Laser Processing Equipment Market Size - By Technology Type (Fiber Lasers, CO2, Solid State, Others), By Process Type (Cutting & Drilling, Welding, Marking & Engraving, Punching & Micro Machining, Others), By Function Type, By End User & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Laser Processing Equipment Market Size - By Technology Type (Fiber Lasers, CO2, Solid State, Others), By Process Type (Cutting & Drilling, Welding, Marking & Engraving, Punching & Micro Machining, Others), By Function Type, By End User & Forecast, 2024 – 2032

Laser Processing Equipment Market Size

Laser Processing Equipment Market size was valued at USD 22 billion in 2023 and is anticipated to register a CAGR of over 9% between 2024 and 2032. The integration of laser processing equipment with Industry 4.0 technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and automation, is on the rise. Manufacturers are increasingly adopting smart laser systems that offer real-time monitoring, predictive maintenance, and enhanced productivity through data-driven insights.

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Fiber lasers have been gaining traction in various industries due to their superior performance, efficiency, and reliability compared to traditional laser technologies. As a result, there is a growing demand for laser processing equipment utilizing fiber lasers for applications such as cutting, welding, marking, and engraving.
 

Laser Processing Equipment Market Report Attributes
Report Attribute Details
Base Year 2023
Laser Processing Equipment Market Size in 2023 USD 22 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 9%
2032 Value Projection USD 52 Billion
Historical Data for 2018 – 2023
No. of Pages 182
Tables, Charts & Figures 232
Segments covered Technology type, process type, function type, end user
Growth Drivers
  • Advancements in laser technology
  • Growing demand for high-quality and precision manufacturing
  • Rising adoption of additive manufacturing (3D printing)
Pitfalls & Challenges
  • High initial investments
  • Increased operating costs

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Laser processing equipment capable of handling micro-processing and precision machining tasks is in high demand, driven by the need for miniaturization in electronics manufacturing, medical device fabrication, and other industries requiring high-precision components. Laser processing equipment is widely used in the manufacturing of medical devices and equipment due to its precision, versatility, and the ability to work with a variety of materials including metals, plastics, and ceramics. With the increasing demand for medical devices due to aging populations and advancements in healthcare technologies, the market for laser processing equipment in the medical sector is expanding.

Laser processing equipment requires a significant initial investment including the cost of the equipment itself, installation, and training of personnel. This high upfront cost can be a barrier for Small & Medium-sized Enterprises (SMEs) or businesses with limited capital resources, limiting the adoption of laser technology. Laser processing equipment can also incur high operating costs associated with its maintenance, energy consumption, and consumables such as laser gases and optics. These ongoing expenses can be prohibitive for some companies, particularly in industries with narrow profit margins.

Laser Processing Equipment Market Trends

3D Printing Technology Drives Demand for Laser Tools Laser-based printing techniques like Selective Laser Melting (SLM) and Stereolithography (SLA) are becoming increasingly popular for quickly making prototypes and complex parts. These methods require custom laser processing equipment, which is becoming increasingly in demand as the technology spreads across different industries. Technological Progress and Market Trends The laser processing equipment market is growing because of advances in technology, industry-specific needs, and the push for more efficient and environmentally friendly manufacturing. The latest trends, like Industry 4.0 and 3D printing, are likely to fuel future market growth. Laser Processing for Sustainable Manufacturing Laser processing equipment has key advantages over traditional machining methods, including less material waste, lower energy consumption, and fewer harmful emissions. This makes it an attractive option for industries that want to reduce their environmental impact. Industries Embracing Laser Technology The automotive and aerospace industries are big users of laser processing equipment for tasks like welding, cutting, and treating surfaces. As these industries switch to lighter materials like composites and aluminum alloys, the demand for advanced laser solutions is expected to keep rising.

Laser Processing Equipment Market Analysis

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Imagine you're shopping for a laser processing machine. There are different types to choose from, including fiber lasers, CO2, solid state, and so on. Lately, fiber lasers have been making waves. In 2023 alone, they racked up over $11 billion in sales. Why the popularity? Well, fiber lasers are incredibly efficient. They can turn a lot of the energy they use into actual laser power. This means they use less electricity and cost less to run than other lasers. But that's not all. Fiber lasers provide super-accurate and consistent beams. It's like they have a steady hand. This makes them perfect for jobs that need sharp, precise details and intricate designs. Think micro-machining and making electronics. So, if you're looking for a laser that's both efficient and accurate, fiber lasers are the way to go.

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Based on process type, the market is categorized into cutting & drilling, welding, marking & engraving, punching & micromachining, and others. The cutting & drilling segment accounted for 51% of the laser processing equipment market share in 2023. Laser cutting and drilling provide unparalleled precision, allowing for high accuracy in intricate designs and fine details. This precision results in minimal material wastage and ensures consistent quality across production batches.

Laser processing equipment can be used on a wide range of materials including metals, plastics, ceramics, and composites. This versatility makes it suitable for various industries such as automotive, aerospace, electronics, and medical devices. Laser processing generates minimal heat, resulting in a small Heat-affected Zone (HAZ) compared to other methods. This reduces the risk of material distortion, warping, or damage, especially for heat-sensitive materials.

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North America laser processing equipment market size held over USD 7 billion in 2023. North America, particularly the U.S., is a hub for technological innovation and research & development. Many leading laser processing equipment manufacturers and technology companies are based in the region, driving advancements in laser technology and equipment. The region has a diverse industrial landscape spanning sectors such as automotive, aerospace, electronics, healthcare, and consumer goods.

Laser processing equipment finds extensive use across these industries for various applications including cutting, welding, marking, engraving, and surface treatment. The U.S. and Canada have well-established manufacturing sectors that contribute significantly to the regional demand for laser processing equipment. These industries constantly seek ways to improve productivity, quality, and cost-effectiveness, fostering the adoption of advanced manufacturing technologies such as lasers.

Laser Processing Equipment Market Share

In 2023, dominant market players including Concept Laser, Control Micro Systems, Epilog Laser, Eurolaser, and Hanslaser collectively held a substantial 10%-15% market share. The market is highly fragmented. These industry leaders are actively engaged in strategic initiatives, such as mergers & acquisitions, facility expansions, and partnerships, to broaden their product portfolios, reach a wider customer base, and strengthen their market presence. These companies continuously invest in research & development to improve their products and incorporate new technologies, allowing them to stay ahead of the competition.

Laser Processing Equipment Market Companies

Major companies operating in the laser processing equipment industry include

  • Concept Laser
  • Control Micro Systems
  • Epilog Laser
  • eurolaser
  • Hanslaser
  • Hgtech
  • IPG Photonics Corporation
  • Jenoptik
  • Laser Systems
  • Lumentum
  • Newport Corporation
  • Rofin-Sinar Technologies
  • TRUMPF
  • Universal Laser Systems
  • Vermont

Laser Processing Equipment Industry News

  • In February 2023, xTool, a laser tool manufacturer based in the U.S., launched a 40W laser module with powerful capabilities. The equipment provides a precise laser cut and ultra-precision engraving features.
     
  • In October 2022, BLM Group, a tube and laser technology manufacturer, launched its new LS7, which offers high productivity, cutting speed, and accuracy.
     
  • In October 2022, Slovenia, Lumentum Holdings Inc. saw an uptick in business operations as it pursued research and development efforts focused on specialized optical fibers and associated products. Within its facility, a Center of Excellence dedicated to pioneering research & development aimed at producing crucial laser component technologies and products is in operation.
     
  • In July 2022, IIVI Incorporated acquired Coherent, Inc., resulting in the formation of a global leader in materials, networking, and laser technologies. This merger positioned the combined entity to serve a diverse range of sectors including industrial, communications, electronics, and instrumentation.

The laser processing equipment market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2018 to 2032, for the following segments

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Market, By Technology Type

 

  • Fiber lasers
  • CO2
  • Solid State
  • Others (Semiconductor, etc.)

Market, By Process Type

  • Cutting & drilling
  • Welding
  • Marking & engraving
  • Punching & micromachining
  • Others (heat treatment., etc.)

Market, By Function Type

  • Semi-automatic
  • Robotic

Market, By End User

  • Automotive
  • Metal & fabrication
  • Electronics
  • Energy & power
  • Others (medical, & life sciences, aerospace & defense, etc.)

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Malaysia     
    • Indonesia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

 

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