Asia-Pacific Laser Welding Market Is Expected To Reach At A Market Share Of 24.6% In 2022 | Future Market Insights

Global Laser Welding' demand is anticipated to be valued at US$ 2,758.3 Million in 2022, forecast to grow at a CAGR of 6.9% to be valued at US$ 5,387.0 Million from 2022 to 2032. Growth is attributed to the growing momentum towards the generation of energy through renewable sources.

According to Future Market Insights, Europe is expected to hold lucrative growth opportunities for Laser Welding, and is expected to reach at a significant share of 30% in 2022.

Europe is expected to witness a significant market growth, owing to the well-established automotive sector in countries like Germany, Spain, France, and others, which is expected to act as an engine for the market growth in the region. Technological advancement in the region is the supporting factor for the market.

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Laser Beam Welding is a joining technique that uses heat generated by highly concentrated laser beams to join two or more similar materials. Metals are the most commonly used materials in these welding techniques, but plastic materials have also found use in the laser beam welding process.

Laser beam welding is extremely useful for welding small parts because it produces minimal residue and thermal distortion. Laser beam welding is being used in a variety of industrial applications because it can be fully automated and achieve high welding speeds.

The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, medical, electronics, etc., across the world.

Furthermore, the market is also driven by the growing demand for the fabricated metal products, development of heavy industrial equipment, advancement in the manufacturing processes, and adoption of latest technologies. Additionally, the demand for automated equipment is also increasing due to the shortage of skilled personnel in some of the regions studied.

Factors such as increasing utilization in the manufacture of wind turbines is expected to boost the growth of the Laser Welding market in the near future.

On the other hand, high power requirement and automation is one of the major factors that is expected to hamper the growth of Laser Welding Market over the analysis period.

The growing momentum towards the generation of energy through renewable sources is expected to propel the growth of the Laser Welding Market over the analysis period. The electronics industry also utilizes this process as the manufacturers within this industry constantly deal with the fabrication of minute electronic components, such as circuit boards, transistors and integrated circuits.

The laser beam welding process is being steadily adopted in the automotive industry wherein around 20% of the welding operations are performed through laser beam welding equipment, this percentage is expected to rise even further in the upcoming years due to improvements observed in the overall productivity, quality and weld strength.

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Automotive parts, such as engine components, solenoids, alternators, fuel filters and injectors, among others, have been increasingly manufactured through the laser beam welding process. Another factor influencing the growth of laser beam welding equipment market is its increasing utilization in the manufacture of wind turbines. All these factors are expected to boost the growth of the Laser Welding Market during the forecast period.

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.