The global laser processing market size was US$ 5242.2 million in 2021. The global laser processing market is forecast to grow to US$ 9226.87 million by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Laser processing technology uses laser beam generated to perform various tasks such as laser welding, cutting, surface modification, laser marking, micro-processing, and drilling. The wide application of laser processing devices will drive the market forward. In addition, the benefits of laser processing, such as high precision and lesser chances of material damage, will drive the market forward.
The rising demand for high-quality laser machines will offer ample growth opportunities for the market. In addition, a growing number of technological advancements will contribute to the growth of the laser processing market.
Other factors driving the growth of the market are the rising use of disc lasers and the increasing demand for mobile electronic devices and autos. Furthermore, green laser devices are forecast to gain significant traction over the coming years.
The shortage of skilled professionals may limit the growth of the laser processing market. On the contrary, growing automation across the manufacturing sector will provide promising growth prospects for the industry.
COVID-19 Impact Analysis
Many businesses have witnessed abrupt changes in the previous years, all due to the wake of the COVID-19 pandemic. Furthermore, a decline in metals manufacturing and construction activities hampered the growth of the laser processing markets, as they are among the largest end-users of copper, aluminum, and steel. Thus, it also reduced the demand for laser processing devices.
Supply chain and manufacturing disruptions have been other factors obstructing the market growth during the COVID-19 pandemic. Due to the shortage of laborers, the manufacturers of laser processing devices stopped the operations. As a result, it hampered the growth of the global laser processing market.
Regional Analysis
The Asia-Pacific laser processing market is forecast to emerge as the largest market owing to the strong foothold of the automotive, aerospace, and machine tools industry. In addition, high population density, rising R&D investments in technology, and rapidly growing manufacturing and electronics sectors will drive the laser processing market forward. Further, large-scale investments by the government of India and China in smart grids will escalate the growth of the market.
Competitors in the Market
Market Segmentation
The global laser processing market segmentation focuses on Product, Process, Application, and Region.
By Product Outlook
By Process Outlook
By Application Outlook
By Region
