-- The global laser processing market size was estimated to be over USD 9.5 billion in 2014. The market is expected to witness significant growth owing to growing adoption of lasers for material processing. Owing to precise and speedy industrial processes comparing to traditional techniques, laser enabled manufacturing processes are expected to augment the laser process market growth. Mandatory applied government regulations are going to impact the market growth positively in coming years.
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Demand of advanced processing tools, increasing applications in medical field, photo-biomodulation (an emerging area of medical science) and technological advancements & emerging trends in the industrial sector are some of the prominent key market drivers. However, diverging macroeconomic trends fuelled by euro crisis, lack of technical expertise to execute laser processing and high cost of ownership including initial investment, implementation & maintenance cost are expected to hamper the market growth. Furthermore, growing demand for automobiles & mobile electronic devices, different emerging applications of the laser technology, increasing adoption of disk lasers, green laser devices for projection applications and lassol (laser doping of solar cells) are expected to offer opportunities to global players to augment the market growth in coming five years.
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Product Insights
Solid state laser, fiber laser and gas laser are the key products of laser processing market. Gas lasers include argon-ion laser, copper laser, carbon monoxide laser, helium-neon laser, carbon dioxide laser, nitrogen laser and ion laser. The introduction of commercial carbon dioxide lasers compared with conventional is anticipated to have a positive impact on the market of flexible food-packaging. Solid-state lasers majorly comprise chromium laser, F-center laser, neodymium laser, holmium laser and ruby laser. Fiber laser growth is expected enable manufacturers to benefit from this technology in their manufacturing solutions. This is going to expel the growth of the laser process market in coming years.
Process Insights
Marking & engraving, material processing and micro-processing are the key processes employed in laser process technology. Cutting non metal & metal and welding processes are other processes employed by laser technology. These are highly advantageous in drilling & mining execution, specifically in crude oil mining. Availability of numerous advantages over traditional techniques such as water-jet cutting technique is going to augment the market growth in processing of materials over the forecast period. High level of precision in small details which would otherwise be a difficult task is also going to impact the market growth positively.
Application insights
Aerospace, automotive, OEMs, medical treatment packaging & devices and electronics & micro-electronics are few of the applications of laser processing market. The micro-electronics and medical applications are going to drive the major growth of the market in coming years. Growing requirement for miniaturization is expected to drive the need for laser processing at nano scale which is going to expel the market growth. Furthermore, increasing demand for laser eye surgery is also expected to gain the significant market growth in coming years. Additionally, growing electronics demand, automotive products and increasing applications in oil & gas are going to lead towards the growth of the market over the forecast period.
Regional Insights
Asia Pacific countries such India, Japan, South Korea and China are going to witness the highest growth due to several factors such as growing number of OEMs & automotive industries and manufacturing cost-reduction. Applied regulations for stringent laser marking by the FDA are expected to increase the laser marking process in the U.S. European countries including Germany, Italy, France and U.K are also expected to witness significant growth due to increasing adoption of automotive industry in coming years.
Competitive Insights
Key players of laser processing market include Alltec GMBH, Eurolaser GMBH, Coherent Inc., Newport Corporation, Epilog Laser, Jenoptik AG, Ipg Photonics Corporation, Rofin-Sinar Technologies Inc., Laserstar Technologies and Trumpf Group. Players are expected to augment the market growth through new product development and customer relationship management.
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