Laser (light amplification by stimulated emission of radiation) is a device that is capable of emitting light through a process of optical amplification based on the stimulated emission of electromagnetic radiation. Laser processing involves the use of lasers to cut, weld, or grind materials across various end-user industries. It works by directing a high-power laser output, usually through optics. Lasers are now being used across a wide range of end-user industries, such as defense, automobile, semiconductor & electronics, medical & life sciences, architecture, and machine tooling.
The global laser processing market size is projected to grow from USD 4.0 billion in 2020 to USD 5.8 billion by 2025; it is projected to register a CAGR of 7.8% during the forecast period. The laser processing industry’s growth is driven mainly by the growing preference of end-user industries for laser-based material processing over traditional approaches, increasing demand for high-quality and genuine end-products, rising demand for miniaturization of microelectronic devices, and surging technological advancements in the medical sector.
The solid lasers segment is projected to hold the largest share of the laser processing market during the forecast period. Solid lasers prevent the wastage of materials in the active medium and produce both continuous and pulsed output at high efficiency. These lasers have numerous applications, such as drilling holes in metals, endoscopy in medical, and targeting in military.
The system revenue segment is projected to hold a larger share of the laser processing market during the forecast period. System revenue covers the revenue generated from the sales of several types of laser processing systems, such as systems for marking & engraving, welding & brazing, cutting & scribing, drilling, cladding & coating, annealing, material removal, and other multi-function laser processing systems.
The hybrid configuration segment is projected to hold the largest share of the laser processing market during the forecast period. A hybrid system is more efficient than the moving beam system as it provides a constant beam delivery path length and allows a comparatively simpler beam delivery system. This is due to the presence of a movable table and a movable head in the hybrid system.
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The cutting application segment is projected to hold the largest share of the laser processing market during the forecast period. The need for high-powered lasers for cutting of metals and non-metals is increasing worldwide. Lasers have also gained considerable traction in low-power applications, such as plastics cutting and paper cutting, in recent years. In the microelectronics industry, lasers have proven to be an economical method of cutting wafers to deliver high-quality products.
The machine tools end-user industry segment is projected to hold the largest share in the laser processing market during the forecast period. Lasers play an integral role in general machine construction, mainly in cutting and welding purposes. Lasers help achieve clean-cut edges and reliable weld seams, especially in the field of sheet metal and tube processing. For instance, lasers are used in the production of tubes and other components that are cut or welded. This has opened numerous application areas for lasers in the machine tools industry.
Asia Pacific (APAC) is projected to hold the largest share of the global laser processing market during the forecast period. The major countries contributing to the laser processing industry in APAC include China, Japan, South Korea, and India. APAC has been ahead in terms of the adoption of laser processing solutions as compared with other regions. High population density, rise in R&D investments in technologies, and growth of the manufacturing and electronics sectors are expected to drive the growth of the laser processing market in the region.
Laser Processing Market with COVID-19 Impact analysis by Laser Type (Solid Lasers, Liquid Lasers, Gas Lasers), Configuration (Fixed Beam, Moving Beam, Hybrid), Revenue (System Revenue, Laser Revenue), Application, End-user Industry, and Region - Global Forecast to 2025
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