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Laser Processing Markets to 2024 - The Increasing Need for Miniaturized Microelectronic Devices is Driving Demand

12/18/2018

The report estimates that the global laser processing market is anticipated to grow at a CAGR of 6.15% during the forecasted period of 2017-2024.

The market is mainly driven by rising demand for high quality and genuine end-products, increasing demand in industrial and medical applications and laser-based material processing preferred over the traditional approach. However, the key restraints for the global laser processing market are lack of technical expertise and high investment. Moreover, the key opportunity for the global laser  processing market is growing application areas. The global laser processing market report covers segmentation by its type, application, and end-user. Based on type segment the market is classified into solid laser, liquid laser, gas laser and other lasers of which solid lasers held the largest share of the global laser processing market in 2017 as it is widely used in medical applications such as endoscopy and in the military for targeting. However, application segment is classified welding, cutting, drilling, marking & engraving, microprocessing and advanced processing.

Further, on the basis of the vertical segment, the market report is classified into machine tools, microelectronics, medical & life sciences, automotive, aerospace & defense, and other verticals. Geographically, Asia-Pacific dominates the global laser processing market due to rising adoption of laser systems across multiple applications areas. Further, there are various growth opportunities for the laser processing market in Asia-Pacific due to rising adoption of liquid, solid and gas lasers mainly YAG (Yttrium Aluminum Garnet), CO2, semiconductor, excimer and dye in microelectronics and machine tools sectors.

Moreover, North America is expected to be a fastest growing region during the forecast period 2017-2024 due to the strong presence of key market players in this region such as Coherent (United States), Rofin-Sinar Technologies Inc., (United States), Epilog Laser (United States) and IPG Photonics Corporation (United States).

Some of the key market players of the laser processing market are Amada Co. Ltd., Coherent Inc., Newport Corporation, Laser Star Technologies, IPG Photonics Corporation, Epilog Laser (United States) and others. These companies are using various strategies such as expansion, merger & acquisitions, collaboration, partnership, and product launch to hold large market share.

 

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