Dublin, Jan. 06, 2022 (GLOBE NEWSWIRE) -- The "Laser Processing Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The laser processing market is evaluated at US$11.089 billion for the year 2019 and is projected to grow at a CAGR of 7.78% to reach a market size of US$18.742 billion by the year 2026.
Increasing applications in medical devices and surgeries are one of the major market drivers anticipated to propel the growth of the laser processing market during the forecast period. Also, the rapid growth of nano-fabrication technology is expected to contribute to the growth of the global laser processing market.
Furthermore, the manufacturing sector is increasingly adopting laser for material processing due to a large number of advantages it provides over traditional material processing, which is anticipated to be one of the prominent reasons driving the market growth.
However, the high initial cost of laser processing systems is one of the major restraints of the global laser processing market. Also, the inability of lasers to cut thick metals and the need for expertise are some other factors expected to restrain the market growth.
The outbreak of the novel coronavirus disease had a negative impact on the laser processing market. The manufacturing facilities were shut down in many parts of the world as a measure to curb the spread of coronavirus, which led to a decline in market growth.
Also, the travel restrictions led to supply chain disruptions in the market which harmed the market. Moreover, even after the opening of the manufacturing facilities, a dearth of laborers was reported in many places which further diminished the size of the laser processing market during the pandemic.
Advantages over traditional material processing
One of the major factors anticipated to drive the growth of the laser processing market during the forecast period is the large number of advantages provided by laser material processing over the traditional methods, which is anticipated to lead to a rise in the adoption of laser for material processing during the forecast period.
With the rise in the demand for miniaturization of microelectronics, laser cutting is increasingly being used as the laser cutters have extremely high accuracy and precision which is required in such conditions where tolerances are extremely tight and hence it makes laser cutter the best choice.
Also, it is high-speed and produces products without the need for retooling. Furthermore, laser weld provides higher weld strength as the laser weld is narrow with an excellent depth-to-width ratio. The heat-affected zone is limited, and due to rapid cooling, the surrounding material is not annealed.
Moreover, lasers allow the drilling of a large variety of materials, from rubber and wood to very hard metals such as diamond and ceramics. Also, a large depth-diameter ratio can be obtained by laser drilling. Many such advantages provided by the use of laser in material processing, coupled with the miniaturization of microelectronics prompting an increased need for precision, are projected to lead to a surge in the growth of the laser processing market during the assessment period.
Advancements in laser processing with new product launches.
The development of innovative and next-generation products is making the manufacturing and industrial processes easy which is anticipated to lead to an increased demand for laser processing products in the coming years.
The Asia Pacific to dominate the market.
Geographically, the Asia Pacific region is anticipated to hold a significant market share and is projected to witness the fastest growth owing to the use of laser processing in manufacturing, largely in China. Furthermore, the growth of end-use industries such as electronics, healthcare, and construction is expected to surge the market growth in the region in the coming years.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Laser Processing Market Analysis, by Type
5.2. Gas Laser
5.3. Liquid Laser
5.4. Solid Laser
6. Laser Processing Market Analysis, by Application
6.6. Marking & Engraving
7. Laser Processing Market Analysis, by End-Use Industry
7.2. Aerospace and Defense
7.5. Machine Tools
7.7. Electronics and Microelectronics
8. Laser Processing Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
Lumentum Holdings Inc.
IPG Photonics Corporation
Han's Laser Technology Industry Group Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/6liscz
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