Laser Processing Global Market Report 2024: Rapid Growth Expected, With the Market Set to Exceed $30.54 billion in 2028

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The laser processing market size has grown rapidly in recent years. It will grow from $18.34 billion in 2023 to $20.29 billion in 2024 at a compound annual growth rate CAGR of 10.6%. The growth in the historic period can be attributed to increased adoption of laser technology in manufacturing processes, demand for high-precision and non-contact material processing, growth in industries such as automotive, electronics, and medical devices, need for efficient and cost-effective manufacturing solutions, stringent quality and precision requirements in manufacturing.

What Does The Future Hold For The Laser Processing Market Size And Growth Rate?

The laser processing market size is expected to see rapid growth in the next few years. It will grow to $30.54 billion in 2028 at a compound annual growth rate CAGR of 10.8%. The growth in the forecast period can be attributed to the adoption of ultrafast and high-power lasers for advanced materials processing, integration of laser technology in semiconductor and electronics production, rising demand for laser cutting and welding in aerospace and defense, focus on miniaturization and microfabrication in the electronics industry, and expansion of laser processing in medical and healthcare applications.

For a deeper insight into these projections, explore our full report: Report Link: https://www.thebusinessresearchcompany.com/report/laser-processing-global-market-report

What Is Driving The Growth Of The Laser Processing Market?

The increasing applications of lasers in medical devices and surgeries are significantly contributing to the growth of the laser processing market. Medical lasers are utilized in various specialties, including ophthalmology, dermatology, plastic surgery, and dental surgeries, as well as in intraabdominal, cardiothoracic, neurologic, gynecologic, and urologic procedures. Lasers facilitate a source of focused, coherent light capable of transmitting intense energy to a precise location. For instance, in 2022, according to a report published by Biospace, a leading online source for biotechnology jobs, cataract statistics in the U.K., 330,000 cataract operations are conducted every year in the country. Therefore, the increasing usage of laser in medical devices and surgeries is expected to boost the demand for the laser processing market during the forecast period.

Who Are The Major Players In The Laser Processing Market?

Major companies operating in the laser processing market include Coherent Inc., TRUMPF Inc., Han's Laser Technology Industry Group Co. Ltd., IPG Photonics Corporation, Jenoptik AG, Rofin-Sinar Technologies Inc., Bystronic Laser AG, Prima Power Group, Amada Miyachi America Inc., Mitsubishi Electric Corporation, nLIGHT Inc., Lumentum Holdings Inc., SPI Lasers UK Ltd., Ekspla, FANUC Corporation, II-VI Incorporated, Trotec Laser GmbH, LaserStar Technologies Corporation, NKT Photonics A/S, Cutera Inc., MKS Instruments Inc., Laserline GmbH, Convergent Photonics Corporation, ALPHA LASER GmbH, Photonics Industries International Inc., Cy-laser s.r.l., Lumibird Medical.

What Are The Emerging Trends In The Laser Processing Market?

Technological advancements are a key trend gaining popularity in the laser processing market. Many companies operating in laser processing are developing new products or new technologies to meet industry demand and strengthen their market position across the globe. For instance, in September 2021, TRUMPF, a Germany-based industrial machine manufacturing company launched a 2D laser cutting machine, TruLaser 1000 which guaranteed up to 70% feed rate and with its effective cooling, it produces with high processing quality. Due to its ease of use and a wide variety of materials, it is ideal for beginners and companies who want to increase their production capacity.

What Is The Market Segmentation For The Laser Processing Market?

The laser processing market covered in this report is segmented –

1 By Type: Gas Laser, Liquid Laser, Solid Laser, Other Types
2 By Application: Cutting, Welding, Drilling, Microprocessing, Marking and Engraving, Other Applications
3 By End-Use Industry: Aerospace and Defense, Automotive, Healthcare, Machine Tools, Architecture, Electronics and Microelectronics, Other End User Industries

How Is The Laser Processing Market Distributed Globally?

Asia-Pacific was the largest region in the laser processing market in 2023, and it is also expected to be the fastest-growing region in the laser processing market share during the forecast period. The regions covered in the laser processing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

For a deeper understanding of these projections, please see our sample report: Sample Link: https://www.thebusinessresearchcompany.com/sample.aspx?id=7182&type=smp

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