Global Laser Processing Market to Expand at 10.20% CAGR Driven by Growing Medical Applications

Few scientific discoveries of the 20th century have demonstrated a range of industrial applications as wide as lasers, or more accurately, LASERs – an acronym for light amplification by stimulated emission of radiation. Lasers make for a powerful source of light, exhibiting extraordinary properties absent in conventional sources of light. The unique attribute of lasers lies in the way their light waves travel long distances with little divergence. Concentration of energy at an extremely high intensity, which remains almost constant through the long distance it travels due to low divergence, is the remarkable feature of lasers.

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Compared to conventional arc or a flame, it is easier to control a laser beam and locate it more precisely. The intense heat generated by laser absorption in various metal surfaces is used for industrial purposes such as welding, precision cutting, marking and engraving, and drilling without damaging the material. Owing to such qualities, the application of laser processing has exponentially increased across several industries

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.The research report studies the overall laser processing market by segmenting it on the basis of four key parameters: product type, end use, process, and geography.

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By product type, the laser processing market is divided into solid-state lasers, gas lasers, fiber lasers, and others such as dye, excimer, and semiconductor lasers. By process, the laser processing market is segmented into marking and engraving, material processing, and micro-processing. By end-use industry, the laser processing market is categorized into aerospace, automotive, electronics and microelectronics, original equipment manufacturers (OEMs), medical devices and treatment, and packaging.

The laser processing market is geographically divided into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific dominates the global market and held a share of 42.60% in 2013. This region is primarily driven by increased demand for laser technology from original equipment manufacturers in material processing. Asia Pacific is also projected to be most rapidly developing segment of the laser processing market owing to increasing number of manufacturing plants in countries such as China, Japan, and South Korea.

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This release was published on openPR.