The global market for laser processing was valued at USD 17.5 billion in 2021, and it is anticipated to reach USD 35.18 billion by 2030 at a CAGR of 9.12%. Laser processing is a technique that executes activities such as laser welding, surface modification, laser cutting, laser marking, laser drilling, and micro-processing by using a laser beam generated by the thermal effect. The acronym L.A.S.E.R. stands for "light amplification by stimulated emission of radiation." Moving, fixed, and hybrid beams are the most common kinds of projected beams used in laser processing. Moving beams are also an option. The most common types of laser processing include etching, material processing, micro processing, and engraving.
This process of marking and engraving produces results that last permanently, are completed more quickly, and are more accurately. They are utilized in a wide range of different industrial applications as a result of the fantastic beam quality, excellent durability, and high efficiency that they possess. The electrical and semiconductor sectors and the medical and telecommunications fields are the most common users of these, along with the medical field. In addition, these have multiple applications in various fields, including the military, architecture, aircraft, and machine tools. Lasers are put to use for a wide variety of tasks in a variety of settings, including commercial and industrial settings. Laser technology is utilized often in numerous industrial processes, including material processing, branding and engraving, and various forms of micro processing.
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Increased Use in the Medical Sector and Additive Manufacturing
Nd: YAG lasers and carbon dioxide are the most often used technology in medical applications. On the other hand, laser technology has started to gain traction in various applications, from diagnostic to therapeutic. It is frequently used to treat cancer, the eyes, the skin, and hair. Laser technology has made many therapies possible, including artery cleansing, surgery for a detached retina, and other aesthetic procedures.
The removal of permanent or birthmarks on the skin, port-wine stains, skin blotches, and other skin treatments can all be done with laser technology. In hospitals and dispensaries, lasers are utilized to process medical items like implants and surgical instruments.
Among other medical procedures, laser technology is used in lithotripsy, dermatology, angioplasty, mammography, microscopy, medical imaging, cancer detection, and ophthalmology. Three-dimensional (3D) printing and additive manufacturing benefit from subtractive manufacturing techniques. Thanks to additive manufacturing, more complex designs may be created with less material waste and quicker manufacturing speeds. In 3D printing, laser technology is used more and more for material deposition through welding.
As new products are introduced, the market is expected to rise
In April of 2020, the German manufacturing business Trumpf, which specializes in the production of industrial machines, introduced the TruLaser Tube 3000 fibre, a flexible fibre laser metal tube cutting machine. Because it is cost-effective even with low to medium workloads, it is an ideal choice for businesses just beginning their ventures into the world of technology and those wanting to expand their production capacities. In addition to round tubes, this machine can process unique L- and U-shaped profiles and other geometric shapes. Structural steel, stainless steel, aluminium, and other non-ferrous and non-ferrous metals can all be cut with the solid-state laser. With a 152 millimetre outside diameter, it can accommodate tubes up to 170 millimetres in diameter.
Growing demand for electronic devices, autos and many other things are providing growth opportunities to the market
Several variables give good chances for growth in the market. These factors include the increasing acceptance of disk lasers, the growing need for mobile electronic devices and autos, and green laser devices used for projection applications. In addition, the laser doping of solar cells and the numerous other uses of laser technology that are continually developing are also contributing to the expansion of the market.
Lack of technical expertise and environment-related issues are hindering market growth
Lack of technical expertise required for laser processing, changing macroeconomic trends, and a high cost of ownership that accounts for maintenance, implementation, and investment expenditures are restraints on the industry. However, there are encouraging growth possibilities due to the expanding number of application areas, increasing demand for custom engraving and marking, and greater manufacturing sector automation. On the other hand, technological challenges with high-power lasers and environmental issues connected to the misuse of rare earth elements are the main challenges facing the laser processing market.
The global market for laser processing is segmented into four parts based on product, process, application and region. Further, based on the product, the market is divided into Solid-state Lasers, Fiber Lasers, Gas Lasers and Others. The gas category dominated the market with a market share of more than 55.0 per cent in terms of sales in 2021. Copper, nitrogen, carbon dioxide, carbon monoxide, argon-ion, and helium-neon lasers are all included in the gas sector. The solid-state section is further divided into Q-switched Nd: YAG lasers, tiny Nd: YAG or Nd: YVO4 lasers that are diode-pumped, and bigger lasers that are end- or side-pumped. Fibre laser technology enables manufacturers to take advantage of this technology's advantages in their manufacturing processes.
The market is divided into Marking and Engraving, Material Processing and Micro-Processing based on the process. In 2021, the material processing segment dominated the market, with a revenue share of about 70.0 per cent. Hybrid techniques, laser beam welding, micro-drilling on the surface, cutting and machining, direct manufacturing, and forming micro deposition are all covered in this area. Ablation of bulk material and coatings is also included.
On the application basis, the market is classified into Automotive, Aerospace, Machine Tools, Electronics and Microelectronics, and Medical and Packaging. In 2021, the machine tools segment had a revenue share of over 30 per cent of the market. Machine tools are expected to benefit from the increased use of lasers in the industrial sector for various material processing tasks, such as cutting, welding, drilling, and engraving. Microelectronics and the medical business are expected to grow due to rising demand. In the fabrication of medical devices, welding plays a crucial role. Devices like pacemakers and surgical instruments require ultra-fine wires and sterile surfaces, which are essential for cardiac procedures.
The market is segmented into Europe, Latin America, Asia-Pacific, North America, and the Middle East & Africa. The Asia-Pacific region dominated the market.
The market is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa.
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In 2021, Asia Pacific had the largest market share, accounting for more than 40 per cent of the total revenue. Because of the growing number of O.E.M.s in the area, a significant increase is projected. In addition, it is projected that China will emerge as the primary buyer of industrial lasers and systems for processing materials and micro-processing shortly. Numerous reasons, including an increase in the number of original equipment manufacturers (O.E.M.s) and the growth of the vehicle sector, are predicted to contribute to the significant growth anticipated in nations such as India, South Korea, Japan, and China.
In addition, the increasing implementation of laser systems across various application domains in the region is yet another factor that is anticipated to drive market expansion. It is anticipated that implementing government rules mandating permanent and legible markings on consumer items would increase the use of laser processing technology in a variety of places. In addition, the expanding use of technology in the automobile industry is anticipated to contribute to increased demand in the European region.