MarketsandMarkets forecasts the laser processing market to grow from USD 6.40 Billion in 2015 to USD 9.75 Billion by 2022, at a CAGR of 6.13% from 2016 to 2022. The major factors driving the growth of this market include diversified application areas of lasers, adoption of lasers for material processing, increased demand for high-quality and genuine end products, and miniaturization of electronic devices. In addition, the rising demand for laser processing systems in the medical sector is expected to propel the growth of the laser processing market in the next five years.

APAC is expected to hold the largest share of the global laser processing market during the forecast period. This is because of the increasing adoption of laser systems across multiple application areas in this region. APAC also offers potential growth opportunities for the laser processing market as there is a rise in the adoption of solid, gas, and liquid lasers mainly CO2, excimer, YAG, semiconductor, and dye in machine tools and microelectronics sectors. These sectors deploy laser systems to carry out cutting, drilling, welding, micro processing, and marking & engraving and other similar jobs frequently.

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Some of the key players operating in the laser processing market are Coherent, Inc. (U.S.), IPG Photonics Corporation (U.S.), ROFIN-SINAR Technologies Inc. (U.S.), Trumpf Group (Germany), Newport Corporation (U.S.), Jenoptik AG (Germany), Eurolaser GmbH (Germany), Epilog Laser (U.S.), Alltec GmbH (Germany), and Lumentum Holdings Inc. (U.S.).

The scope of this report covers the laser processing market based on types, applications, verticals, and geography. The laser processing market for the architecture sector is expected to exhibit highest growth during the forecast period owing to the increasing demand for design study and restructuring. Apart from this, aerospace and defense is also expected to witness considerable growth during the forecast period as lasers are being used widely for targeting and in laser radar-based applications. Medical & life sciences, automotive, and microelectronics verticals are expected to play a key role in changing the laser processing landscape; the market for these sectors is expected to grow during the forecast period.

Solid lasers held the largest share of the global laser processing market in 2015. This is because they are used in areas such as drilling holes in metals, medical applications such as endoscopy, and in military for targeting. The market for solid lasers is mainly driven by the increasing adoption of fiber, YAG, and semiconductor lasers; wherein the market for fiber lasers is expected to be large during the forecast period.

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