The Laser Processing Market Size was valued at USD 6.2 billion in 2023 and is expected to reach USD 13.38 billion by 2031 and grow at a CAGR of 10.1% over the forecast period 2024-2031.
Laser processing entails the utilization of lasers across a spectrum of industrial and commercial applications, encompassing tasks such as cutting, welding, and drilling. In addition to these operations, laser processing is instrumental in engraving, material processing, marking, and various micro-processing activities. Notably, laser technology offers several advantages over conventional methods like plasma, flame, and water jet. While water jet techniques are primarily utilized for structuring and ablation, plasma and flame technologies are predominantly employed for cutting purposes rather than engraving, marking, or drilling. Furthermore, water jet operations generate considerable noise, making them less suitable for material processing compared to laser technology, which executes these tasks with minimal noise pollution. The versatility of lasers extends to engraving and marking applications across a range of sectors including consumer goods, electronic components, and industrial machinery. This technology finds widespread use in industries such as automotive, aerospace, original equipment manufacturers (OEM), electronics, medical, packaging, and others. Collectively, these factors contribute to the global expansion of the laser processing market share.
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KEY DRIVERS:
Laser-based techniques offer several advantages over conventional material processing methods in terms of precision, efficiency, and versatility. Unlike traditional approaches reliant on mechanical tools, lasers can achieve exceptionally fine details with pinpoint accuracy. This precision minimizes material wastage and enables the creation of intricate and complex designs. Furthermore, laser technology operates without direct physical contact with the material, reducing wear on tools and eliminating the need for such contact. This non-contact nature contributes to faster processing speeds, leading to higher production rates and enhanced efficiency. Additionally, laser processing results in minimal heat-affected zones, reducing the risk of thermal damage to the material, which is particularly advantageous for delicate materials or applications requiring utmost precision. Lasers are utilized for a wide range of tasks including cutting, drilling, marking, engraving, welding, etching, and micro-machining, offering superior accuracy and speed compared to traditional tools such as saw machines, drill bits, chemicals, or electricity.
RESTRAINTS:
A shortage of trained personnel presents a significant obstacle to the growth of the laser processing market. The specialized nature of laser systems demands skilled professionals proficient in operating, maintaining, and optimizing these advanced technologies. Acquiring and retaining skilled labor incurs expenses related to recruitment and training. However, there is a scarcity of individuals possessing the requisite training and qualifications to effectively manage laser-based processes across various industries. This deficiency in skilled personnel hampers the seamless integration and utilization of laser technology, constraining its potential impact on sectors such as manufacturing, healthcare, and research.
OPPORTUNITIES:
Automation is becoming more prevalent in the manufacturing sector.
A growing number of application areas are being explored.
Custom marking and engraving are in high demand.
Automation, integrating various technologies to perform tasks without human intervention, is increasingly becoming a staple in the manufacturing industry. This trend is driven by several factors, including advancements in robotics, artificial intelligence, and machine learning. By automating repetitive and labor-intensive processes, manufacturers can significantly improve efficiency, productivity, and consistency while reducing labor costs. Automation also enhances safety by minimizing the risk of accidents in hazardous environments. Moreover, automation allows for greater flexibility and scalability in production, enabling manufacturers to adapt to changing market demands quickly. Overall, the widespread adoption of automation is reshaping the manufacturing landscape, leading to more streamlined and efficient operations.
CHALLENGES:
The utilization of rare earth elements (REEs) in laser processing raises environmental concerns due to potential negative impacts associated with their extraction, processing, and disposal. REEs, such as neodymium and dysprosium, play crucial roles in the production of certain types of lasers, particularly solid-state lasers utilized in various applications. However, mining and processing of REEs often result in environmental degradation, habitat disruption, and the release of hazardous substances into ecosystems. Additionally, extraction and separation processes can lead to soil and water contamination, posing risks to human health and wildlife. Refining procedures involving toxic acids may cause severe environmental damage if mishandled.
IMPACT OF RUSSIAN-UKRAINE WAR
The Russia-Ukraine crisis has far-reaching effects across various sectors, including the laser processing market, primarily due to disruptions in global markets for critical raw materials and heightened geopolitical tensions. This crisis has led to significant disturbances in global markets, impacting the availability and pricing of materials like aluminum, nickel, and palladium, which are vital for modern manufacturing, including the production of laser processing equipment. Moreover, the escalation in geopolitical tensions and economic sanctions has prompted a reassessment of corporate strategies, with many companies, especially those from Western nations, downsizing their operations in Russia, potentially influencing the global footprint of major foreign entities in the region and affecting the laser processing market. Additionally, the crisis has resulted in an upsurge in defense expenditure in bordering and former Eastern bloc nations, indirectly impacting the laser processing market by fostering increased demand in sectors associated with defense and security. In summary, the Russia-Ukraine crisis presents significant implications for the laser processing market, characterized by disruptions in critical raw material supply chains, shifts in corporate strategies due to geopolitical tensions, and changes in defense spending. Companies in the laser processing sector may need to adeptly navigate these challenges by diversifying their supply chains, reassessing market strategies, and accommodating shifts in demand within related sectors.
IMPACT OF ECONOMIC SLOWDOWN
The ongoing economic deceleration has impacted the laser processing sector in diverse ways. The pandemic-induced economic turmoil, coupled with supply chain disruptions and intermittent lockdowns, has significantly disrupted manufacturers operating in laser processing. These disruptions, compounded by geopolitical tensions, curtailed market expansion in 2020. Nevertheless, as the market rebounds from the pandemic's effects, growth trajectories are anticipated to differ across regions, with certain countries presenting considerable growth opportunities while others exhibit limited profit margins. Advancements in technologies like Artificial Intelligence and machine learning are poised to fuel demand and broaden the scope of applications for laser processing, thereby contributing to market expansion in the forecast period.
The global laser technology market, encompassing laser processing, is experiencing robust growth propelled by increased adoption and demand across various industries, the inherent advantages of laser technology over traditional processing methods, and the burgeoning production of nanodevices and microdevices. Nonetheless, the market faces challenges such as the substantial deployment costs associated with laser technology and a shortage of skilled personnel.
BY PRODUCT
Gas Lasers
Liquid Lasers
Solid Lasers
Others
BY TYPE
Moving beam
Fixed beam
Hybrid beam
BY CONFIGURATION
Laser Cutting and Engraving Configuration
Laser Processing Configuration
BY APPLICATION
Cutting
Welding
Microprocessing
Drilling
Marking & Engraving
Additive manufacturing
Others
The market segmentation is based on various applications including Cutting, Welding, Microprocessing, Drilling, Marking & Engraving, Additive manufacturing, and Others. Currently, Marking & Engraving stand out as the predominant application areas for lasers due to their maintenance-free, flexible, and precise nature, thus preventing further market opportunities for laser technologies. Industries such as electronics/semiconductors, medical, aerospace, automotive, consumer products, gifts & trophies, and food & beverage commonly employ lasers for marking & engraving purposes.
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BY END-USER INDUSTRY
Microelectronics
Aerospace & Defense
Automotive
Machine Tools
Micromachining
Medical & Life Sciences
Architecture
Others
The Asia Pacific region is divided into China, Japan, South Korea, India, and the Rest of Asia Pacific, constituting the largest market for laser processing. Japan and India are notable for being the world's fastest-growing economies. In comparison to other regions, APAC has been at the forefront of adopting laser processing solutions. Factors such as high population density, increasing investments in technology-related research and development, and a burgeoning manufacturing and electronics sector are anticipated to propel the growth of the laser processing market in the region. Moreover, the presence of key industry players and the region's status as a manufacturing hub facilitates the production and distribution of laser processing products.
In North America, the Laser Processing Market is poised for rapid growth. This growth is attributed to the superior precision, dimensional stability, minimal heat affected zones, and thin cut kerfs achieved through laser processing, prompting its rapid expansion.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The key players in the laser processing market are Bystronic Laser, Epilog Laser, Newport Corporation, LaserStar Technologies, Jenoptik Lase, Amand, Coherent, IPG Photonics Corporation, Prima Industries, The Needham Group & Other Players.
Epilog Laser-Company Financial Analysis
RECENT DEVELOPMENT
In October 2022: Lumentum Holdings Inc. saw a surge in business operations in Slovenia, coupled with advancements in research and development focused on specialized optical fibers and associated products. Notably, the establishment includes a Center of Excellence dedicated to pioneering research and development endeavors aimed at creating pivotal laser component technologies and products.
In July 2022: IIVI Incorporated acquired Coherent, Inc., resulting in the formation of a global frontrunner in materials, networking, and laser technologies. The amalgamated entity is poised to serve diverse sectors including industrial, communications, electronics, and instrumentation markets.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 6.2 Billion |
| Market Size by 2031 | US$ 13.28 Billion |
| CAGR | CAGR 10.1% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Gas Lasers, Liquid Lasers, Solid Lasers, Others) • By Type (Moving Beam, Fixed Beam, Hybrid Beam) • By Configuration (Laser Cutting And Engraving Configuration, Laser Processing Configuration) • By Application (Cutting, Welding, Microprocessing, Drilling, Marking & Engraving, Additive Manufacturing, Others) • By End Use Industry (Microelectronics, Aerospace & Defense, Automotive, Machine Tools, Micromachining, Medical & Life Sciences, Architecture, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Bystronic Laser, Epilog Laser, Newport Corporation, LaserStar Technologies, Jenoptik Lase, Amand, Coherent, IPG Photonics Corporation, Prima Industries and The Needham Group. |
| Key Drivers | • Progression in laser-based techniques surpasses conventional material processing methods. |
| Market Restraints | • Insufficiently skilled labor. |
The Laser Processing Market was valued at USD 6.2 billion in 2023.
The expected CAGR of the global Laser Processing Market during the forecast period is 10.1%.
The North America region is anticipated to record the Fastest Growing in the Laser Processing Market.
The Marking & Engraving segment is leading in the market revenue share in 2023.
The Asia-Pacific region with the Highest Revenue share in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Active Pharmaceutical Ingredient Market, By Product
9.1 Introduction
9.2 Trend Analysis
9.3 Gas Lasers
9.4 Liquid Lasers
9.5 Solid Lasers
9.6 Others
10. Active Pharmaceutical Ingredient Market, By Type
10.1 Introduction
10.2 Trend Analysis
10.3 Moving beam
10.4 Fixed beam
10.5 Hybrid beam
11. Active Pharmaceutical Ingredient Market, By Configuration
11.1 Introduction
11.2 Trend Analysis
11.3 Laser Cutting and Engraving Configuration
11.4 Laser Processing Configuration
12. Active Pharmaceutical Ingredient Market, By Application
12.1 Introduction
12.2 Trend Analysis
12.3 Cutting
12.4 Welding
12.5 Microprocessing
12.6 Drilling
12.7 Marking & Engraving
12.8 Additive manufacturing
12.9 Others
13. Active Pharmaceutical Ingredient Market, By End-User Industry
13.1 Introduction
13.2 Trend Analysis
13.3 Microelectronics
13.4 Aerospace & Defense
13.5 Automotive
13.6 Machine Tools
13.7 Micromachining
13.8 Medical & Life Sciences
13.9 Architecture
13.10 Others
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Bystronic Laser
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Epilog Laser
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 Newport Corporation
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 LaserStar Technologies
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Jenoptik Lase
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Amand
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 Coherent
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 IPG Photonics Corporation
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Prima Industries,
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 The Needham Group
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
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