Laser technology is used for different industrial processes including cutting, welding, drilling, marking and engraving. Laser technology offers high speed and accurate industrial processes as compared to conventional industrial processing techniques. In addition, laser processing provides clean and a damage free operation as it is a non-contact process. This is one of the most important factors responsible for growing adoption of laser technology in manufacturing processes across the world.

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Rising demand for efficient material processing techniques in manufacturing industries is another driving factor for laser processing market. Additionally, miniaturization of electronics goods is another factor encouraging the adoption of laser technology for production of circuit boards, integrated circuits (ICs) and other electronics components. Laser technology is useful for processes such as cutting and marking in small dimensions. Thus, laser technology plays an important role in marking process for small electronic components. Moreover, government regulations about clear and permanent marking on food and pharmaceutical products mandates the use of laser technology for marking processes. This may fuel the adoption of laser technology in marking during the forecast period. Growing industries in Asia Pacific region is another important factor driving the laser processing market in this region.

The Laser Processing Market attains a value of US$17.26 billion by 2020, developing at a healthy CAGR of 10.2% between 2014 and 2020 and reached a value of US$8.76 billion in 2013. The gas lasers product segment held 60.2% of the overall laser processing market in 2013. The material processing market segment dominated the global laser processing market based on processes, generating the highest revenue in 2013. The automotive and aerospace industries led the global laser processing market based on end use owing to the rapid increase in demand from original equipment manufacturers (OEMs) for laser technology in material processing.

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The global laser processing market is driven by growing advantages of laser technology over conventional material processing technologies, rising use of laser drilling in oil and gas exploration, government regulations mandating the use of laser technology in marking and engraving products, and increasing applications of laser products in medical devices and surgeries. While emerging applications of laser technology and growing use of disk lasers in industrial applications hold immense scope for growth, the laser processing market is likely to be challenged by high initial costs of laser processing machines and rising environmental concerns with respect to mining of rare earth elements. Other trends that have been influencing the workings of the laser processing market include growing adoption of laser technology in additive manufacturing, rising use of ultra-short lasers for industrial processes, and laser melting in 3D printing to be used for various applications such as medical, jewelry, and aerospace.

Due to a wide range of applications of laser technology, demand from the global laser processing market is likely to rise in the forthcoming years and is estimated to reach US$10.26 billion by 2020. Being a non-contact process, one of the main factors fueling growth of the laser processing market is the potential of laser processing for providing clean and damage-free operation. Worldwide, manufacturing industries are in need of efficient materials and processing techniques for the production of various industrial and electronic products. It is during such times that the laser processing market plays a critical role in accomplishing specific industrial jobs and notching up its unwavering presence in the global market.

The major players competing in the global laser processing market include Prima Industrie S.p.A., Trumpf GmbH + Co. KG, Bystronic Laser AG, Newport Corp., LaserStar Technologies Corp., Epilog Laser Inc., Eurolaser GmbH, Han’s Laser Technology Co. Ltd., Coherent Inc., Rofin-Sinar Technologies Inc., Amada Co. Ltd., IPG Photonics Corp., Universal Laser Systems Inc., and Jenoptik Laser GmbH. These players are profiled in the report based on attributes such as company and financial overview, recent developments, business strategies, and product portfolio.

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