Laser Processing Market to Expand at 10.20% CAGR 2014 to 2020, Fueled by Surge in Oil and Gas Exploration Activities

Transparency Market Research announces the release of a new research report, titled “Laser Processing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.” This 124-page research publication states that registering a 10.20% CAGR from 2014 to 2020, the global laser processing market is projected to reach a value of US$17.2 bn by 2020, the end of the forecast period.

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The laser processing market is poised for strong growth in the coming years owing to the fact that this technology is being used in a wide range of applications, including welding, cutting, marking, drilling, and engraving. Laser processing technology offers accurate, high-speed, clean, and damage-free operations, thereby resulting in its increased adoption. The preference of laser processing technology over conventional material processing techniques has been noted in recent years.

The key factors driving and restricting the expansion of the laser processing market have been clearly identified and analyzed in the research study. According to the report, the global market for laser processing is propelled by the increasing application of laser products in medical devices and surgeries, the growing use of laser drilling in oil and gas exploration activities, strict government mandates for the use of laser technology in engraving and marking products, and the various advantages of laser technology over conventional material processing techniques. In contrast, high initial costs and environmental concerns regarding the mining of rare earth elements are likely to act as impediments to the growth of the laser processing market.

The report studies the laser processing market based on four parameters: product, process, end-use industry, and geography.

By product, the laser processing market is broken down into fiber lasers, gas lasers, solid-state lasers, and others such as excimer lasers, semiconductor lasers, and dye lasers. In 2013, gas lasers dominated the market with a 60.20% share.

By process, the market for laser processing is divided into micro-processing, marking and engraving, and material processing. Among these, material processing generated the highest revenue in 2013 owing to the increasing number of applications offered by laser technology.

By end use, the laser processing market is segmented into aerospace, electronics and microelectronics, packaging, automotive, original equipment manufacturers, and medical devices and treatment. In 2013, the aerospace and automotive industries dominated the overall market.

The global market for laser processing is geographically fragmented into Asia Pacific, North America, Europe, and Rest of the World. Accounting for a share of 42.60% in the global market in 2013, Asia Pacific emerged as the leader in the overall laser processing market. This region is also projected to be the most rapidly expanding regional market during the forecast period. One of the key factors driving this market is the surge in the number of manufacturing plants and laser machine producers in this region. The growing demand for laser technology from emerging economies such as Japan, China, and South Korea is another factor propelling the laser processing market in Asia Pacific.

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The leading companies operating in the global laser processing market include IPG Photonics Corporation, Trumpf GmbH + Co. KG, LaserStar Technologies Corporation, Epilog Laser Inc., Universal Laser Inc., Newport Corporation, Rofin-Sinar Technologies Inc., Coherent Inc., Han’s Laser Technology Co. Ltd., Jenoptik Laser GmbH, Eurolaser GmbH, Bystronic Laser AG, and Prima Industrie S.p.A. These players have been studied in depth and reviewed in the research report based on aspects such as company outlook, financial overview, recent developments, and business strategies.

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This release was published on openPR.