Laser Processing Market Outlook – 2030
Laser processing is a method done by lasers, employed in a variety of industrial and commercial applications. It is used in processes like cutting, welding, and drilling. Engraving, material processing, marking, and other micro-processing are such industrial process which is done with the help of laser processing. When compared to traditional techniques like plasma, flame, and water jet, laser technology has a number of advantages.
Waterjet is utilized for ablation and structuring, while plasma and flame technologies are employed for cutting rather than engraving, marking, or drilling. Waterjet, on the other hand, makes a lot of noise while operating, making it inconvenient for material processing. Laser technology, on the other hand, can efficiently accomplish all of the aforementioned tasks without causing noise pollution.
Lasers are also used to engrave and mark consumer items, electronic components, and other industrial equipment. Automotive, aerospace, original equipment manufacturers (OEM), electronics, medical, packaging, and other end-use industries make extensive use of this technology. All these factors are assisting the growth of laser processing market share globally.
The global laser processing market is segmented on the basis of product, process, application and region. Based on product, the laser processing market is segregated into gas lasers, solid-state lasers, fiber lasers, and others. In terms of process, the market is categorized into material processing, marking & engraving, and micro-processing. On the basis of application, the market is divided into automotive, aerospace, machine tools, electronics & microelectronics, medical, packaging, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global laser processing industry include Prima Industrie S.p.A., Rofin-Sinar Technologies Inc., Universal Laser Systems Inc., Epilog Laser Inc., Coherent Inc., IPG Photonics Corporation, Bystronic Laser AG, Trumpf GmbH + Co. KG, Newport Corporation, and Eurolaser GmbH. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global laser processing market.
Top Impacting Factors
The requirement for high-power lasers with enhanced beam quality is a primary driving force behind the development of lasers for processing industrial materials. Thermal lensing limits the capability of traditional lasers like Nd:YAG rod lasers, (neodymium-doped yttrium aluminum garnet) a crystal that is used as a lasing medium for solid-state lasers. Thermal lensing is a phenomenon induced by the laser crystal overheating, which is common in high-power lasers.
Although the use of diodes instead of lamps for laser production lowers thermal lensing, the beam quality remains limited at higher power levels. Disk lasers avoid thermal lensing and provide superior beam quality and processing capabilities at high power levels. The increase in use of pricey laser-drilling technology for oil & gas exploration is expected to supplant traditional methods. Drilling costs are expected to decrease, increasing the feasibility of uneconomic oil reserves and, as a result, market expansion.
The laser processing market growth is likely to increase further as the need for this sort of processing in industrial solar modules grows. Also, surge in technological advancements, the need for laser technology in the medical industry is expected to increase significantly. Faster healing times, smaller incisions, and less discomfort are all advantages of these technological advancements. Surgical laser demand is likely to rise as these approaches become more widely adopted. Advancements in edge quality and cutting rates are expected to open up more laser processing market opportunity globally.
New Product Launches to Flourish the Market
In April 2020, Trumpf, a German industrial machine manufacturing company launched TruLaser Tube 3000 fiber, a versatile fiber laser metal tube cutting machine. It is excellent for companies that are just getting started in technology and those who wish to grow their production capacity because it is cost-effective even with low to medium workloads. Profiles, round tubes, and unusual L- and U-shaped profiles are all processed by this machine. The solid-state laser is capable of cutting structural and stainless steel, as well as aluminum and non-ferrous metals. It can handle tubes up to 152 millimeters in diameter and profiles up to 170 millimeters in outer circuit diameter.
Surge in Usage in Medical Industry and Additive Manufacturing
In medical applications, carbon dioxide and Nd:YAG lasers are the most often employed technologies. Laser technology, on the other hand, has begun to acquire traction in a variety of applications ranging from diagnostic to treatment. It is commonly used to treat skin, hair, cancer, and the eyes. Several treatments such as artery cleaning, surgery for a detached retina, and other cosmetic surgeries have become available with the use of laser technology.
Laser technology can be used to perform cosmetic procedures such as the elimination of permanent/birthmarks on the skin, port-wine stains, skin blotches, and other skin treatments. Lasers are used to process medicinal materials such as surgical instruments and implanted devices in hospitals and dispensaries.
Furthermore, laser technology is employed in lithotripsy, dermatology, angioplasty, mammography, microscopy, medical imaging, cancer diagnostics, and ophthalmology, among other medical treatments. Additive manufacturing, often known as three-dimensional (3D) printing, has a number of advantages over subtractive manufacturing methods. More complicated designs can be made with less material waste and faster manufacturing rates thanks to additive manufacturing. Laser technology is increasingly being employed for material deposition via welding, in 3D printing.
Key Benefits of the Report
- This study presents the analytical depiction of the laser processing market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the laser processing market share.
- The current market is quantitatively analyzed to highlight laser processing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the laser processing market.
- The report provides a detailed laser processing market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact Analysis
The COVID-19 pandemic has slowed the growth of several sectors, including automobiles, oil & gas, and others. It has three major effects on the global economy directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. The COVID-19 outbreak has posed a significant strategic threat to electronics and manufacturing companies in recent months. The electronics and semiconductor manufacturing industries have been harmed by disruptions in raw material supply, temporary shutdown of manufacturing units, inadequate finance, and weak consumer demand. All these factors are hampering the growth of laser processing market size globally
Questions Answered in the Laser Processing Market Report
- What are the leading market players active in the laser processing market?
- What would be the detailed impact of COVID-19 on the laser processing market size?
- What are the current laser processing market trends that will influence the industry in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future would help in taking further strategic steps?
- Upcoming report specific FAQs examples:
- What is laser processing?
- What does laser processing allow organizations to achieve?
- Which technologies combine to make laser processing a critical organizational asset?
- What are the key benefits of the laser processing market report?
- Which niches should companies associated with recent improvements establish a presence in?
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Laser Processing Market Report Highlights
Key Market Players
Trumpf Group, Rofin-Sinar Technologies, Inc., Amada Co., Ltd., IPG Photonics Corporation, Lumentum Holdings Inc., Jenoptik AG, Coherent, Inc., Newport Corporation, Epilog Laser, Han's Laser Technology Industry Group Co., Ltd