Laser Processing Market (By Product: Gas, Solid-state, Fiber; By Process: Material Processing, Marking & Engraving, Micro-processing; By Application: Automotive, Aerospace, Machine Tools, Electronics and Microelectronics, Medical, Packaging) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global laser processing market size was exhibited at USD 20.64 billion in 2022 and is projected to hit around USD 44.09 billion by 2032, growing at a CAGR of 7.89% during the forecast period 2023 to 2032.

Key Pointers:

• Asia Pacific led the market with a revenue share of over 42.0% in 2022
• On the basis of geography, Europe is predicted to grow from 2023 to 2032.
• On the basis of product, the material processing segment dominated the market.
• On the basis of product, the micro-processing segment is the fastest-growing segment from 2023 to 2032.
• On the basis of process, the material processing segment dominated the market in 2022. 
• On the basis of application, the machine tools segment led the market with a revenue share of more than 32%, in 2022.
• On the basis of application, the electronic & microelectronics segment will be the quickest-growing segment from 2023 to 2032. 

Laser Processing Market Report Scope

The market growth is attributed to the increased usage of lasers in medical devices and surgery applications. In addition, the rapid growth of nano-fabrication technology is expected to contribute to the growth of the global market. Furthermore, the manufacturing sector has increased the adoption of laser technology for processing the material due to many advantages over traditional material processing, which is expected to be one of the major factors driving the market.

For example, the traditional manual metal arc welding method is used to cause high potential environmental impacts. This was a hot issue that was solved by adopting laser technology in the car industry. For instance, in July 2022, Furukawa Electric launched an Industrial fiber laser. This machine has a 12kw fiber laser system used to weld the car bodies and their parts, including the aluminum process, battery welding, and motors.

Government regulations concerning the application of this technology in the marking and engraving of products are projected to favorably impact the market growth over the forecast period. The market is anticipated to witness high growth over the next few years due to this technology's usage across a broad range of applications, comprising welding, marking, cutting, drilling, and engraving.

The strict government directives for the usage of laser technology in marking and engraving, coupled with the growing adoption of lasers in medical devices and surgeries, are anticipated to spur market growth in the near future. For instance, LASIK & Refractive technology is used in laser eye surgery to correct refractive errors like myopia, hyperopia, presbyopia, and astigmatism.

Furthermore, technical developments have improved the edge quality and cutting speed of laser processing. For instance, Hamamatsu Photonics has developed spatial light modulator (SLM), a liquid-crystal with the highest pulsed laser power capabilities of up to 400 GW/cm2, allowing customers to achieve high-throughput and high-precision laser processing.

Asia Pacific led the market with a revenue share of over 42.0% in 2022. It is expected to witness substantial growth owing to the rising number of OEMs in this region. Furthermore, China is anticipated to arise as the key consumer of industrial lasers and systems for materials processing and micro-processing. Countries such as India, South Korea, Japan, and China are expected to witness high growth owing to numerous factors such as an upsurge in the number of OEMs and automobile industry growth.

Moreover, the escalating adoption of laser systems across several application areas in the region is another factor expected to spur market growth. Government regulations pertaining to permanent and clear marks on consumer goods are estimated to ensue in greater adoption of laser processing technology across several regions. Furthermore, the growing adoption in the automotive sector is expected to boost demand in the European region.

Some of the prominent players in the Laser Processing Market include:

• Altec GmbH
• Alpha Nov laser
• Amada Co., Ltd.
• Bystronic Laser AG
• Epilog Laser, Inc.
• Eurolaser GmbH
• Han's Laser Technology Industry Group Co., Ltd.
• IPG Photonics Corporation
• Newport Corporation (MKS Instruments, Inc.)
• LaserStar Technologies Corporation
• Coherent Inc.
• IPG Photonics Corporation
• Newport Corporation
• Trumpf GmbH + Co. KG
• Universal Laser Systems, Inc.
• Xenetech Global Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Laser Processing market.

By Product

• Gas
• Solid-state
• Fiber

By Process

• Material Processing
• Marking & Engraving
• Micro-processing

By Application

• Automotive
• Aerospace
• Machine Tools
• Electronics and Microelectronics
• Medical
• Packaging

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)