents includes:
1. Executive Summary
2. Laser Processing Market Characteristics
3. Laser Processing Market Trends And Strategies
4. Laser Processing Market – Macro Economic Scenario
5. Global Laser Processing Market Size and Growth
…..
31. Global Laser Processing Market Competitive Benchmarking
32. Global Laser Processing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Laser Processing Market
34. Laser Processing Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Laser Processing Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Laser Processing Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Laser Processing Market, Segmentation By End Use Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Coherent Inc. Financial Performance
Table 75: TRUMPF Inc. Financial Performance
Table 76: Han’s Laser Technology Industry Group Co. Ltd. Financial Performance
Table 77: IPG Photonics Corporation Financial Performance
Table 78: Jenoptik AG Financial Performance
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