PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364709
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364709
Laser Drilling, Cutting, Marking And Engraving Market size was valued at USD 4,432.9 Million in 2022, expanding at a CAGR of 7.1% from 2023 to 2030.
Originally, laser applications encompassed tasks like ranging, targeting, spectroscopy, and microscopy, mainly focusing on exploring and measuring distances or conducting scientific and laboratory experiments. None of these applications initially emphasized the commercial potential of laser Revenue, particularly laser processing. Nevertheless, over time, technological advancements made lasers more powerful, efficient, and adaptable. As a result, the industrial and commercial applications of lasers expanded to include micro-machining, modeling, precise sculpting, shaping, sizing objects and materials, and contactless imprinting. These combined applications are now known as laser processing applications.
Regulations mandating the use of laser marking, the superior performance of lasers over alternative tools, the demand for aesthetic applications to propel market demand
The primary drivers of the market include government regulations mandating the use of laser marking, the superior performance of lasers over alternative tools, the demand for aesthetic applications, the growing use of lasers in oil and gas exploration, and the introduction of direct diode lasers. On the other hand, market constraints consist of high initial investment and maintenance costs, the impact of the euro zone crisis, and the challenges in rare earth elements mining.
The Global Laser Drilling, Cutting, Marking And Engraving Market is segmented on the basis of Product Type, Configuration, Technology, Application, and Region.
The market is divided into three categories based on configuration: Fixed, Moving and Hybrid. The hybrid configuration segment is expected to hold the largest share in the laser processing industry during the forecast period. Hybrid systems offer higher efficiency compared to moving beam systems by providing a constant beam delivery path length and a relatively simpler beam delivery system. This is achieved through the incorporation of both a movable table and a movable head in the hybrid configuration.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the highly competitive laser cutting market, companies are implementing various strategies to stay ahead and meet the demands of diverse industries. Key players are focusing on continuous innovation, developing cutting-edge laser cutting machines, and improving automation features to enhance productivity and precision. They are also expanding their global presence through strategic partnerships, acquisitions, and establishing regional offices to better serve their customers worldwide. Additionally, companies such as Coherent Inc. and IPG Photonics are concentrating on advancing laser technology itself, producing high-performance fiber lasers that offer increased power and efficiency
In January 2020, Trump (Germany) acquired a minority stake in GLOphotonics, a France-based laser Revenue startup
The scope of this report covers the market by its major segments, which include as follows: