Industry Insights
In the year 2015 the global laser processing market was sized at $10.36 billion and is estimated to grow at a significant rate due to the increase in material processing applications. Precise and accurate operations of industrial processes are achieved by implementing the laser technology in manufacturing.
The regulations and the norms set by the governments are expected to positively affect the growth of laser processing market in next few years. Due to their increased usage in various applications ranging from marking, cutting to welding, drilling, engraving the technology all set to witness tremendous growth in during the forecast period.
The strict directives set by the governments on the usage of laser technology in marking and its increased use in the growing field of medical surgeries and devices is expected to drive the laser processing market in the near future.
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Product Insights
The products related to laser technology consist of fiber, gas and solid-state lasers. Gas segment consists of nitrogen, copper, carbon monoxide, carbon dioxide, helium-neon and argon-ion lasers.
Solid state lasers are further divided into YAG or Nd lasers, Q-switched Nd lasers, small-diode pumped Nd, YVO4 lasers and large sized lasers in end or side pumped configuration. Manufacturers are benefitted by the use of fiber lasers with their use in the manufacturing technology which acts as a driver fir the market.
Varied field applications in the fields such as aerospace, machine tools, automotive, medical and packaging is estimated to fuel the global laser processing market over the forecast period.
Application Insights
Application segment mainly includes OEMs, Automotive, electronics and microelectronics, aerospace, medical and packaging. Rise in the rate of adoption of laser in various industrial applications such as cutting, welding, drilling engraving and various material processing activities is expected to drive the market to new growth heights in the next few years particularly due to extensive use of this technology as machine tools.
The ever increasing demand in the fields of microelectronics and medical sector is expected to drive laser processing growth. Key role is played by the process of welding the medical applications primarily such as implantable devices, pacemakers, surgical tools which involve non-porous and ultra-fine sterile surfaces which are implemented in cardio logical processes.
Emerging applications in the fields of oil and gas and automotive sector will fuel the growth of laser technology along with the increase in the usage of machine tools over the next few years. Moreover, high speeds offered by laser cutting, improves the quality of cutting edges and provides the material in automotive segment with low-heat operation.
Competitive Insights
Few major global players present intense competition which essentially is the characteristic of the market. These key players hold a majority of the market share. New product developments and research procedures are undertaken by firms so that newer business opportunities are available in front of them.
Universal Laser Systems is the firm that provides products to the military branches and security agencies for custom parts fabrication, asset management and other security and production uses. Naval bases, Air bases and military bases all over the world use this technology. Major players in the market are LaserStar Technologies, Amanda Co. Ltd., IPG Photonics Corporation and Newport Corporation.
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