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Laser Processing Market Report: Comprehensive Analysis of Current and Future Industry Trends || Coherent Inc., TRUMPF Inc., Han's Laser Technology Industry Group Co. Ltd
Laser Processing Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the laser processing industry. This report on laser processing market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The laser processing market size has grown rapidly in recent years. It will grow from $18.34 billion in 2023 to $20.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to increased adoption of laser technology in manufacturing processes, demand for high-precision and non-contact material processing, growth in industries such as automotive, electronics, and medical devices, need for efficient and cost-effective manufacturing solutions, stringent quality and precision requirements in manufacturing. The laser processing market size is expected to see rapid growth in the next few years. It will grow to $30.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
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Key Market Players:
Coherent Inc., TRUMPF Inc., Han's Laser Technology Industry Group Co. Ltd., IPG Photonics Corporation, Jenoptik AG are prominent players in the laser processing industry.
Market Drivers:
According to the Laser Processing Market Report 2023 by The Business Research Company, the key factors driving the growth of the laser processing market, includes the increasing applications of lasers in medical devices and surgeries. Medical lasers are utilized in medical procedures in various specialties, including ophthalmology, dermatology, plastic surgery, and dental surgeries, as well as in intraabdominal, cardiothoracic, neurologic, gynecologic, and urologic procedures. Lasers facilitate a source of focused, coherent light capable of transmitting intense energy to a precise location. For instance, in 2022, according to a report published by Biospace, a leading online source for biotechnology jobs, cataract statistics in the U.K., 330,000 cataract operations are conducted every year in the country.
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Market segments for laser processing include:
1) By Type: Gas Laser, Liquid Laser, Solid Laser, Other Types
2) By Application: Cutting, Welding, Drilling, Microprocessing, Marking and Engraving, Other Applications
3) By End-Use Industry: Aerospace and Defense, Automotive, Healthcare, Machine Tools, Architecture, Electronics and Microelectronics, Other End User Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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