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Industrial Laser System Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033
Industrial Laser System Global Market
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According to The Business Research Company's, The industrial laser system market size has grown rapidly in recent years. It will grow from $23.13 billion in 2023 to $25.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to material processing applications, increased manufacturing automation, medical and scientific applications, rise in 3D printing, and military and defense applications.
The industrial laser system market size is expected to see rapid growth in the next few years. It will grow to $38.15 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increased adoption in electronics manufacturing, growing demand for laser cutting in automotive, expansion of the aerospace industry, rise in medical device manufacturing, and advancements in high-power laser systems. Major trends in the forecast period include integration with Industry 4.0, advancements in fiber laser technology, emergence of laser technology, rise in fiber laser technology, and laser cleaning applications.
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Market Drivers and Trends:
An increase in the trend of automation in industries is expected to contribute to the growth of the industrial laser system market going forward. Automation refers to the use of various technology applications to minimize human input in processes. Automation has increased the necessity for high-precision industrial laser systems for various applications. Automated laser systems combine vision and motion technologies to execute accurate and high-quality work. The rising trend of automation in industries for improved productivity, high efficiency, and accuracy is resulting in the adoption of industrial laser systems. For instance, according to the Association for Advancing Automation, in Q2 2021, robot orders increased by 67% from the same period in 2020, showing increased demand for automation. Therefore, an increase in the trend of automation in industries will drive the growth of the industrial laser system market.
Technological advancements have emerged as a key trend gaining popularity in the industrial laser system market. Major companies operating in the industrial laser systems sector are focused on developing new technological solutions to strengthen their position. For instance, in July 2021, Furukawa Electric, a Japan-based electric and electronics equipment company, launched an industrial laser based on fiber technology. The laser has high beam quality and possesses high reliability, time stability, and high effect.
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Major Key Players of the Market:
Corning Inc., Fanuc Corporation, The TRUMPF Group, Newport Corporation, COHERENT Inc. , Amonics Ltd., Amada Co. Ltd., DMG Mori Co. Ltd., Han's Laser Technology Co. Ltd., IPG Photonics Corporation, NKT Photonics A/S, Bystronic Laser AG, Jenoptik AG, Sodi*ck Co. Ltd., Mazak Corporation, Prima Industrie SpA, Trodat Trotec Holding GmbH, nLIGHT Inc, Toptica Photonics AG, Universal Laser Systems , Epilog Laser Corporation, CY Laser SRL, ACSYS Lasertechnik Inc., Calmar Laser, Apollo Instruments Inc., Quantel Group, ROFIN-LASER GmbH , ALPHA LASER GmbH, Penta Laser Technology Co. Ltd., GSI Group
Industrial Laser System Market 2024 Key Insights:
• The industrial laser system market size is expected to see rapid growth in the next few years. It will grow to $38.15 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Rising Automation Trends Boost Growth In Industrial Laser System Market
• Technological Advancements Propel Industrial Laser System Market
• North America was the largest region in the industrial laser system market in 2023
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