The global industrial lasers market size will reach USD 14.52 billion by 2026, owing to the rise in the need for high precision for serving various applications. As per a recent report published by Fortune Business Insights™ titled, “Industrial Lasers Market Size, Share & Industry Analysis, By Product (CO2 Laser, Solid State Laser, Diode/Excimer Laser, Fiber Laser, and Others), By Application (Macro Processing, Micro Processing, Marking & Engraving), and Regional Forecast, 2019-2026”, the market value was USD 5.66 billion in 2018. Additionally, the market is projected to exhibit a CAGR of 12.4 % during the forecast period, 2019 – 2026.
Rise in Demand from Metal Processing Industry to Augment Market Growth
The development of microelectronic components from the semiconductor industries is a major factor in promoting the overall industrial laser market growth. Besides this, the increasing demand for consumer electronics is also expected to promote the overall growth of the industrial laser market. Additionally, there is increasing demand from the metal processing industry, especially in developed nations. This is further expected to help increase the overall industrial laser market size in the forecast duration.
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Detailed Segmentation of Industrial Lasers Market
According to the current industrial lasers market trends, the detailed segmentation of the market includes:
- Product – With respect to the product, the market for industrial lasers are categorized into the solid-state laser, CO2 laser, fiber laser, diode/excimer laser, and others. Among these, the fiber laser segment is holding the dominant industrial lasers market share on account of the increasing laser applications in material processing. In 2018, the fiber laser segment occupied about 42.3% share in the market. Industrial lasers market is gaining popularity on account of the complex laser applications such as 3D micro-milling, micro-cutting, additive manufacturing, and blind hole machining. Apart from this, the energy efficiency of fiber lasers is high on popularity amidst energy-saving solutions.
- Application – Based on application, the market is categorized into micro processing, marking & engraving, and macro processing. Out of these, the micro processing segment emerged as the fastest-growing segment. This is attributed to the rise in application across different industries such as automotive, aerospace, communications, electronics, medical, and others. The increasing demand for micromachining in the fabrication sector is likely to conclude in industrial lasers market growth. Apart from this, the macro processing segment is likely to witness sluggish growth on account of the collapsing high-power laser cutting application. This, coupled with the political uncertainty, is also leading to declining speed for macro processing applications. For instance, the rebellious trade traffic between China and the U.S. is negatively impacting the overall manufacturing sector.
- Region – Geographically, Asia Pacific is standing dominant in the industrial laser market. In 2018, this region earned USD 3.12 billion. This is on account of the high penetration of laser into the Chinese market. Additionally, the demand for consumer electronics is high in China which further adds to high industrial laser market share in the forthcoming years. On the other side, the surging demand from various applications such as welding, marking, and metal cutting is anticipated to help increase the overall market share in Europe. Furthermore, the semiconductor industry is also high on demand across all nations and this will help to help attract high industrial laser market revenue from the Rest of the World in the near future.
Players Making Huge Investments in Research and Development of Innovative Laser Products
Key industrial laser market manufacturers are focusing on adopting merger and acquisition strategies to make their mark and maintain their position in the world market. Strategies such as company collaborations, mergers and acquisitions, and contracts will help to strengthen the overall portfolio of the market. Additionally, companies are also investing in research and development of innovative laser products and other such activities to maintain their position in the competition.
Significant industry developments of controlled-release fertilizers market include:
- December 2018 – Photonics GmbH was acquired from Philips from TRUMPF. This acquisition aims at strengthening TRUMPF’s portfolio by adding high-power diode lasers.
- November 2019 – The advent of the welding fiber laser family was announced by nLIGHT®, Inc. ranging from 3kW to 15Kw. This new laser is installed with a fiber coupler or a beam switch and can be used to serve different welding, robotics, and cladding applications.
Some of the key industrial laser market vendors are as follows:
- Calmar Laser
- nLight, Inc.
- Lumentum Operations LLC
- Bystronic Laser AG
- Newport Corporation.
- JENOPTIK AG
- IPG Photonics Corporation
- Coherent Inc.
- Amonics Ltd.
The global industrial laser market is segmented in the following manner:
Value (USD billion)
- CO2 Laser
- Solid State Laser
- Diode/Excimer Laser
- Fiber Laser
- Macro Processing
- Micro Processing
- Marking and Engraving
- North America (the U.S. and Canada)
- Europe (Germany, UK, France, and the Rest of Europe)
- Asia Pacific (Japan, China, India, and the Rest of Asia Pacific)
- The Rest of the World