This study intends to unfurl the multiple facets of global laser processing market. The insights offered in the report aid in market growth examination during the forecast period.
Market Analysis in Brief
On the back of the various advantages over conventional material processing technologies, the laser technology continues to be favored among manufacturing industry operators. The capability of laser processing technology to boost efficiency of material processing activities such as cutting, welding, engraving, and lithography predominantly drives the progress of laser processing market worldwide. Research shows expanding employment of laser processing technology in medical equipment, devices, and during surgeries. This will create substantial tailwinds for the growth of market in the near term. Advent of nanofabrication technology further points to the next leg of growth for laser processing industry. Notable adoption by automotive industry also underscores the generation of a continuous stream of business opportunity for companies in the laser processing space.
Key Report Findings
Increasing Application in Medical Sector
Rising application of lasers in the medical field is likely to augur well for the laser processing market. Nd: YAG and carbon dioxide lasers are widely used in medical applications. In addition, laser technology is gaining high traction in applications starting from diagnosis to the end treatment. This technology is widely used in treatment of cancer, skin, eyes, and hair. Moreover, the various types of surgeries such as cosmetic surgeries, surgery for detached retina, and cleaning of arteries have improved owing to the use of laser technology. Other applications including procedures such as removal of port wine stains, removal of permanent birthmarks that are present on skin and the skin blotches are becoming possible owing to the adoption of laser technology.
Furthermore, laser technology plays a vital role in processing of materials in the medical sector such as implantable devices and surgical tools used in hospitals and surgical centres. It is also used in procedures including dermatology, lithotripsy, mammography, medical imaging, microscopy, angioplasty, ophthalmology, and cancer diagnosis. In this backdrop, growing applications of laser technology in the medical domain is expected to bolster the growth of the laser processing market.
Increasing Awareness Regarding Benefits of Laser Technology
Perceived benefits of laser technology over conventional technologies used in material processing remain instrumental in driving the growth of the laser processing market. Material processing involves several processes including cutting, drilling, and engraving to name a few. These processes require high quality and precision that the laser technology offers. It provides huge benefits over conventional techniques such as no design limitations, high accuracy level and consistent quality, zero post processing requirements, easy to automate, offer high operating speed, light weight, and environment friendly.
Technologies such as plasma technology, and flame technology cannot be used for engraving, drilling, and marking purposes but only limited to cutting purposes. On the other hand, water jet is used only in structuring and ablation processes; however, create huge amount of noise. On the contrary, all these above applications can be performed using laser technology with higher precision and quality and without generating noise. These functional aspects are expected to drive their demand, in turn fueling the growth of the laser processing market.
Rising Demand of Ultra-short Pulse Lasers
The sales of ultra-short pulse lasers have been reflecting an upward trend with a positive outlook. This can be attributed towards their increasing demand for several industrial applications including drilling, laser cutting, engraving, marking, and welding. In addition, these generate laser pulses of small widths. Since these pulses are short, heat transfer to surrounding material does not take place, thus preventing any damage caused by rise in temperature. Furthermore, components used in the electronic industry such as displays, and semiconductors have high quality requirements, however it becomes difficult to prevent thermal effects that are generated in other processing methods. This makes ultra-short pulse lasers a feasible option as they reduce the thermal impact.
Moreover, electric cars, and IIoT need huge number of electronic components such as passive components, power components, and integrated circuits. This has resulted in ultra-short pulse lasers gaining traction in the electronics sector and would be gradually used in fields of aerospace, automobiles, energy, and biomedicine in the forthcoming years. This factor continues to influence the growth of the laser processing market.
Overview of Key Segments
Use of Disk Lasers to Increase Significantly
There has been an increasing need for lasers with enhanced beam quality, and high power for processing of various industrial materials. Conventional lasers have limitations owing to thermal lensing, an effect caused by overheating of laser crystals, particularly in lasers with high power. Albeit thermal lensing can be reduced by using diodes in place of lamps for laser generation, the quality of the beam is less for high power levels. This necessitated the development and use of disk lasers that eliminate thermal lensing while providing superior beam quality with improved processing abilities even at high power levels. Moreover, disk lasers use heat sink which facilitates improved efficiency and power of the laser making them a viable option in applications such as welding, cutting, direct metal deposition and other applications revolving around material processing. That said, rising applications of disk lasers is expected to bode well for the laser processing market on the global front.
Growth Opportunities Across Regions
Asia Pacific Likely to Reign Supreme
Geographically, Asia Pacific is expected to showcase high growth potential in the laser processing industry. This can be attributed towards increasing industrialization, and a growing number of OEMs in the region. Moreover, the region is considered as the manufacturing hub owing to various factors such as favorable business environment, high customer pool, cheap labor and land and favorable government support. This has attracted various companies across a range of industries to establish their plants in the emerging economies in the region. This has in turn created a high potential for micro and material processing, which has been driving the growth of the laser processing market in Asia Pacific.
Laser Processing Market: Competitive Landscape
A few of the major players in the laser processing market include Altec GmbH, Coherent Inc., Epilog Laser Inc., Alpha Nov Laser, Eurolaser GmbH, Newport Corporation, Universal Laser Systems, IPG Photonics Corporation, and Xenetech Global Inc.
Regional Classification of Global Laser Processing Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Laser Processing Market
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