Global Laser Processing Market is segmented By Laser Type (Gas Laser, Solid-State Laser, Fiber Lasers, Others), By Application (Automotive, Aerospace, Electronics & Microelectronics, Medical, Packaging), By Process (Material Processing, Marking and Engraving, Micro-Processing), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
Global Laser Processing Market reached US$ 4,200 million in 2023 and is expected to reach US$ 7,734.41 million by 2031, growing at a CAGR of 8.1% during the forecast period 2024-2031.
Laser processing includes machining, such as drilling and cutting, forming, such as bending and welding, and surface modification, such as cladding, texturing, and alloying. Laser processing technology utilizes high energy-density laser ablation to remove material.
These processes can be applied to a wide range of materials, including many different metals from thin foils to thick sheets, ceramics, glasses, polymers (plastics), textiles, leather, paper, and wood. The laser type and features are carefully selected depending on the material features, desired processing outcome, and application requirements.
Market Scope
| Metrics | Details |
| CAGR | 8.1% |
| Market Size Available for Years | 2022-2031 |
| Estimation Forecast Period | 2024-2031 |
| Revenue Units | Value (US$ Mn) |
| Segments Covered | Laser Type, Process, Application |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Largest Region | North America |
| Fastest Growing Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
For know more Insights - Download Sample
Market Dynamics: Drivers & Restraints
Increasing usage in consumer electronics or semiconductor applications
The global laser processing market is driven by the increasing usage in consumer electronics or semiconductor applications. Compared to conventional procedures, laser processing enables faster processing speeds and greater efficiency. This is essential for addressing the high-volume production needs of the consumer electronics and semiconductor sectors while maintaining consistent quality.
Consumer electronics and semiconductor industries require extreme accuracy and miniaturization in their manufacturing processes. Laser processing technologies, such as laser cutting, drilling, marking, and micromachining, exceed traditional processes in terms of precision and accuracy.
Laser as an advanced processing technology has played a pivotal role in the manufacturing process of mobile phones. For instance, according to the Asia Pacific Foundation of Canada, it is stated that China produced more than one billion smartphones in 2022, roughly 70-80 percent of the global total. The increasing production of these goods is expected to increase demand for laser processing.
High cost of laser processing equipment
The growth and adoption of laser processing technologies can be significantly hampered by the high cost of laser processing devices. Laser processing technologies might be beyond range for smaller companies or industries with limited resources due to their high costs. Only larger companies or those with large funds can afford to invest in such technology, which limits market penetration and acceptance rates.
For instance, the cost of a laser-cutting machine can range anywhere from $3,000 to over $1 million. Smaller companies may not afford the costs associated with these devices. This could hamper the market growth.
Segment Analysis
The global laser processing market is segmented based on laser type, process, application and region.
Gas laser segment is expected to dominate the market share
The efficiency that certain gas lasers, like CO2 lasers, can convert electrical energy into laser energy and their high-power output are widely recognized. For a variety of industrial uses, including as cutting, welding, engraving, and marking, this makes them suitable.
Gas lasers are useful for a wide range of materials, including metals, polymers, ceramics, and organic materials, because of their ability to function over an extensive wavelength range. They are appealing for a range of processing and industrial requirements due to their adaptability.
Manufacturers are increasingly developing gas lasers due to their increasing applications in a variety of industries. For instance, in October 2021, Mitsubishi Electric Corporation launched two new CV Series models of 3D CO2 laser processing systems for cutting carbon fiber reinforced plastics (CFRP), which are lightweight, high-strength materials used in automobiles. Thus, the above factors are expected to hold the segment in the dominant position during the forecast period.
Geographical Analysis
North America is expected to hold a significant position in the laser processing market share
North America has a diverse industrial base across sectors such as automotive, aerospace, electronics, healthcare, and consumer goods. These industries increasingly adopt laser processing for applications such as cutting, welding, marking, and additive manufacturing, driving market growth.
Companies in North America have been early adopters of advanced manufacturing technologies, including laser processing. The willingness to invest in cutting-edge technologies to improve productivity, quality, and operational efficiency supports market dominance. The increasingly advanced options from the manufacturing companies are also expected to drive the region’s market growth.
For instance, on Nov 17, 2023, Monport Laser announced the launch of high-powered CO2 laser cutter machines with unmatched durability security and efficiency.
Additionally, on September 9, 2022, Epilog Laser launched the new Fusion Maker Laser System. Fusion Maker is the first laser system designed to allow the home user and home business owner to operate an industrially-built laser machine. It is designed with industrial components that withstand heavy use and high-volume production.
Market Segmentation
By Laser Type
- Gas Laser
- Co2 Laser
- He–Ne
- Others
- Solid-State Laser
- Nd-YAG
- Ruby
- Others
- Fiber Lasers
- Others
By Process
- Material Processing
- Marking and Engraving
- Micro-Processing
By Application
- Automotive
- Aerospace
- Electronics & Microelectronics
- Medical
- Packaging
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
Competitive Landscape
The major global players in the market include Coherent, Inc., Trumpf Group, Newport Corporation, Jenoptik AG, Epilog Laser, Alltec GmbH, Han's Laser Technology Industry Group Co., Ltd., Universal Laser Systems, Inc., Lumentum Operations LLC and Thorlabs, Inc. among others.
Why Purchase the Report?
- To visualize the global laser processing market segmentation based on laser type, process, application, and region as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of laser processing market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global laser processing market report would provide approximately 53 tables, 47 figures and 176 pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
