The global laser processing market size is expected to reach USD 38.22 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2022 to 2030. The rising utilization of expensive laser-drilling techniques for oil and gas exploration purposes is projected to substitute the traditional methods. Decreasing drilling costs are anticipated to increase the feasibility of uneconomic oil deposits, thus positively impacting the market growth. The growing need for this type of processing in industrial solar modules is further expected to fuel the market growth.
The requirement for laser technology in the medical sector is projected to witness significant growth due to increasing technological advancements. These technical developments offer faster recovery time, smaller incisions, and lesser pain. The increasing adoption of these methodologies is expected to spur the demand for surgical lasers. Advancements leading to enhanced edge quality and cutting speeds are anticipated to offer growth avenues for the market. Furthermore, the manufacturing sector has increased the adoption of laser technology for processing the material due to many advantages over traditional material processing, which is expected to be one of the major factors driving the market.
Significant investments by the market players in R&D are fueling the growth of the market. For instance, Fudan University researchers led by Profs. X. Wu, M. Lu, and S.-Y. Zhang produced an all-silicon laser with high optical gains using silicon nanocrystals. Silicon nanocrystals are similar to GaAs and InP. All-silicon laser combines optoelectronics and microelectronics used in various fields such as sensing, communication, displays, detection, and imaging.
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Based on product, fiber lasers are projected to exhibit the fastest CAGR of 10.0% from 2022 to 2030 as they are widely used across several end-use industries and are highly cost-effective compared to the other products
By process, the material processing segment is expected to expand at the fastest CAGR of 9.4% over the forecast period. This can be accredited to the ability of lasers to perform high-speed and accurate industrial processes
The Asia Pacific region is expected to expand at the fastest CAGR of 9.7% from 2022 to 2030 owing to the rising number of OEMs in this region
Industry participants focus on technological advancements and innovation to capture a large market share
Grand View Research has segmented the global laser processing market based on product, process, application, and region:
Laser Processing Product Outlook (Revenue, USD Million, 2017 - 2030)
Gas Lasers
Solid-state Lasers
Fiber Lasers
Others
Laser Processing Process Outlook (Revenue, USD Million, 2017 - 2030)
Material Processing
Marking and Engraving
Micro-Processing
Laser Processing Application Outlook (Revenue, USD Million, 2017 - 2030)
Automotive
Aerospace
Machine Tools
Electronics and Microelectronics
Medical
Packaging
Laser Processing Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
List of Key Players in Laser Processing Market
Altec GmbH
Alpha Nov laser
Amada Co., Ltd.
Bystronic Laser AG
Coherent Inc.
Epilog Laser, Inc.
Eurolaser GmbH
Han's Laser Technology Industry Group Co., Ltd.
IPG Photonics Corporation
Newport Corporation (MKS Instruments, Inc.)
LaserStar Technologies Corporation
Coherent Inc.
IPG Photonics Corporation
Newport Corporation
Trumpf GmbH + Co. KG
Universal Laser Systems, Inc.
Xenetech Global Inc.
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