Global Laser Processing Market to Grow at a CAGR of 8.1% During 2024-2032, Aided by the Growing Adoption of Laser Drilling Technique in the Aerospace and Oil and Gas Industry

The laser processing industry is driven by the growing adoption of laser drilling technique in the aerospace and oil and gas industry. This can be attributed to the advantages of utilising laser processing, including no-contact, high aspect ratio, and easy drilling of difficult objects. In addition to this, the thriving automotive industry owing to the rising demand for electric and hydro-powered cars is anticipated to augment the market growth in the forecast period. Furthermore, the high-speed and accuracy of the product helps accelerate industrial processes, which is projected to bolster its demand in the coming years.

In November 2019, Coherent Inc. (NASDAQ: COHR) announced the launch of fibre laser which comes with switchable, adjustable ring mode (ARM) that can power two processes or workstations.

In terms of region, the Asia Pacific is likely to account for a significant share in the market and is anticipated to witness a considerable growth in the forecast period. The significant economic growth attained by the emerging economies of the continent such as India, China, and others is anticipated to augment the market growth in the forecast period. Moreover, the technological advancements in the industrial sector owing to the strong presence of major industrial players are likely to augment the market growth in the forecast period.

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Market Breakup by Product, Application, and Region:

• The market is segmented based on product into gas lasers, solid-state lasers, and fibre lasers.

• Based on application, the market is divided into automotive, aerospace, machine tools, electronics and microelectronics, medical, and packaging.

• Region-wise, the global market for laser processing can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for laser processing is being driven by the growing adoption of laser drilling in various industries.

• The growing awareness about the significant advantages offered by laser technology is anticipated to boost the market growth in the forecast period.

• The thriving automotive industry, coupled with the increasing inclination of automotive manufacturers towards producing cars by implementing laser welded sheet metal assemblies is likely to augment the market growth.

• The market is estimated to be further aided by the rapid urbanisation and industrialisation in the emerging economies of the world.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for laser processing for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products, applications, and regions of laser processing.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global laser processing market are TRUMPF Inc., Photonics Industries International, Inc., Amada Co. Ltd., Coherent, Inc., Jenoptik Group, and LUMIBIRD, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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