Laser Processing market COVID-19 Impact, Trends & Business Statistics By 2030

Posted by Mrudula Karmarkar on August 11th, 2022

The global laser processing market size is expected to reach USD 38.22 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2022 to 2030. The rising utilization of expensive laser-drilling techniques for oil and gas exploration purposes is projected to substitute the traditional methods. Decreasing drilling costs are anticipated to increase the feasibility of uneconomic oil deposits, thus positively impacting the market growth. The growing need for this type of processing in industrial solar modules is further expected to fuel the market growth.

The requirement for laser technology in the medical sector is projected to witness significant growth due to increasing technological advancements. These technical developments offer faster recovery time, smaller incisions, and lesser pain. The increasing adoption of these methodologies is expected to spur the demand for surgical lasers. Advancements leading to enhanced edge quality and cutting speeds are anticipated to offer growth avenues for the market. Furthermore, the manufacturing sector has increased the adoption of laser technology for processing the material due to many advantages over traditional material processing, which is expected to be one of the major factors driving the market.

Significant investments by the market players in R&D are fueling the growth of the market. For instance, Fudan University researchers led by Profs. X. Wu, M. Lu, and S.-Y. Zhang produced an all-silicon laser with high optical gains using silicon nanocrystals. Silicon nanocrystals are similar to GaAs and InP. All-silicon laser combines optoelectronics and microelectronics used in various fields such as sensing, communication, displays, detection, and imaging.

The market growth is attributed to the increased usage of lasers in medical devices and surgery applications. In addition, the rapid growth of nano-fabrication technology is expected to contribute to the growth of the global market. Furthermore, the manufacturing sector has increased the adoption of laser technology for processing the material due to many advantages over traditional material processing, which is expected to be one of the major factors driving the market.

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The rising need for laser processing in the industrial solar module is expected to drive the market growth. The upsurge in demand from the industrial sector is expected to spur the growth of high-power lasers. High-power lasers that are used in hard facing or laser cladding act as alternatives to methods such as oxy-fuel gas welding, arc welding, and thermal spraying.

Laser Processing Market Report Highlights

• Based on product, fiber lasers are projected to exhibit the fastest CAGR of 10.0% from 2022 to 2030 as they are widely used across several end-use industries and are highly cost-effective compared to the other products
• By process, the material processing segment is expected to expand at the fastest CAGR of 9.4% over the forecast period. This can be accredited to the ability of lasers to perform high-speed and accurate industrial processes
• The Asia Pacific region is expected to expand at the fastest CAGR of 9.7% from 2022 to 2030 owing to the rising number of OEMs in this region
• Industry participants focus on technological advancements and innovation to capture a large market share

Laser processing systems have a wide range of uses in industrial applications including segments such as micro-processing and macro processing. Different processes, such as marking & engraving, micro-machining, shaping, and sizing of objects, employ laser technology. The micro-processing applications include the production of printed circuit boards, flat panel displays, semiconductors, and solar cells, while the macro processing applications include welding, cutting, and marking applications.

With surging advancements in the laser technology, the demand for the technology in medical applications is expected to rise at a significant rate over the forecast period. The technology offers faster recovery time, lesser pain, and smaller incisions. Lasers are also used in applications such as oncology, ophthalmology, cardiology, cosmetic surgery, gynecology, gastroenterology, dentistry, dermatology, and urology. Furthermore, with the rising adoption of laser procedures, the demand for surgical lasers is also anticipated to increase considerably. Additionally, surgical lasers have evolved from large and complicated equipment to fiber lasers and handheld diode lasers.

List of Key Players in Laser Processing Market

• Altec GmbH
• Alpha Nov laser
• Amada Co., Ltd.
• Bystronic Laser AG
• Coherent Inc.
• Epilog Laser, Inc.
• Eurolaser GmbH
• Han's Laser Technology Industry Group Co., Ltd.
• IPG Photonics Corporation
• Newport Corporation (MKS Instruments, Inc.)
• LaserStar Technologies Corporation